Iconic engineering firm Cosworth has announced plans to build a £30 million ‘centre of excellence’ in Northampton, in a move which will create around 70 jobs.
The centre will be used for engine assembly, and the manufacture of engine components for the mainstream automotive sector, and will see an investment of between £25 million and £30 million.
The Chron understands Cosworth, which celebrates its 50th birthday next year, has entered into contracts with two as-yet unnamed firms.
The facility at the company’s base in St James Mill Road, St James, is expected to create about 70 direct jobs, and support 200 jobs indirectly through supply chains.
Work is expected to start early in the new year, and the centre is due to open in June 2014. It should be running at full capacity by June 2015.
Hal Reisiger, CEO of Cosworth Group Holdings Ltd, said: “We are celebrating our 50th anniversary in 2014, and we are commemorating it with the opening of a new manufacturing facility. We feel our iconic British brand has a place in Northamptonshire.
“This is about making the transition from motorsport to the mainstream. We have the ability to successfully make the transition out of pure motorsport into more mainstream automotive manufacturing.
“We are targeting limited production performance car manufacturers, and are excited about breaking ground in our new facilities to celebrate our 50th birthday.”
Mr Reisiger made the announcement to politicians and business leaders at the Guildhall this morning, as part of the bi-annual Northampton Alive event.
He added: “It will be doing a number of different things. There will be a centre of excellence that will include research and development, and new internal combustion engine technologies.
“It will include supply chain management initiatives, and also the manufacturing of automotive engine components, and engine assembly.”
Cosworth is due to make a further announcement on the plans next month.