After months of rumours and media speculation, Ford confirmed on Monday (12 March) it has agreed to sell its luxury sports car business Aston Martin to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment. It will retain a small ahreholding.
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“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 US-based automaker said in a statement.
The sale is expected to close during the second quarter and values Aston Martin at GBP479m ($US925m). Ford will retain a GBP40m ($77m) stake in Aston Martin but no other details were disclosed.
“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 Ford president and chief executive officer Alan Mulally.
“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.”
The new owner is a consortium comprised of: David Richards, founder and chairman of Prodrive, a motorsport and automotive technology company; John Sinders, an avid Aston Martin collector and a backer of Aston Martin Racing; and Investment Dar and Adeem Investment, international investment companies headquartered in Kuwait.
