Tata buys Jaguar in £1.15bn
Posted 04-05-2008 at 01:18 PM by th3 j0k3r
Tata buys Jaguar in £1.15bn deal
Jaguar, Land Rover logos
Ford put Jaguar and Land Rover up for sale last June
Car giant Ford has sold its luxury UK-based car brands Jaguar and Land Rover to Indian company Tata.
Tata, India's biggest vehicle maker, is paying $2.3bn (£1.15bn) for the British brands after months of negotiations over the price.
The negotiations started last June when Ford announced its intention to sell the companies as a package.
Jaguar and Land Rover employ about 16,000 staff at UK plants in the West Midlands and Merseyside.
Now, it is time for Ford to concentrate on integrating the Ford brand globally
Alan Mulally, chief executive, Ford
Tata said the deal should be completed by the end of the summer, subject to applicable regulatory approvals.
"We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business," the firm said.
"We have enormous respect for the two brands and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact.
"We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business."
No changes
Alan Mulally, the president and chief executive of Ford said he was "confident" that the brands would continue to thrive under Tata's stewardship.
"Now, it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Company that delivers profitable growth for all," he added.
The companies said there would not be any "significant changes" to Jaguar or Land Rover employees' terms of employment on completion of the deal.
They said that staff, trade unions and the UK government had been kept informed of developments and supported the move.
Source : BBC NEWS | Business | Tata buys Jaguar in £1.15bn deal
Jaguar, Land Rover logos
Ford put Jaguar and Land Rover up for sale last June
Car giant Ford has sold its luxury UK-based car brands Jaguar and Land Rover to Indian company Tata.
Tata, India's biggest vehicle maker, is paying $2.3bn (£1.15bn) for the British brands after months of negotiations over the price.
The negotiations started last June when Ford announced its intention to sell the companies as a package.
Jaguar and Land Rover employ about 16,000 staff at UK plants in the West Midlands and Merseyside.
Now, it is time for Ford to concentrate on integrating the Ford brand globally
Alan Mulally, chief executive, Ford
Tata said the deal should be completed by the end of the summer, subject to applicable regulatory approvals.
"We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business," the firm said.
"We have enormous respect for the two brands and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact.
"We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business."
No changes
Alan Mulally, the president and chief executive of Ford said he was "confident" that the brands would continue to thrive under Tata's stewardship.
"Now, it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Company that delivers profitable growth for all," he added.
The companies said there would not be any "significant changes" to Jaguar or Land Rover employees' terms of employment on completion of the deal.
They said that staff, trade unions and the UK government had been kept informed of developments and supported the move.
Source : BBC NEWS | Business | Tata buys Jaguar in £1.15bn deal
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