McLaren Performance Technologies Refines its Look, Maintains Strong Commitment to Quality
19 October 2000
McLaren Performance Technologies Refines its Look, Maintains Strong Commitment to Quality
LIVONIA, Mich., Oct. 19 To better represent the company's
focus on performance parts and advanced technologies for its OEM customers,
McLaren Performance Technologies is refining its company
structure and enhancing its corporate image.
The new organization is well underway, according to Larry Cohen, chairman
of the board, noting that the company's board and shareholders approved the
name change from McLaren Automotive Group to McLaren Performance Technologies
in April 2000.
He said the company is now divided into four business units: McLaren
Engines, McLaren Traction, McLaren Vehicle Development and McLaren
Manufacturing. McLaren Engines and the former ASHA Corp. of Santa Barbara,
Calif. -- which developed and sold licenses for its patented, award-winning
Gerodisc(TM) technology -- will now share integrated internal business
functions and be joined under the umbrella of McLaren Performance
Technologies. The four units serve the automotive, racing, aftermarket and
marine industries.
"While we've changed our name and business structure, our commitment to
quality remains a constant," added Wiley R. McCoy, president and chief
operating officer (COO) of McLaren Performance Technologies. "These changes
acknowledge our leadership, dedication to performance, technological expertise
and focus on our customers."
The company currently operates in a 51,300-square-foot, ISO 9001-
registered facility in Livonia, Mich. that houses machining, fabricating and
welding shops, as well as engine and vehicle build areas, to support its
engineering design, development and testing services.
By the end of the year, the company plans to open the McLaren Vehicle
Development Center, a 15,200-square-foot facility also located in Livonia.
The center will be dedicated to advanced concept vehicle development for Ford
Racing Technology and other related Ford vehicle programs.
In addition, the company announced in August that it has signed a letter
of intent to acquire Dart Machine Ltd., headquartered in Oldcastle, Ontario,
Canada, a privately owned manufacturer of powertrain components such as
cylinder heads and performance parts. This acquisition is expected to enhance
McLaren's engine business by enabling the company to undertake programs that
require volume-manufacturing capability.
Livonia, Mich.-based McLaren Performance Technologies provides full-
service design, development, fabrication, testing, validation and
certification of automotive powertrains and related components, development
and licensing of patented traction systems, as well as complete vehicle
development and prototyping capabilities.
The company currently has approximately 100 employees who serve such
automotive customers as Ford, General Motors, Delphi, New Venture Gear and
Steyr Powertrain. The company's 1999 sales were $4.86 million and sales for
2000 year-to-date, as of August 31, are $10.4 million.
Established in 1969 to support the North American racing activities of
Bruce McLaren Motor Racing, the company has been associated with numerous
winning teams and drivers. McLaren also has been instrumental in the
development of various high-performance vehicles and products, including the
Ford Mustang FR500 concept car and the racing version of Cadillac's Northstar
V8 engine for the LeMans.
This release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the "safe harbor" created thereby. These statements
include the plans and objectives of management for future operations,
including plans and objectives. The forward-looking statements herein are
based on current expectations that involve judgments with respect to, among
other things, future economic, competitive, and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond control of the Company. Although the
Company believes that the assumptions underlying the forward-looking
statements are reasonable, any one of the assumptions could be inaccurate and,
therefore, can be no assurance that the forward-looking statements included in
this release will prove to be accurate.