Cosworth Technology, the specialist engine builder, has been put up for sale by its owner Audi.

The business, which makes cylinder heads and engine blocks for the prestige market, including the Aston Martin Vanquish V12 and Audi’s RS6, is believed to have an asking price of £50m. Audi has appointed merchant bank Lazard to handle the sale.

Cosworth Technology has sites in Northampton, Wellingborough and Worcester, with a workforce of about 1,000. It was formed after Audi bought the Cosworth business from Vickers for £220m in 1998, and split it into the engineering arm Cosworth Techno-logy, and motorsport division Cosworth Racing, which it sold to Ford for around £100m.

Ford is quitting F1 and has put Cosworth Racing up for sale.