Prodrive out of FPV

Ford Australia has announced it will buy out Prodrive's share of its V8 hot haus, Ford Performance Vehicle (FPV).

It made the announcement during a phone hook-up just minutes ago.
 
"Ford Australia and Prodrive today signed a Memorandum of Understanding (MOU) for Ford to purchase the assets of FPV required to engineer, manufacture and market the FPV brand in Australia," Ford's official release stated.
 
"Negotiations are expected to be completed shortly, with Ford to take responsibility for future activities of FPV from the end of 2012. Ford will become responsible for all future development programs, the manufacture of FPV engines and vehicles, and marketing the FPV brand," it said.

FPV was established as a joint venture between Ford Australia and UK-established special vehicles operation, Prodrive. Once the operator of the Subaru WRC team, Prodrive also participated in the short-lived Toyota Racing Developments (TRD) experiment Down Under.

Ford Australia boss Bob Graziano said this morning: " We recognise the passion and dedication of FPV enthusiasts and their desire to see Ford high-performance vehicles available in the market
 
“Although this segment of the market is relatively niche, it is an important part of Ford’s performance history and DNA.

Prodrive's local boss Bryan Mears stated: “As a result of the business review, Prodrive has made the decision to exit the performance car market at the end of 2012
 
"We have enjoyed great success through our partnership with Ford Australia and look forward to watching the FPV brand continue to thrive in the future.”

Mears recently told motoring.com.au that FPV's high-performance models future were secure but stopped short on spelling out the future for Prodrive within the operation.

Under the new arrangements, production of FPV engines will move to Ford’s Geelong engine plant, while full vehicle assembly will take place at Ford’s Campbellfield plant. The additional work at both sites will offset the need for a small number of the previously announced redundancies across both sites.

"Unfortunately, although Ford can take on responsibility for the FPV brand and in-source the manufacturing and other work, the change will see approximately 32 FPV staff become redundant at the end of 2012," Ford's official release stated.

Prodrive's Mears, oversaw a recent restructure of FPV that culled senior staff including general manager Rod Barrett. At that point he assumed day-to-day running of the business, in addition to his role as Prodrive Asia-Pacific managing director.

FPV famously underwent a previous culling in 2007 during which wholesale executive staff cuts were made.

Read the latest news and reviews on your mobile, iPhone or PDA at carsales' mobile site…