PRODRIVE COMPOSITESAugust 2015 | Investment News
Prodrive Composites works within the automotive, aerospace and marine sectors producing lightweight, high performance composite components and structures, such as interior trims and bodywork.
The business was created in the early 2000s by David Richards, chairman of Prodrive Group, to support Prodrive's motorsport activities. The company is one of the world’s most successful motorsport businesses with six World Rally titles, four British Touring Car titles and four Le Mans titles. Prodrive Composites has since expanded its customer base to include a growing number of premium and sports car manufacturers and aerospace customers.
Prodrive Composites managing director, Dominic Cartwright, joined the business in September 2013 from CTG Ltd, a company owned by United Technologies Corporation. Under his leadership, Prodrive Composites’ sales hit £13m last year and are on course to grow to more than £15m at the end of this financial year.
The business employs nearly 200 people at its manufacturing plant in Milton Keynes. The production process is carried out in-house, from receipt of raw material to production of the finished high-performance components and structures. In the past 18 months Prodrive Composites has achieved significant capacity improvements, reducing the cycle time from raw material to finished parts from an average of six to eight weeks down to two weeks.
While Prodrive Composites’ customer base is mostly automotive, it also carries out work in the aerospace industry and is manufacturing the main vehicle chassis for the European Space Agency’s ExoMars programme.
As part of the deal, John Weston joined the company as non-executive chairman after being introduced to the business by BGF. John spent 32 years in the aerospace and defence industry, concluding as CEO of BAE Systems with sales of £12.5bn and 120,000 employees. He now works to support a number of small companies in the high technology and manufacturing fields including as Chairman of MB Aerospace, Accesso, Windar Photonics and Fibercore. He is also a non-executive director at Torotrak.