Super Aguri's fixed assets snapped up

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SUPER AGURI

Wednesday 30th July 2008

A German tool design and construction company has bought the fixed assets of the Super Aguri F1 team.

Super Aguri's assets went on auction earlier this month after the team were put into administration following their withdrawal from Formula One.

Formtech GmbH, who manufacturers high-precision parts for F1, hope to use their newly acquired assets to expand into the composite manufacturer and supplier market.

"Formtech is pleased to be able to take advantage of this unique business opportunity," the company's managing director Franz Hilmer said.

"With our plans of company growth and manufacturing expansion, the location at the Leafield Technical Centre enables us to establish a presence in an important geographical area for motorsport engineering.

"We shall be employing a number of ex-Super Aguri staff who are experienced in the field of composite design and manufacturing and make full use of the sites spacious facilities and up-to-date machinery.

"A further goal of Formtech is to attract suitable individuals and companies with aspirations of running their own motorsport team to purchase the F1 race equipment from Formtech."