Great Announcement from Torotrak
Allison increases its stake in Torotrak from 9.1% to 13%. Torotrak take 20% stake in Flybrid with a view to a full takeover by end 2013.
Lawrence E. Dewey, Chairman, President and Chief Executive Officer of mighty Allison Transmission, Inc., said: "Allison is committed to introducing fuel efficient, emissions reducing technologies and our licensing decision today with Torotrak reflects our determination to be a global leader in this field. A purely mechanical energy recovery system is in many ways an engineer's dream, but with the anticipated technology advancement and closer working relationship between Torotrak and Flybrid, we see the investment as having all the potential ingredients to make this a reality."
He added: "As an investor, we are pleased with the progression of the Company following the strategy announced in November 2012. In particular, we wanted to support the investment arrangements with Flybrid, which are forward looking and offer the potential for growth."
Jon Hilton, Managing Director of Flybrid Automotive, said: "This is a key announcement in the development of the Flybrid business. In Torotrak we have found a technology-focused investor with in depth understanding of our market space and a number of areas of common aspiration. The Flybrid technology is proven in prototype vehicles and products in several key markets are being made ready for production now. The time is perfect to expand the business both in manufacturing and in licensing, and we look forward to bringing our product to market in collaboration with Torotrak."
Full RNS is at :- http://www.investegate.co.uk/torotrak-plc--trk-/rns/agreement--issue-of-equity---investment/201303180700162048A/