McLaren Automotive, F1 team, Technology Group unified
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McLaren Automotive and McLaren Technology Group are being brought together under one corporate structure to be called the McLaren Group.
The new McLaren Group unifies McLaren Automotive – producer of luxury sports and supercars – with McLaren Technology Group which includes the McLaren Honda F1 Team and a high growth technology IP and consulting business.
McLaren say the move will allow for technical expertise to be used across the entire Group for the benefit of all its customers, partners and employees
The Bahrain Mumtalakat Holding Company and TAG Group become the McLaren Group’s long-term majority shareholders.
Shaikh Mohammed bin Essa Al Khalifa will be McLaren Group’s Executive Chairman, Mansour Ojjeh its Executive Committee Principal.
“McLaren is unique due to its strong heritage and passion to be best in everything it does,” said Essa Al Khalifa.
“No other company in the world can claim a corporate structure that comprises automotive, motorsport and applied technologies.”
“It’s clear that as one Group, each of those three pillars of our business will support and enhance the other two.”
McLaren headquarters in Woking, England.
Mike Flewitt will continue to lead McLaren Automotive as Chief Executive Officer, while McLaren Technology Group Chief Operating Officer Jonathan Neale and McLaren Technology Group Executive Director Zak Brown also continue in their current roles.
The TAG Group first invested in McLaren in 1984 and is the longest standing of the McLaren Group’s shareholders.
They were joined ten years ago by the Bahrain Mumtalakat Holding Company. Both remain committed to McLaren and excited for its next phase of growth.
“Since I became a major investor in the business 33 years ago, I am exceptionally proud of what each of our extraordinary McLaren businesses have achieved, growing independently and entrepreneurially, said Mansour Ojjeh.
“Now, as they have reached world-class scale and success, it is the right next step to unify the strategies and brands to create a stronger centre of Luxury Automotive, Racing and Technological excellence.”
“In a matter of just seven short years, McLaren Automotive has established itself as one of the world’s leading creators of luxury sports and supercars. Its products are now routinely hailed as best-in-class.”
“McLaren Racing, part of McLaren Technology Group, is not currently achieving the on-track success in Formula 1 that we know it is capable of, and that it has achieved in the past, but that will change.”
“As motor racing is in our DNA, we exist to win in Formula 1 and be the best in everything we do.”
The announcement follows the decision of Ron Dennis to step down as the Chairman of McLaren Automotive and McLaren Technology Group, and sell his shareholdings in both companies.
The McLaren Group employs 3,400 people located largely at its iconic McLaren Technology Centre headquarters in Woking, UK, and in 2016 had a combined turnover of NZ$1.59 billion.