03 August 2008
03 August 2008
Formtech GmbH, the German tool design and construction company manufacturing high-precision parts for the automotive and Formula One industry, has purchased the fixed assets on sale from the liquidators of Super Aguri F1 Ltd.
Formtech plans to expand into the composite manufacturer and supplier market, and will use the dormant F1 facilities at the Leafield Technical Centre, Oxfordshire, to open its first UK operation.
Formtech is convinced that with the company being located in the heart of ‘motorsport valley’ Formtech will be able to forge business relationships within all areas of motorsport, including the provision of composite parts to Formula One teams.
Franz Hilmer, Managing Director, Formtech GmbH “Formtech is pleased to be able to take advantage of this unique business opportunity. With our plans of company growth and manufacturing expansion, the location at the Leafield Technical Centre enables us to establish a presence in an important geographical area for motorsport engineering. We shall be employing a number of ex-Super Aguri staff who are experienced in the field of composite design and manufacturing and make full use of the sites spacious facilities and up-to-date machinery. A further goal of Formtech is to attract suitable individuals and companies with aspirations of running their own motorsport team to purchase the F1 race equipment from formtech. We would like to use this opportunity to thank Dr. Tritschler, Tritschler Corporate Finance Consult, Bad Soden, Germany, for the professional accomplishment of this transaction”
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