Torotrak raises £8.5m, makes further purchase
Leyland engineering specialist Torotrak has purchased a 20 per cent share of Flybrid Automotive and raised more than £8.5m through deals with Allison Transmission.Torotrak said its £3m investment in Flybrid will help the company take greater control of its routes to market.
Flybrid developed a fuel efficiency device for Formula 1 cars that is now being applied to cars and commercial vehicles. Torotrak has an exclusive option to acquire the remaining 80 per cent by December 20, 2013.Under the terms of the Allison deal, Torotrak will be paid £6m for continued exclusivity to manufacture and sell its main drive transmissions in commercial vehicle market segments. Allison has also subscribed for an additional 8.2m new shares in Torotrak at 30.255p per share, raising a further £2.5m.