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March 3, 2021
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FORD-JAGUAR UPDATE
(2008-03-27)
(wgvu) - FORD IS SELLING ITS JAGUAR AND LAND ROVER
BUSINESSES TO INDIA'S TATA MOTORS IN A DEAL WORTH 2.3 BILLION
DOLLARS.
THAT'S LESS THAN HALF WHAT THE DEARBORN AUTOMAKER PAID FOR THE
BRITISH LUXURY BRANDS.
FORD BOUGHT JAGUAR FOR 2.5 BILLION DOLLARS IN 1989 AND LAND
ROVER FOR 2.7 BILLION IN 2000. BUT IT WANTS TO FOCUS ON ITS MAIN
BRANDS AS IT STRUGGLED TO RETURN TO PROFITABILITY.
FORD CEO ALAN MULALLY SAYS THE NAMEPLATES ARE LEAVING FORD IN
GOOD SHAPE.
TATA SAYS IT DOESN'T ANTICIPATE ANY SIGNIFICANT CHANGES TO THE
WORK FORCE AT JAGUAR AND LAND ROVER. IT'S EXPECTED THE BRITISH WORK
FORCE WILL HOLD AT AROUND 15,000.
TATA SAYS THE TRANSFER WILL TAKE PLACE LATE IN THE SECOND
QUARTER.
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