Vince Cable backs leading local firm ahead of F1 season

12.00.00am GMT Mon 1st Mar 2010

Vince and Andrew talk to the media at Cosworth

Liberal Democrat Deputy Leader and Shadow Chancellor, Vince Cable, commended staff at Northampton-based engineering firm Cosworth, following a tour of its premises on St James Mill Road.

Dr Cable, a former Chief Economist at Shell, visited the company's St James HQ on Friday to talk with local engineers, busily making Formula 1 engines, ahead of the 2010 season, which kicks of in Bahrain on 14th March.

Dr Cable had special praise for the firm's management, who took the business through a tough stretch in 2006, after the company lost all of its contracts to supply F1 engines.

This season, the Northampton firm will be supplying engines to 5 of the grid's 13 teams.

Dr Cable said:

"It's great to see such a British industrial success story. There are far too few of them at the moment.

"The way Cosworth have used their technological expertise to diversify into other areas over the past few years has been excellent.

"It's clearly a very well run company."

After a tough spell in 2006, the firm was forced to shed 200 jobs, but bounced back a year later after moving into new markets, including aerospace.

Liberal Democrat parliamentary candidates for Northampton North and South also attended the visit, with target seat candidate, Andrew Simpson, commenting:

"It's great to come here and see a Northampton success story.

"And that's why we wanted to bring Vince here, to show him some of the real successes there are in Northampton."

Vince, Andrew and Paul listen in to a journalist's question at their Cosworth press conference

Deputy Leader of Lib Dem-run Northampton Borough Council and Parliamentary Candidate for Northampton South, Paul Varnsverry, added:

"Cosworth brings great recognition and prestige to Northampton.

"It's contribution to engineering in the town is something that really should not be overlooked."