Ford Announces Agreement to Sell Aston Martin
 

Source: Ford
March 12, 2007 Article Images

DEARBORN, Mich., March, 12, 2007 – Ford Motor Company [NYSE: F] announced today it has entered into a definitive agreement to sell Aston Martin, its prestigious sports car business, to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Co. This transaction is the result of Ford's decision, as announced in August 2006, to explore strategic options for the Aston Martin business as the company restructures its core automotive operations and builds liquidity.

The sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals. The transaction values Aston Martin at £479 million ($925 million). As part of the transaction, Ford will retain a £40 million ($77 million) investment in Aston Martin. Other terms and conditions specific to the sale are not being disclosed at this time.

"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," said Alan Mulally, Ford's President and chief executive officer. "From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship. Today's announcement is good for Ford Motor Company, good for Aston Martin and good for the UK. We wish Aston Martin every possible success for the future."

The new owner of Aston Martin is a consortium comprised of: David Richards, founder and chairman of Prodrive, a world-leading motorsport and automotive technology company; John Sinders, an avid Aston Martin collector and a backer of Aston Martin Racing; and Investment Dar and Adeem Investment Co, international investment companies headquartered in Kuwait.

Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles in 200 markets across six continents. With more than 280,000 employees and more than 100 plants worldwide, the company’s core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company.

Wow...selling off Aston Martin. That's too bad for Ford. I'm sure the loss in sales forced them to do it.

Oh, and another problem for Ford...we're in roll call today and find out Ford Crown Vic patrol vehicles 02-05 have been recalled due to wheels splitting and rapidly losing air pressure. Apparently, there have been some high speed chases and officers have lost it over 100mph due to sudden air pressure loss because the rim splits. Just another hit Ford will take....more money down the drain.

After watching 'Casino Royale' again, I WANT AN ASTON MARTIN DBS! :bow:

As for Ford, it seems to me they're bailing water from a sinking ship. :( I hope they're able to recover.

Tag, be careful in those Crown Vics. :eek:

Even though I just miled out my old car and have a new 06, I'm still going to be watching! The scary part is that the wheels, from what I understand, have only been seperating (enough) at high speeds. Sure, I get to legally speed on a regular basis running code to calls, but now, :eek:

I sure hope Ford recovers too. They are a good company. They make good cars. Besides, we do need the Mustang to stick around so we can spank it's @ss!!!

I KNOW! I just watched it again since seeing it in the theaters last night! I love that car... I cried when he flips it. Ok, not really, but it is a shame!

I'll probably watch it again tonight. :D I like the '64 Aston too! :thumbsup:

The sale may actually benefit anyone with a recent Aston. Ford sold it to ProDrive which is an aftermarket performance company specificaly for Astons. Now we may see factory supercharged and warranteed version of the car. That is what stopped me from getting the supercharger on the Vantage.

BTW - They had several drivers try to get the car to roll for Casino Royale, but the car wouldn't. they actually had to launch it with rockets to get that scene.

truvkngfan did u get to take your db9 out yet?

Its the Vantage, yes, I took it out this weekend a little. The sound of it is just amazing. I don't even know how to describe it. It doesn't have the power or the sheer decibals that the yellow porsche has, but it is almost like music. The car goes to Chicago this week for its 1000 mile service and April 23rd I go to Ford's proving grounds in Romeo Michigan for an all-day class on the car. It is pretty amazing for a little NA 4.3 small block.

wow thats great to hear. im sure you will have a great time in michigan.