Business
Re Agreement
Re Agreement.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n Ford Motor Co\n26 March 2008\n\n\nNEWS\n\nContact: \n \nMedia: Media: Equity Investment Fixed Income Shareholder Inquiries:\nJohn Gardiner Tom Hoyt Community: Investment Community: 1.800.555.5259 or\n44.207.025.6334 313.322.1524 Larry Heck Dave Dickenson 1.313.845.8540\[email protected] [email protected] 1.313.594.0613 1.313.621.0881 [email protected]\n [email protected] [email protected] \n\n\nFord Motor Company Announces Agreement to Sell Jaguar Land Rover to Tata Motors\n\n\nDEARBORN, Mich., March 26, 2008 - Ford Motor Company (NYSE:F) announced today\nthat it has entered into a definitive agreement to sell its Jaguar Land Rover\noperations to Tata Motors.\n\nThe transaction is the culmination of Ford's decision last August to explore\nstrategic options for the Jaguar Land Rover business, as the company accelerates\nits focus on its core Ford brand and 'One Ford' global transformation.\n\nThe sale is expected to close by the end of the next quarter and is subject to\ncustomary closing conditions, including receipt of applicable regulatory\napprovals.\n\nThe total amount to be paid in cash by Tata Motors for Jaguar Land Rover upon\nclosing will be approximately US $2.3 billion. At closing, Ford will then\ncontribute up to approximately US $600 million to the Jaguar Land Rover pension\nplans.\n\n'Jaguar and Land Rover are terrific brands,' said Alan Mulally, president and\nCEO, Ford Motor Company. 'We are confident that they are leaving our fold with\nthe products, plan and team to continue to thrive under Tata's stewardship. Now,\nit is time for Ford to concentrate on integrating the Ford brand globally, as we\nimplement our plan to create a strong Ford Motor Company that delivers\nprofitable growth for all.'\n\n'This is a good agreement. It provides the Jaguar Land Rover management team and\nemployees with the assurances needed to maintain their focus on delivering the\nbest results for the business,' said Lewis Booth, executive vice president, Ford\nMotor Company, who has responsibility for Ford of Europe, Volvo and Jaguar Land\nRover. 'I am confident that, under its new owner, Jaguar Land Rover will\ncontinue to build upon the significant improvements and product successes it has\nachieved in recent years.'\n\nAs part of the transaction, Ford will continue to supply Jaguar Land Rover for\ndiffering periods with powertrains, ...