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Ford made an announcement Wednesday about the sale of its Land Rover and Jaguar luxury brands to the biggest automaker in India, Tata Motors. This deal will be including the brand names, plants and the Intellectual Property Rights, all of this for a cash sum of around $2.3 billion, having a commitment from Ford for paying out $600 million on future pensions to the retired employees of these two brands. The purchase will be completed by June, at the end, the second quarter of this year, pending for government approvals.
鈥淲e have enormous respect for the two brands and will endeavor to preserve and build on their heritage and competitiveness, keeping their identities intact,鈥� said Ratan Tata, the Chairman of Tata Sons and Tata Motors. 鈥淲e aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business".
"Jaguar and Land Rover are terrific brands," commented the Ford鈥檚 CEO - Alan Mulally. "We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata's stewardship. Now, it is time for Ford to concentrate on integrating the Ford brand globally".
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