Formula 1
DaimlerChrysler acquires majority holding in Ilmor
DaimlerChrysler AG today announced that it will acquire an additional 30 percent holding in Ilmor Engineering Ltd. (Brixworth/Northamptonshire, Great Britain). DaimlerChrysler will thus raise its holding from its original 25 to 55 percent and will ...
Published: Sep 20, 2002, 6:22 PM
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DaimlerChrysler AG today announced that it will acquire an additional 30 percent holding in Ilmor Engineering Ltd. (Brixworth/Northamptonshire, Great Britain). DaimlerChrysler will thus raise its holding from its original 25 to 55 percent and will be the owner of a majority holding effective 31 October 2002. Mario Illien, Liz Morgan, the widow of company co-founder Paul Morgan, and Roger Penske will each hold 15 percent. The parties agreed not to disclose the price of the acquisition which is not material in respect of DaimlerChrysler's financial position.
A step-by-step take-over of the remaining shares by DaimlerChrysler by the year 2005 was agreed. DaimlerChrysler also disclosed that Ilmor Engineering Ltd., since 1993 responsible for the design, development and production of Mercedes-Benz Formula 1 engines in coordination with Mercedes-Benz, will operate under the name Mercedes-Ilmor and will also incorporate the technical motor sport development team in Stuttgart. Managing Director will be Hans-Ulrich Maik (53), who was successful when responsible for the production of the Mercedes-Benz engines and for the international power train activities for many years. Mario Illien will remain as Technical Director.
In the last four years, McLaren, Ilmor and Mercedes won the Drivers' World Championship twice and the Constructors' World Championship once. The team secured the runner-up position twice in the drivers' ranking and three times in the constructors' ranking. Since the start of the cooperation in 1995, McLaren Mercedes has won 31 Grand Prix races.
Prof. Jürgen Hubbert, member of the Board of Management of DaimlerChrysler with responsibility for the Mercedes-Benz and smart Passenger Car Division:
"The acquisition of a majority holding in Ilmor and the new structure of Mercedes-Ilmor demonstrate the determination of our company to create even sounder foundations for the activities of Race Mercedes-Benz in Formula One in the long term. Following on from the acquisition of a holding in the TAG McLaren Group (40 percent) two years ago, this is yet another step within the framework of a strategy that is pursued by DaimlerChrysler to strengthen and extend the technological competence of the Mercedes-Benz brand in tough global competition in the future."
Mario Illien, Technical Director of Mercedes-Ilmor:
"The creation of Mercedes-Ilmor and the acquisition of a majority holding in Ilmor by DaimlerChrysler are logical steps, following on from nine years of intensive and successful cooperation with Mercedes-Benz. In future, we will be able to exploit synergies even more effectively. I am happy to see the foundations Paul Morgan and I created less than 20 years ago being further developed through Mercedes-Ilmor and therefore secured for the long term. This demonstrates great confidence in all our staff who will do everything to justify this confidence."
Norbert Haug, Vice President, Mercedes-Benz Motorsport:
"With this step, our Formula One programme is geared up to meet the requirements of the future, also in respect of the changes to the regulations from 2004 on. The capabilities of Ilmor will be even more closely linked to the resources of the DaimlerChrysler Group, thereby expanding the range of options for Mercedes-Ilmor. We are confident that with this step we will succeed in creating an even better foundation for a powerful, cost-efficient and highly responsive Formula One engine system."
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