Apr 2nd, 2008 by RJ Menezes
Ford Motor Co. has finally let go of famous British brands Jaguar and Land Rover. The lucky buyer was non other than Tata Motors. Well known for it’s Nano micro-min car, India’s Tata Motors has big plans for the newly acquired brands.
Ford, however, has agreed to infuse $600 million into the Jaguar and Land Rover pension funds after the deal closes around the end of June as it remains subject to various regulatory approvals before it is finalized.
For Ford’s ongoing restructuring program, the sale of these to brands were quite important. This way Ford can not stretch it’s resources so thin, which is expected to improve the company’s focus on its core Ford brand.
“Jaguar and Land Rover are terrific brands,” Ford CEO Alan Mulally said in a prepared statement released at 8 a.m. EST. “We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata’s stewardship.” We’ll have to wait and see in my opinion. Jaguar has some great new products and Land Rover just needs more exposure in my opinion. Both are great brands, let’s see if the folks at Tata know what they are doing. It would be a shame to see this two British icons disappear.
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