Dearborn Michigan based carmaker Ford announced yesterday the sale of their performance / luxury car division Aston Martin in light of a recent decision to explore all strategic options for the British brand. The decision to explore these options was announced in August of 2006 as Ford began restructuring its automobile operations and building liquidity.
Aston Martin has fetched $925 million dollars (US) from a group of buyers including David Richards (founder of the motorsports technology company Prodrive), John Sinders (an avid Aston Martin collector) as well as investment firm from Kuwait. Ford will retain $77 million (US) share in the company after the sale is complete.
"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," said Alan Mulally, Ford's recently appointed CEO. "From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship. Today's announcement is good for Ford Motor Company, good for Aston Martin and good for the UK. We wish Aston Martin every possible success for the future."
photo:Aston Martin
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Aston Martin has fetched $925 million dollars (US) from a group of buyers including David Richards (founder of the motorsports technology company Prodrive), John Sinders (an avid Aston Martin collector) as well as investment firm from Kuwait. Ford will retain $77 million (US) share in the company after the sale is complete.
"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," said Alan Mulally, Ford's recently appointed CEO. "From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship. Today's announcement is good for Ford Motor Company, good for Aston Martin and good for the UK. We wish Aston Martin every possible success for the future."
photo:Aston Martin