Simplify the following text for a Grade 9 native English-speaking person.
Original: Mercedes-Benz HighPerformanceEngines Ltd. ( previously known as Mercedes-Ilmor ) is an English-based Formula One engine manufacturer , owned by Mercedes-Benz .
Simplified: Mercedes-Benz HighPerformanceEngines Ltd. is an English-based Formula One engine builder . The company used to be known as Mercedes-Ilmor .