Like we said yesterday, Ford finally reached an agreement with Tata on the Jaguar and Land Rover sale. And today Ford released the complete details if the transaction. Tata will pay $2.3 billion for the two British brands and the sale is expected to close by the end of the next quarter. Then Ford will have to contribute up to approximately US $600 million to the Jaguar/Land Rover pension plans.
Alan Mulally, president and CEO, Ford Motor Company said: “Jaguar and Land Rover are terrific brands and 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, as we implement our plan to create a strong Ford Motor Company that delivers profitable growth for all.”
Read Ford’s full press release after the jump.
Click here to read the full press release
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A waste. Can you say… TVR. This makes me sad and mad.