It looks as if Ford is finally putting a fork in the sale of Jaguar and Land Rover to Tata Motors... it's done. According to a statement from Ford, which can be read after the break, the sale of the two British automakers has been officially finalized as of today. Ford also wishes the best for its recently departed companies and their employees. Awww, isn't that sweet? We're glad we can all still be friends.
At Jaguar Land Rover, things seem to be business as usual. The company has announced that its new proud papa, Tata Motors, has named former CFO David Smith the new CEO for Jaguar and Land Rover. You may recall the untimely death of Geoff Polites, the company's previous CEO. Today's announcement of Smith's new appointment comes right on schedule based on past information provided by the company. Smith has already been the acting CEO since Polites' death late last April.
[Sources: Ford and Automotive News - sub. req'd]
STATEMENT: FORD MOTOR COMPANY COMPLETES THE SALE OF JAGUAR LAND ROVER TO TATA MOTORS
DEARBORN, Mich., June 2, 2008 – Ford Motor Company [NYSE: F] has today completed the sale of its Jaguar Land Rover operations to Tata Motors.
The sale is the culmination of Ford's decision last August to explore strategic options for the Jaguar Land Rover business, as the company accelerates its focus on its core Ford brand and "One Ford" global transformation. It also allows Jaguar Land Rover to focus on delivering what is best for its business.
As part of the overall sale agreement between Ford and Tata Motors, Ford will continue to supply Jaguar Land Rover with engines, stampings and technology, including a range of environmental technologies.
Ford Motor Company wishes the Jaguar Land Rover management team, its employees and the new owners every success for the future.
Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, United States, manufactures or distributes automobiles in 200 markets across six continents. With about 230,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.
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