It’s often the smaller stories within the industry which are the most interesting. Take Potenza’s acquisition of Westfield back in 2006, for example.
You’ve probably never heard much about Potenza, but the firm’s beginnings could prove significant in shaping the future direction of Westfield.
Potenza Technology was set up in 1999 when BMW closed down MG Rover’s hybrid and electric research unit. Paul Faithfull was one of the leaders of Rover’s future technology research and thought the now defunct British company was onto such a good thing, he decided to take on its R&D in his own company.
At the time, says Faithfull, Rover’s research was the most advanced in the world. “The problem was,” he says, “the market wasn’t ready for the tech and the costs were too high, so we couldn’t do anything”.