Ford thinking of selling Jaguar & Land Rover
June 13, 2007 by Alborz Fallah
Ford is currently thinking about the future of its subsidiary luxury brands, Jaguar and Land Rover. The company announced on Tuesday (UK) it was working with financial advisers to find the best way to proceed.
“We are working with financial advisers to determine the best future for Jaguar and Land Rover,” said John Gardiner, a spokesman for Ford’s luxury brands. He declined to name the advisers.
Although both Land Rover and Jaguar have turned their fortunes around in the last few years (LR expects profits this year, while Jaguar is still losing money), Ford has been under continues criticism for its money-losing North American operations.
Many in the industry believe selling Jaguar and Land Rover would give Ford the funds to restructure its American operations.
Meanwhile, UK unions are concerned about workers job security. Dave Osborne, national officer of the Unite union, said its “prime concern” was the job security of workers.
Jaguar has about 10,000 staff and Land Rover employs about 9,000 in the West Midlands and Warwickshire.
Ford bought Jaguar for £1.6bn in 1989, followed by the £1.7bn purchase of Land Rover in 2000, and analysts predict that despite sinking hundred of millions into both companies since, Ford will be unlikely to get its money back – however it seems to be a case of better now than in five years.
Private equity firm Alchemy Partners is rumoured to have put together a £3bn bid for Jaguar and Land Rover.
More on this as it comes.
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I heard that Ford were thinking about selling Volvo before they sold Jaguar and LR. But Volvo actually seems to be doing well, so it would be in Ford’s best interest to keep the brand under their name.
It looks like the next Bond car will have to be a Volvo, considering it is their only luxury car company left and they signed up for three Bond movies :).
REALLY?? FORD HAVE SIGNED UP FOR 3 YEARS !! SURELY THAT WAS WITH ASTON MARTIN WHEN THEY OWNED IT! BOND CANT LOOK KOOL IN A VOLVO!!! MAYBE BMW PICKED UP THE RIGHTS WHEN THEY TOOK ON ASTON MARTIN.GOD I HOPE SO!!CANT IMAGINE A HAT ON THE BACK PARCEL SHELF OF A BOND VOLVO.
Sorry I meant they signed up for three movies at the beginning of Die Another Day, so they only have one more movie to go before their contract finishes.
It would be unlikely that they would use a Volvo as a Bond car.
you know theres a button called ‘CAPS LOCK’
Ford still own around 25% of Aston Martin – so the next Bond car will either be the DBS again, or the stripped down Gallardo Superleggera type DBS-R, which is on the drawing table
bmw do not own austin martin, the guy who owns FPR bought austin martin.
hey wasnt the ford mondeo used in the latest bond film? ring any bells? if you ask me the mondeo is getting a little aston martin’ish. maybe ford is trying to get that sort of recognition with its new release mondeo…. that is create a bit of desire about their car while they still have the contract on it (bond films)
hey,,,lets think of ford ……..not ford wth bond….
wwwwaaaaaaaaaat……….yyyyyyy