Ricardo PLC Engine Supply Agreement With McLaren Automotive (0921W)
December 20 2013 - 6:10AM
UK Regulatory
TIDMRCDO
RNS Number : 0921W
Ricardo PLC
20 December 2013
20 December 2013
Ricardo plc
Ricardo and McLaren Automotive sign multi- year engine supply
agreement
Ricardo plc ('Ricardo' or 'the Group') is a global,
multi-industry environmental and engineering consultancy, with a
value chain from strategy and engineering through to niche
production. Our client list includes the world's major
transportation Original Equipment Manufacturers (OEMs), supply
chain organisations, energy companies, financial institutions and
governments.
The contract announced today - representing revenue in the order
of GBP40m per annum for Ricardo from 2016 onwards - is the largest
new order in almost a century of Ricardo history and the most
substantial single procurement ever made by McLaren Automotive.
Ricardo has manufactured McLaren Automotive's entire engine
requirements at its purpose-built engine assembly facility at
Shoreham, UK. The agreement signed today will see the two companies
continue to build upon this very successful collaboration to 2020
and beyond, on a range of inspiring new McLaren products.
All of the engines produced by Ricardo for McLaren Automotive
are assembled at the Ricardo High Performance Assembly Facility, an
advanced, quality-focused lean production facility, which will be
extended under this Agreement to boost its capacity to allow
assembly of 5000 engines per year. The near clean-room facility was
designed to encompass the very latest thinking in high quality
manufacture and operates within a strict 'no faults forward'
culture. Configured from the very outset against the requirements
of the current family of McLaren engines - the first of which, the
M838T 90 degree V8 twin-turbo, was designed in collaboration
between the two companies - Ricardo's highly advanced engine
facility already supplies engines for the McLaren P1(TM), 12C and
12C Spider road cars as well as the track-focused models developed
and produced by McLaren GT.
"We are extremely pleased to have concluded this landmark engine
supply agreement with McLaren Automotive," said Ricardo CEO Dave
Shemmans. "Ricardo and McLaren are UK based companies that serve
the world based on a shared ethos of providing the ultimate in
performance, quality and value to their respective customers,
through excellence in advanced engineering technology and
manufacturing. The long-term nature of this agreement underscores
the effectiveness of our working relationship to date, and provides
an exciting opportunity for both companies to continue to work
together to deliver further innovative new products. The entire
Ricardo team and I look forward to working with McLaren Automotive
to fulfil its engine requirements over the coming years, creating
truly exceptional UK designed and manufactured products for global
markets."
Mike Flewitt, CEO for McLaren Automotive added: "I am extremely
pleased to be able to confirm this announcement with Ricardo as
continued engine supplier for McLaren Automotive. Ricardo is a
leading name in the development and assembly of world-beating
engines, pushing the boundaries of performance and efficiency, and
sharing the same core values and objectives as McLaren. Through the
existing collaboration between McLaren Automotive and Ricardo, we
have already introduced three groundbreaking models to market in as
many years, and this announcement further underlines our commitment
to the continued development and launch of further high performance
McLaren models into the future."
Further enquiries:
Ricardo plc
Dave Shemmans, Chief Executive
Officer Tel: 01273 455611
Ian Gibson, Chief Financial Officer
Website: www.ricardo.com
Newgate Communications Tel: 020 7680 6550
Fergus Wylie/Madeleine Palmstierna
This information is provided by RNS
The company news service from the London Stock Exchange
END
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