Cosworth

Global technology group adds precision manufacturing company

The Cosworth Group today announced that it has completed the acquisition of Adaero Precision Components Ltd, based near Exeter, UK. A specialist manufacturer of high precision components, Adaero will continue to operate from its Crediton facility and trade under its current name.

The acquisition is in line with Cosworth's strategy of accelerating organic growth through the acquisition of high technology, high value businesses. Adaero strengthens the world class manufacturing capabilities available within the Cosworth Group and provides further penetration into adjacent markets.

Adaero Managing Director, Andy Dickinson, remains in his current position along with his existing management team, which retains responsibility for maintaining the strategy which has delivered Adaero's strong growth performance.

Tim Routsis, Chief Executive, Cosworth Group:

"Adaero is a great addition to the Cosworth Group that provides complementary precision manufacturing expertise and market access. They supply excellent services and products to their customers, which are driving a rapidly growing business. As such I believe our job is to ensure they continue on their current course and continue to grow as part of Cosworth."

Andy Dickinson, Managing Director, Adaero Precision Components:

"I'm very pleased that Adaero has become the newest member of the Cosworth Group as it provides us with some exciting opportunities to continue the development of our business. Adaero remains totally committed to our customers and I believe that being a member of the Cosworth Group will enable us to continue to provide them with superb services and products."