Cover Story

North American investors buy UK, Automotive Products Co,

INSIGHT

Leamington clutch systems maker Automotive Products has been bought out by an international consortium of private investors in an undisclosed multi-million-pound deal.

The company, which was part of the worldwide AP Group, will be now known as Automotive Products Driveline Technology.

Andrew Richardson, managing director of Automotive Products, led the buyout from the AP Group of both its UK and Spanish operations. It designs, develops and makes clutches and associated equipment for a wide range of cars and commercial vehicles.

Among the company's customers are MG Rover, Ford, Land Rover, Honda, Volvo, Aston Martin, Ferrari, Unipart and Delphi.

The company also has a strong technical partnership with the Japanese transmissions manufacturer FCC and its products are used in specialist nonautomotive applications including irrigation pumps and marine engines.

The business, previously known as AP Borg & Beck, will continue to manufacture at its plant in Tachbrook Road, Leamington Spa, the home of the company for the past 70 years, where it employs around 250 people. Its Spanish factory is based near Bilbao, where 50 people work in a purpose-built unit.

The private investors, primarily based in North America, have extensive holdings in the automotive industry and control companies with revenues over pounds 500 million.

Mr Richardson said: 'This is a great opportunity for our team with the long-term committed backing from the management and our international investors. 'We have a superb level of engineering expertise within driveline technology and we want to expand upon that both in original equipment and the aftermarket.

'Our financial backers are investing for the long-term, building our business still further and maximising our abilities as a centre of clutch technology and development.

'We have plans in the pipeline which will be good for our company and for the local community.'

Under AP Group's ownership the company had already committed itself to a programme of further investment.

Heatons provided the legal advice and business advisers BDO Stoy Hayward gave financial advice.

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Source: Birmingham Post (UK)

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