Tata buys Jaguar, Land Rover
DETROIT–Cash-strapped Ford Motor Co. officially unloaded its storied Jaguar and Land Rover businesses yesterday for $1.7 billion (U.S.), a mere third of what it paid for the two luxury brands.
India’s Tata Motors Ltd. said it had completed the purchase of the brands in a deal first announced March 26.
Tata is paying about $2.3 billion for the British brands, but Ford is paying about $600 million into the Jaguar-Land Rover pension fund. Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000.
Acting CEO David Smith will take the top job low rates payday advance. The former chief financial officer took on the interim role after the death last month of former CEO Geoff Polites.
Ford said it will continue to supply Jaguar and Land Rover with engines, stampings and technology.
Associated Press
Filed under: economics by Pascal