Ford has just announced the completion of the sale of their
Jaguar Land Rover operations to India's
Tata Motors . Tata is India's largest auto manufacturer, turning in revenues of around 7.2 billion USD in 2006 - 2007. Their wide-reaching product portfolio includes machines ranging from small passenger cars to industrial / commercial trucks and buses.Last August,
Ford decided to 'explore its options' for their troublesome luxury-vehicle division, hoping to free up some cash and focus on its core business and turnaround efforts. Tata was identified as a likely candidate to win the bidding early on, and will now pay about $2.3 billion US dollars for the division.
Ford will contribute about $600 million to pension plans and continue to provide Jaguar Land Rover with powerplants, stampings and other important technologies."Jaguar and Land Rover are terrific brands," said
Alan Mulally , president and CEO, Ford Motor Company. "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."
photo: Jaguar