NORTHAMPTON, UK - Powertrain specialist Cosworth is 'set to double the size of its business in the next four years' with major new contracts which are about to be signed, said Chief Executive Charles Matthews.
Annual sales at Cosworth, a subsidiary of Vickers plc, exceed $160 million now.
Cosworth's four divisions - engaged in motor racing, manufacturing, castings and engineering - are all working on business expansion plans which will 'dramatically grow their share of the respective market sectors in which they compete,' said Matthews. Since 1995 Cosworth has invested $80 million in new research, design and manufacturing facilities.
In motor racing Cosworth has signed a new four-year deal with Ford guaranteeing supplies of the Zetec R V-10 engine used by the Stewart team and the V-8 used by Tyrrell, together with other racing engines for the IndyCar, British Touring Car Championship, rallying and other motorsport series. The Ford-Cosworth partnership goes back 30 years.
In manufacturing Cosworth has begun making V-8 engines for Rolls-Royce, which is also a subsidiary of Vickers. It also has a new 10-year contract for diesel engine components with Perkins, and it expects to confirm two contracts with major carmakers soon.
Cosworth's foundry is making blocks and heads for the Jaguar V-8 and is starting to supply GM engine components. A contract with Rover for its new V-6 comes on stream next year.
In engineering, Cosworth has quadrupled its client base in the last two years, according to Matthews. A major program for an undisclosed Far Eastern carmaker will be announced shortly. A recent agreement between the firm's Detroit-based branch and Hewlett Packard is expected to exploit Cosworth's position in on-board diagnostics and service-bay diagnostic analysis.
'We are looking ahead with real confidence,' Matthews said. 'The prospect of doubling our business in the next four years is a realizable target.'