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Kyoto-based Horiba has purchased Mira, the vehicle test and engineering company, in a multimillion pound deal.
Mira, which employs around 400 engineers, said the sale, reported to be for £85 million, will allow it to invest in its facilities and continue to grow internationally.
Mira (the Motor Industry Research Association), in Nuneaton, Warwickshire, was opened in 1946 as a government-funded test track and automotive research centre. The site has seen the development of many iconic British vehicles over the decades and is also well-known for being a test track used in TV show Top Gear.
As well as test tracks, the 760 acre site hosts extensive automotive testing facilities including a climatic wind tunnel, an EMC vehicle testing cell, as well as crash, emissions and powertrain test laboratories.
The company, which is to be rebranded as Horiba Mira, is in the last year of a six year turnaround plan, and has plans to expand into a £300 million technology park. The government-backed initiative could create up to 2,000 jobs, the company has said.
Horiba Mira is also part of the Autodrive consortium, a £19 million government-funded project to develop driverless vehicles.
Dr George Gillespie, chief executive of Horiba Mira and a former Horiba employee, said: “Our vision for Mira and Mira Technology Park is to grow significantly, and by working with Horiba, we have created an exciting plan that will allow us to accelerate that vision. The planned investments into Mira has helped identify a number of additional areas of investment in both facilities and technical capabilities."
“In the immediate future, it’s business as usual. Our customers continue to access our engineering and testing services as well as our full technology park offering and our employees continue to be part of a test and engineering consultancy.”
The Horiba Group supplies measurement technology and systems to several sectors, including automotive test, process and environmental monitoring, medical diagnostics. semiconductor manufacturing and scientific equipment.
The company, which employs 6,000 employees in 19 countries, said the acquisition expands its automotive capabilities and allows it to address emerging areas such as electrified powertrains and intelligent vehicles.