New McLaren Group unifies McLaren Automotive and McLaren Technology Group
McLaren Automotive and the McLaren Technology Group are being brought together under one corporate structure to be called the McLaren Group. Announcing the news on July 3rd, the McLaren Group said unifying all activities under a single coordinated strategy and brand, allows ‘the exceptional reputation of each business for technological excellence to be used across the entire Group for the benefit of all its customers, partners and employees’.
The development sees 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 and Mansour Ojjeh its Executive Committee Principal. Mike Flewitt continues 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 announcement follows the decision of Ron Dennis CBE to step down as the Chairman of McLaren Automotive and McLaren Technology Group reaching agreement with his fellow shareholders to sell his shareholdings in both companies.
The TAG Group first invested in McLaren in 1984 and is the longest standing of the McLaren Group’s shareholders, joined ten years ago by the Bahrain Mumtalakat Holding Company.
Mansour Ojjeh said: “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. 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. The new McLaren 720S, the first car to be launched under its Track22 business plan, is already sold out well into 2018 and there will be a lot more exciting cars where that came from.
“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 are fully engaged in the process of bringing about that turnaround, and it will be great to see McLaren back in the winners’ circle before too long.”
Shaikh Mohammed bin Essa Al Khalifa said: “McLaren is unique, due to its strong heritage and passion to be best in everything it does, but also because 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.”
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 £898 million.
McLaren Automotive celebrated the production of its 10,000th car in December 2016 and now sells its family of Sports Series, Super Series and Ultimate Series products across 30 global markets. The entrepreneurial McLaren Technology Group encompasses McLaren Applied Technologies, McLaren Marketing and McLaren Racing which has won 182 Formula 1 Grands Prix and 20 Formula 1 World Championships.