Industry News
Cosworth flying after F1
5th October 2007
Cosworth, the Northampton, UK company that was famous for its successful Formula One racing engines until the end of 2006, is enjoying a revival of its fortunes in the aerospace industry.
When Cosworth lost its last F1 customer in 2006 it laid off 200 people and speculation arose over the company's future but in the past year it has secured contracts for the manufacture of parts for aeroplane companies including as Boeing and Airbus that are expected to boost profits to £2.5 million.
Cosworth's chief executive, Tim Routsis, said, "The moves we've made into aerospace have actually gone a lot quicker than we expected. Since we really got stuck into it after we left Formula 1 the progress we've made has been terrific. People in the industry seem to like the Cosworth name and it gets us through the door very quickly.
"We're recruiting again and we've taken on about 20 extra people so far. We're still finding our feet in the aerospace industry, but I'd actually be disappointed with just £2.5 million next year.
"Last year, Cosworth learned a very painful lesson about being a one-trick pony, being totally dependent on the motorsport industry.
"We'd never say we wouldn't go into Formula 1 again, but I think we'd hesitate about putting ourselves in that same situation."
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