Mercedes has said it is 'proud' to have inked a deal that will see it supply the Williams F1 team with engines from the start of the 2014 F1 season.

Confirmation that Williams will make the switch from Renault powerplants to Mercedes engines came today [see separate story - HERE] and with McLaren renewing its relationship with Honda in 2015, it has added significance for the German giant.

"It is a very proud moment for everybody at Mercedes AMG High Performance Powertrains to announce the start of this new partnership with the Williams F1 Team," said Andy Cowell, Managing Director of Mercedes AMG HPP. "Williams is one of the sport's iconic names and we are very excited to be working together towards a successful future under the new regulations.

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"A further positive is that this new agreement provides Mercedes-Benz with the long-term stability of supplying our works team and at least two partners from the 2015 season onwards, following the conclusion of our relationship with McLaren at the end of next season."

Mercedes motorsport boss Toto Wolff meanwhile reckons the tie-up is a 'win-win situation' for both parties and he should know, as he has intimate knowledge of the set-up at Grove, having been Williams' CEO until his decision to jump ship and go to Mercedes in January.

"The proud heritage of Williams and the company's commitment to technological excellence make it a perfect long-term partner for Mercedes-Benz under the new powertrain regulations," said Wolff.

"It is a win-win situation for both HPP and Williams, which will ensure HPP is able to supply at least three teams on a long-term basis under the new regulations and could open interesting new perspectives for technology transfer. We look forward to enjoying much success together over the coming years."