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Ford sells Jaguar and Land Rover to India's Tata Motors for US$2.3 billion
Source: The Associated Press
Posted: 03/26/08 9:30AM
Filed Under: Main
DETROIT - Ford Motor Co. (NYSE:F) is selling its Jaguar and Land Rover businesses to India's Tata Motors Ltd. in a deal worth $2.3 billion - less than half the price that struggling Ford paid for the two luxury brands.
The deal announced Wednesday will expand the Indian carmaker's reach around the globe.
Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. It now is striving to focus on its main brands.
Tata said it doesn't anticipate any significant changes to the workforce at Jaguar and Land Rover. The sides had been expected to agree to keep the British labour count near the current 15,300.
Tata said the transfer of the brands would take place at the end of the second quarter.
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Mustafa Quraishi, AP
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