LONDON -- Aston Martin will open a test and development center at Silverstone, the home of British Formula One racing, as the automaker continues to expand ahead of a possible stock market flotation.
The company is in the middle of a turnaround plan designed to boost its model lineup, quadruple volumes and produce its first SUV model at a new plant in South Wales.
Aston Martin, which sponsors the Red Bull Formula One team, said its Silverstone site would open in October and employ 60 people.
Many Formula One teams have been based close to Silverstone in central England, leading the area to become known as motor sport valley. Silverstone hosted the first Formula One championship race in 1950.
"The company is now investing for growth across the Aston Martin and Lagonda brands," said CEO Andy Palmer in a statement, also announcing the opening of a central London office.
Aston said the new locations would help increase the firm's total workforce by over half to 5,000 by the end of 2022.
After six years of losses, Aston Martin swung to a pretax profit in 2017 and the company has said it is considering a stock market flotation which sources have told Reuters could come as soon as this year.