Aston Martin - Sold
03-12-2007, 09:40 AM
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Aston Martin - Sold
FOR IMMEDIATE RELEASE
FORD ANNOUNCES AGREEMENT TO SELL ASTON MARTIN
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."
darn, I thought my next demo would be a Vanquish
FORD ANNOUNCES AGREEMENT TO SELL ASTON MARTIN
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."
darn, I thought my next demo would be a Vanquish
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03-12-2007, 10:46 PM
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Sorry, I am Ford Die Hard but I though Land Rover was a mistake from day 1. They paid too much preventing serious problem solving. That is why BMW unloaded LR. LR, if I am not mistaken, has the highest rate of problems per vehicle in their class. Not a Ford issue but a long standing tradition.
03-12-2007, 10:47 PM
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03-12-2007, 10:57 PM
#9
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Sorry, I am Ford Die Hard but I though Land Rover was a mistake from day 1. They paid too much preventing serious problem solving. That is why BMW unloaded LR. LR, if I am not mistaken, has the highest rate of problems per vehicle in their class. Not a Ford issue but a long standing tradition.
Land Rover is how I make a living its not a SUV for everyone. But its also the same SUV that the other companys follow. It appears the more you spend the more they will break. My 7.3 F350 has never been to the dealer 82K miles. High end imported cars live in the dealership period. I am talking about $75,000.00 plus. sad but true
