Auto Service World
News   March 12, 2007   by Auto Service World

Ford to Sell Aston Martin


Ford Motor Company announced today it has entered into a definitive agreement to sell Aston Martin, its prestigious sports car business, to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Co.
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 sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals.
The transaction values Aston Martin at 479 million pounds (US$925 million).
As part of the transaction, Ford will retain a 40 million pounds ($77 million) investment in Aston Martin.
Other terms and conditions specific to the sale are not being disclosed at this time.
“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 Alan Mulally, Ford’s President and chief executive officer.
The new owner of Aston Martin is a consortium comprised of: David Richards, founder and chairman of Prodrive, a world-leading 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 Co, international investment companies headquartered in Kuwait.


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