Engine manufacturer Cosworth has completed the acquisition of Devon-based hydraulic parts maker Adaero Precision Components.
Cosworth has been synonymous with the world of Formula 1 for decades but has diversified its business since parting company with Ford to expand into the defence and aerospace sectors.
Cosworth’s purchase of Adaero provides further penetration into adjacent markets and adds to the firm’s portfolio supplying tier one manufacturers in the security industries.
Tim Routsis, chief executive at Cosworth, said: “Adaero is a great addition to the Cosworth Group and provides complementary precision manufacturing expertise and market access. They supply excellent services and products to their customers, which are driving a rapidly growing business.”
Adaero, which has a turnover of £4m and employs 50 people, will continue to operate from its Crediton facility near Exeter and trade under its current name.
Adaero’s 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 strong growth.
Mr Dickinson, managing director of Adaero Precision Components said that he was pleased to join Cosworth as it provides further opportunities for expansion.