PLANS to float off a high-tech firm have been announced.
Inventions group BTG plc is planning to de-merge Torotrak, a Leyland based firm which specialises in the development of a special transmission system for cars.
The flotation of the firm, which employs around 70 people, is expected to raise around £50 million to further develop its 'infinitely variable transmission' system.
"Torotrak now needs to make significant investment," said BTG chairman Jack Leonard.
"This is as a consequence of growing success in attracting the interest of major vehicle and transmission manufacturers which requires further detailed development and testing to be performed before production design can be undertaken."
Torortrak has signed nine licence agreements with vehicle and truck manufacturers.
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