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Business: Ford Completes Purchase of Cosworth Racing

16 September 1998

BRENTWOOD, England, - Ford has today successfully completed the purchase of Cosworth Racing, the British-based racing engine specialist, from Audi AG.

The move heralds a new era in the highly productive partnership between Ford and Cosworth that has seen unrivalled achievements in a wide range of international motor sports.

Neil Ressler, Vice President of Ford Advanced Vehicle Technology, said after the signing of the purchase contract: "This is a significant step in a journey which started over 30 years ago and has produced an unprecedented record of success. I always thought that Ford and Cosworth should be closer together. We have been on top before and, now we can bring our joint resources together, I fully expect us to be there again."

The new company, wholly-owned by Ford, will be called Cosworth Racing and will continue to be based in Northampton, England.

"We will respect the existing culture and heritage of Cosworth Racing. Key for us is the skilled group of people who work there and what they are capable of doing. They are a very special asset, which we intend to nurture and develop as we move forward. Together, we have great ambition," added Mr Ressler. "As part of Ford, Cosworth Racing will play a key role in the integration of Ford's advanced vehicle technology programmes and will allow us actively to cross-over personnel from our various engineering departments for a stronger overall result."

From its debut victory with Jim Clark at the Dutch Grand Prix in 1967, the Ford-Cosworth engine has powered a record 174 Grand Prix victories, 12 Indianapolis 500s and countless international and national rallies and races. No fewer than 13 world champions have also been powered to their titles by Ford and Cosworth.