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Do, 12.11.2015 07:50
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pta20151112008
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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:
Mr Calvert and Pankl Racing Systems AG co-founded CP Pistons as a supplier of pistons for the US motor racing market in 1998. Initially Pankl held 90%, from 2005 onwards 70%. The company is based in Irvine, Southern California.

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."

(Ende)

Aussender: Pankl Racing Systems AG
Industriestraße West 4
8605 Kapfenberg
Österreich
Ansprechpartner: Silke Pichler
Tel.: +43(0)3862 33 999-113
E-Mail:
Website: www.pankl.com
ISIN(s): AT0000800800 (share)
Börsen: official trade in Vienna; free market in Dusseldorf, open market (free market) in Frankfurt, free market in Hamburg, free market in Munich, free market in Stuttgart; open market in Berlin
Pankl Racing Systems AG
   
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