Product category:
Design and Development Consultancy
News Release from: Ricardo
Edited by the Engineeringtalk Editorial
Team on 07 July 2003
Acquisition boosts German presence
Ricardo has acquired the IFT Group, an automotive engineering group based in the southern German automotive cluster cornered by Stuttgart, Munich and Ingolstadt.
Ricardo has acquired the IFT Group, an automotive engineering group based in the southern German automotive cluster cornered by Stuttgart, Munich and Ingolstadt The IFT companies provide engine systems expertise particularly in the area of high performance and niche exhaust systems, prototyping, small series production and testing services covering vehicle, engines and related systems, serving a strong established automotive customer base
This article was originally published on Engineeringtalk on 19 Nov 2001 at 8.00am (UK)
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The acquisition significantly increases Ricardo's presence in Europe's leading automotive market, providing the necessary infrastructure, complementary technology and critical mass to deliver full powertrain and vehicle integration programmes from a local German base and team.
The German market for automotive engineering consultancy is perhaps the most technically demanding in Europe, driven by the needs of major vehicle companies including DaimlerChrysler, BMW, Audi, Porsche, VW, Opel, Fiat-GM Powertrain and Ford of Europe.
The acquisition provides a delivery base on the "doorstep" of the southern German premium automotive manufacturers and many of their key Tier 1 suppliers including Bosch.
In addition the northern Italian car industry is also readily accessible from this base.
The IFT companies employ some 270 people, operating from the headquarters in Schwabisch Gmand, customer sites and a small design office in Budapest.
With the addition of the existing Ricardo team already based in Germany, post acquisition, Ricardo will have around 20% of its staff operating within this strategic region.
Commenting on the purchase of the IFT companies, Ricardo's Chief Executive Rodney Westhead said: "The acquisition of IFT is in line with our strategy to grow significantly our presence and capability in Germany, the largest automotive market in Europe.
This is an important area of future growth for Ricardo and this acquisition significantly increases our ability to meet the requirements of our German customers and also brings a new complementary technology in exhaust systems.
This acquisition follows our recent developments in strategic consulting and the recent acquisitions of Gemini and Tarragon which together add to our growing, high added value international activities".
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