McLaren Group to Restructure and Spin Off McLaren Automotive
McLaren Group Chairman and ex-McLaren-Mercedes team principal Ron Dennis announced a major restructuring of the McLaren Group today. Part of the restructuring includes letting McLaren Automotive go to become an independent company.
Ron Dennis announced he was leaving the Formula One world to pursue his interest in his company and its upcoming supercar. What was not known were his intentions to restructure the company and make McLaren Automotive a separate entity. Dennis will become CEO of the new company later this year when it becomes official.
McLaren Automotive is the group responsible for the famous McLaren F1 car in the 1990s and worked with Mercedes-Benz to produce the Mercedes-Benz SLR. McLaren Automotive will now become the company responsible for the upcoming McLaren line of supercars, starting with the car codenamed P11.
"With planned additional investment in the company of £250 million ($373 million), proposals in place for a new McLaren car production facility in the UK, and the potential for up to 800 skilled jobs, McLaren Automotive's expansion will represent a significant investment in the UK automotive industry."