PWR, the Queensland-based designer and manufacturer of automotive cooling systems used by car racing teams, is considering an ASX listing later this year to fund its growth plans in Australia and overseas.
The company recently hosted institutional investors for an educational visit to its headquarters at Ormeau and has appointed former Super Retail managing director and Myer non-executive director, Bob Thorn as Chairman.
PWR supplies seven of the ten racing teams in the Formula 1 championship and the winners of every major international motorsports championship between 2012 and 2014.
Founder and Managing Director, Kees Weel said there is a growing need for more advanced cooling solutions as elite motorsports teams and automotive manufacturers look to generate more power from smaller engines for improved performance and reduced emissions.
“We design and custom build cooling solutions for the best motorsports teams in the world’s most competitive and technically demanding race series," he said.
“The technology typically shifts from elite motorsports to automotive enthusiasts and then into mass production car manufacturing. That is a significant opportunity for us to leverage our motor racing know-how and grow the business in Australia and overseas."
The company, which designs and manufactures its products at its base in Ormeau in the Gold Coast hinterland, also has operations in Mooresville and Indianapolis in the US and Tamworth in the UK.
PWR generates 60 per cent of sales revenue from the UK and Europe, and a quarter from the United States. Its international expansion has been recognised with awards such as the Prime Minister’s Exporter of the Year award in 2014 and the Exporter of the year Award at the 2015 Manufacturers’ Monthly Endeavour Awards.
In March 2015, PWR acquired the leading US manufacturer of professional motorsports cooling systems, C&R Racing, as a platform for further growth in the United States motor racing and the automotive aftermarket.