Ford completes sale of Jaguar and Land Rover to Tata
December 31st, 1969
Ford today completed the sale of its Jaguar and Land Rover operations to Tata Motors after first announcing the Indian carmaker as the next owner back in March. The sale is the culmination of Ford’s decision last August to explore strategic options for the Jaguar and Land Rover businesses, as the Blue Oval accelerates its turnaround plan and focuses on its core Ford brand.
The total amount paid in cash by Tata for Jaguar and Land Rover upon closing is approximately $2.3 billion. Ford will now contribute up to $600 million to the Jaguar and Land Rover pension plans, which leaves the Blue Oval with about $1.7 billion once the dust settles.
As part of the overall sale agreement between Ford and Tata Motors, Ford will continue to supply Jaguar and Land Rover with engines, stampings and technology, including a range of environmental technologies.
Tata has also confirmed today that interim Jaguar and Land Rover CEO David Smith will remain in the top post. Smith, who was formerly the CFO, took over the job when the late Geoff Polites stood down as CEO due to illness back in April.
Ford today completed the sale of its Jaguar and Land Rover operations to Tata Motors after first announcing the Indian carmaker as the next owner back in March. The sale is the culmination of Ford’s decision last August to explore strategic options for the Jaguar and Land Rover businesses, as the Blue Oval accelerates its turnaround plan and focuses on its core Ford brand.
The total amount paid in cash by Tata for Jaguar and Land Rover upon closing is approximately $2.3 billion. Ford will now contribute up to $600 million to the Jaguar and Land Rover pension plans, which leaves the Blue Oval with about $1.7 billion once the dust settles.
As part of the overall sale agreement between Ford and Tata Motors, Ford will continue to supply Jaguar and Land Rover with engines, stampings and technology, including a range of environmental technologies.
Tata has also confirmed today that interim Jaguar and Land Rover CEO David Smith will remain in the top post. Smith, who was formerly the CFO, took over the job when the late Geoff Polites stood down as CEO due to illness back in April.
Ford completes sale of Jaguar and Land Rover to Tata
June 2nd, 2008
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June 2nd, 2008
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June 2nd, 2008
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The total amount paid in cash by Tata for Jaguar and Land Rover upon closing is approximately $2.3 billion. Ford will now contribute up to $600 million to the Jaguar and Land Rover pension plans, which leaves the Blue Oval with about $1.7 billion once the dust settles.
As part of the overall sale agreement between Ford and Tata Motors, Ford will continue to supply Jaguar and Land Rover with engines, stampings and technology, including a range of environmental technologies.
Tata has also confirmed today that interim Jaguar and Land Rover CEO David Smith will remain in the top post. Smith, who was formerly the CFO, took over the job when the late Geoff Polites stood down as CEO due to illness back in April.
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Comments (4 total)
Meet the top commenters on the LeaderboardBy chris #1, Posted: 6/2/2008
wait.. this Geoff guy stepped down just last month due to illness and he's already late? yikes. I thought there was a longer time span than that, but if you say so.
The sad thing about all of this is, its like a divorce... ford picked up jag.. spent a lot of money on it for 20 years.. and in the end... ok well no.. jag doesnt get half of ford so i guess that doesnt work.. but you know where I'm going with this.
By Gunnar #2, Posted: 6/2/2008
Helluva marriage, Chris. Tata will likely be the better spouse.
By nigel #3, Posted: 6/2/2008
Hmmmm..................
finally find a reason to say no to jag and land rover ~ hahah
By chris #4, Posted: 6/2/2008
nigel, jags will not change in the near term. just because the money is coming from some where else, doesnt mean that quality or the drive will change at all. what will be interesting is to see what happens in 4 or 5 years when tata has the option to source engines from some one else besides ford.
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