Williams Grand Prix Engineering Limited Sells Williams Hybrid Power To GKN
Williams Grand Prix has sold Williams Hybrid Power Ltd. from Williams' subsidiary, Williams Grand Prix Engineering Ltd., to GKN Land Systems Ltd. in a multi-million pound deal. Williams Hybrid Power will be rebranded as GKN Hybrid Power. Under terms of the transaction, Williams Grand Prix Engineering will also receive additional consideration based on future sales and licenses of the flywheel energy storage technology transferred with Williams Hybrid Power to GKN (Williams F1). BLOOMBERG's Alex Duff reported the deal is worth $13.3M. Williams will receive a 3.5% share in sales of the company for the next five years, and 1.5% "for the following five years." Williams GP CEO Mike O'Driscoll said, "It rewards us well for the work we've done to date" (BLOOMBERG, 4/1).