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Do, 12.11.2015 07:50
Business news for the stock market
Pankl Racing Systems AG: Pankl Racing Systems AG increases its stake in CP-Carrillo LLC from 70% to 100%
Kapfenberg (pta008/12.11.2015/07:50) - 12 November 2015
In January 2016, Pankl Racing Systems AG will increase its stake in California-based CP-Carrillo LLC from currently 70% to 100%. Co-founder, President and CEO Barry Calvert will sell his 30% to Pankl Racing Systems AG. An appropriate agreement was signed today. Mr Barry Calvert will continue to serve the company as CEO until his 65th birthday in January 2019.
About CP Carrillo LLC:
In 2008, Pankl acquired the California-based Carrillo Inc., which later on was merged with CP to form CP-Carrillo LLC.
CP Carrillo LLC manufactures high-end connecting rods and pistons for motor racing, the aftermarket and series production OEM high performance engines. The company employs 125 persons and achieved 2014 revenues of USD 26m.
Pankl CEO Wolfgang Plasser: "I am very grateful to Mr Calvert for the many years of our excellent and successful partnership. In the last few years, CP Carrillo together with our Austrian group companies also managed to enter the demanding European OEM high performance engine market. I am convinced that we will continue to have significant growth potential in these niche markets."