Cosworth not denying stock market floatation reports

According to reports in the financial media, F1 engine supplier Cosworth could soon be floated on the stock exchange.

The reports estimated the value of the flotation at about (US) $360 million, following the famous British marque’s return to F1 with Williams and all three of the new teams.

Main investors Gerald Forsythe and Kevin Kalkhoven, who bought Cosworth from Ford in 2004, are reportedly considering the move as profits are expected to surge from $2m in 2008 to more than $70m this year.

The reports said auditor Deloitte may have been hired for the initial public offering, and a source admitted that business has picked up dramatically since the company laid off 200 staff when it dropped out of F1 at the end of 2006.

The Northampton Chronicle quoted a spokesman as saying on Tuesday: “As with any company that enjoys a particularly successful period, there is speculation that they will float. Those things go hand in hand.”
(GMM)

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