| Jaguar And Land Rover Go Indian | ||
 |
||
|
(Wed 26 Mar 08) Ford has confirmed that it has entered into "a definitive agreement" to sell Jaguar and Land Rover to the Indian company Tata Motors.
Assuming there are no problems in the next few months, the sale will be completed by the end of June. Tata is paying Ford $2.3 billion, and in return Ford is contributing around $600 million to the pension plans of Jaguar and Land Rover employees. Ford will also continue to supply components and technology to the two brands, and will therefore make money as a supplier to Tata. "Jaguar and Land Rover are terrific brands," says Ford President and CEO Alan Mulally. "We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata's stewardship. Now, it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Company that delivers profitable growth for all." "We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business," adds Tata Chairman Ratan Tata. "We have enormous respect for the two brands and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact. "We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business." Jaguar Gallery |
