PURCHASE OF SPECIAL PROJECTS GROUP DIVISION OF MERCEDES-ILMOR LTD. Mario Illien, Elizabeth Morgan, and Penske Racing of Delaware, Inc. plan to acquire the Mercedes-Ilmor Ltd. (Brixworth, UK) Special Projects Group by the end of June, 2005, as...
PURCHASE OF SPECIAL PROJECTS GROUP DIVISION OF MERCEDES-ILMOR LTD.
Mario Illien, Elizabeth Morgan, and Penske Racing of Delaware, Inc. plan to acquire the Mercedes-Ilmor Ltd. (Brixworth, UK) Special Projects Group by the end of June, 2005, as well as DaimlerChrysler's 25% interest in Mercedes-Ilmor's sister company, Ilmor Engineering, Inc. (Plymouth, Michigan). Mercedes-Ilmor will become a wholly-owned subsidiary of DaimlerChrysler by the end of September, 2005, a process initiated in September, 2002 when DaimlerChrysler acquired the majority stake in Mercedes-Ilmor. Mercedes-Ilmor designs, develops and manufactures the F1 engines supplied to Team McLaren Mercedes. The Special Projects Group focuses on engine programs for the Indy Racing League, NASCAR and other high performance specialty engine applications.
Roger Penske, Mario Illien and the late Paul Morgan founded Ilmor Engineering Ltd. in 1984. The newly acquired business will again trade under the "Ilmor" name, with Steve Miller as its General Manager. Paul Ray will continue as President in the United States. The transactions are subject to customary closing conditions and Mario Illien will remain committed to the Mercedes F1 project for the balance of 2005.
Mario Illien said that "Ilmor will have the ability to offer complete high performance racing engine capability from the concept stage to local trackside support in both European and United States-based series. The same highly talented workforce responsible for the success of Honda's IRL engine will continue with the new company. That engine has powered cars that have won four of the first five 2005 IRL races, the 2004 IRL championship, the 2004 and 2005 Indianapolis 500 Mile Race and 14 of 16 IRL races in 2004. We are looking forward to the future as we build on our past accomplishments."