12th Mar 2007 14:09
Ford Motor Co12 March 2007 Contact: Media: Media: Equity Investment Fixed Income Shareholder Inquiries:Becky Sanch John Gardiner Community: Investment 1.800.555.5259 or 1.313.594.4410 44.207.025.6334 Raj Modi Community: [email protected] [email protected] 1.313.323.8221 Rob Moeller [email protected] [email protected] 1.313.621.0881 [email protected] FORD ANNOUNCES AGREEMENT TO SELL ASTON MARTIN DEARBORN, Mich., March, 12, 2007 - Ford Motor Company (NYSE: F) announcedtoday it has entered into a definitive agreement to sell Aston Martin, itsprestigious sports car business, to a consortium comprised of David Richards,John Sinders, Investment Dar and Adeem Investment Co. This transaction is theresult of Ford's decision, as announced in August 2006, to explore strategicoptions for the Aston Martin business as the company restructures its coreautomotive operations and builds liquidity. The sale is expected to close during the second quarter and is subject tocustomary closing conditions, including applicable regulatory approvals. Thetransaction values Aston Martin at £479 million ($925 million). As part of thetransaction, Ford will retain a £40 million ($77 million) investment in AstonMartin. Other terms and conditions specific to the sale are not being disclosedat this time. "The sale of Aston Martin supports the key objectives of the company, torestructure to operate profitably at lower volumes and changed model mix and tospeed the development of new products," said Alan Mulally, Ford's President andchief executive officer. "From Aston Martin's point of view, the sale willprovide access to additional capital, which will allow Aston Martin to continuethe growth it has experienced under Ford's stewardship. Today's announcement isgood for Ford Motor Company, good for Aston Martin and good for the UK. We wishAston 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 automotivetechnology company; John Sinders, an avid Aston Martin collector and a backer ofAston Martin Racing; and Investment Dar and Adeem Investment Co, internationalinvestment companies headquartered in Kuwait. Ford Motor Company, a global automotive industry leader based in Dearborn,Mich., manufactures or distributes automobiles in 200 markets across sixcontinents. With more than 280,000 employees and more than 100 plants worldwide,the company's core and affiliated automotive brands include Ford, Jaguar, LandRover, Lincoln, Mercury, Volvo and Mazda. The company provides financialservices through Ford Motor Credit Company. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FDM Group