FORD-ASTON MARTIN DETROIT (AP) (wgvu) - FORD IS HANDING OVER THE WHEEL TO ITS ASTON
MARTIN BRAND, BEST KNOWN FOR APPEARANCES IN JAMES BOND FILMS. THE
DECISION TO SELL A CONTROLLING STAKE WILL PROVIDE FORD WITH $848 MILLION DOLLARS TO HELP FUND ITS TURNAROUND PLAN.
ASTON MARTIN WILL BE RUN BY A CONSORTIUM OF INVESTORS, INCLUDING
RACING MOGUL DAVID RICHARDS AND KUWAIT-BASED FIRMS.
FORD OFFICIALS ANNOUNCED THE SALE AT ASTON MARTIN'S HEADQUARTERS
IN GAYDON, ENGLAND. THE SALE IS EXPECTED TO CLOSE IN THE SECOND
QUARTER, AND FORD WILL RETAIN A $77 MILLION DOLLAR STAKE IN THE
SPORTS CAR MAKER.
FORD CEO ALAN MULALLY SAYS UNLOADING ASTON MARTIN SUPPORTS THE
COMPANY'S TURNAROUND PLAN. THE U-S AUTOMAKER LOST $12.7 BILLION DOLLARS LAST YEAR.
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