Cosworth, the British automotive engineering company famous for the engines it once made for Formula One racing teams, plans an initial public offering (IPO) in New York as early as next year, Chairman Kevin Kalkhoven said. Cosworth has broadened its focus in recent years from manufacturing engines to providing powertrain and electronics technology. Products include car software, data analytics and sensors for autonomous and assisted driving.

The stock market floatation would follow Cosworth showing sales from new contracts for hybrid engines and sensor technologies. "We will be able to demonstrate our new product revenue and profit potential in real terms after the close of the first quarter in 2019," Kalkhoven told Reuters in a telephone interview.

"It's at that time that we will look to go public," said Kalkhoven. The Australian bought Cosworth from Ford Motor Co in 2004 with Gerald Forsythe, when the two were co-owners of the Champ Car World Series.

Copyright Reuters, 2019