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Old 01-08-2007, 07:40   #1 (permalink)
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US:Ford CEO Mulally: Jaguar not for sale

Ford CEO Mulally: Jaguar not for sale

Reuters

DETROIT (Reuters) -- Ford Motor Co.'s British luxury division Jaguar is not for sale, Chief Executive Alan Mulally said on Sunday.

"Jaguar is not for sale at this time," Mulally told reporters on the sidelines of the North American International Auto Show.

"We really like the progress Jaguar is making both on the product side and on their quality and productivity," he said. "They are on a really good positive business improvement plan."

Mulally, who replaced Bill Ford Jr. as CEO in September, had earlier declined to rule out the sale of money-losing Jaguar and other premium brands in its portfolio.

Ford, which is in the midst of its third restructuring in five years, has said its British sports car unit Aston Martin was for sale. But analysts are keen to see the company sell Jaguar.

Jaguar managing director Bibiana Boerio said she is focused on resurrecting Jaguar's vehicle line-up and does not worry about a possible sale of the company.

"I don't spend a minute a minute worrying about that," she said. "I can't control it. Ford will take the action it needs to take."

Ford bought Jaguar, an iconic British brand known for its leaping cat hood ornament, for $2.82 billion in 1989 but has struggled to make money with the brand since.

Jaguar's sales are down nearly 32 percent for 2006 in the United States, the company's largest market.

Ford's luxury division, called Premier Automotive Group, is expected to post a loss for 2006. Jaguar remains the biggest drag on the division's results.

Ford, overall, lost about $7 billion in the first three quarters of 2006. Further losses are forecast in the October-December quarter and beyond as it continued to lose U.S. market share to Asian rivals led by Toyota Motor Corp.

Ford Chairman Bill Ford, speaking during a press conference at the auto show, characterized 2006 as a "difficult year and said 2007 was a "pivotal year" for the automaker.

Speaking at the same event, Mulally, who was hired away from aircraft maker Boeing Co., said Ford's U.S. vehicle line-up will include more crossover vehicles and small cars and the company will continue investing in its European luxury brands.
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My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
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Old 03-30-2008, 03:12   #2 (permalink)
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Re: US:Ford CEO Mulally: Jaguar not for sale

Well money talks & jaguar & landrover walks.

FORD MOTOR COMPANY ANNOUNCES AGREEMENT TO SELL JAGUAR LAND ROVER TO TATA MOTORS


DEARBORN, Mich., March 26, 2008 – Ford Motor Company [NYSE: F] announced today that it has entered into a definitive agreement to sell its Jaguar Land Rover operations to Tata Motors.
The transaction 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.
The sale is expected to close by the end of the next quarter and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
The total amount to be paid in cash by Tata Motors for Jaguar Land Rover upon closing will be approximately US $2.3 billion. At closing, Ford will then contribute up to approximately US $600 million to the Jaguar Land Rover pension plans.
"Jaguar and Land Rover are terrific brands," said Alan Mulally, president and CEO, Ford Motor Company. "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."
"This is a good agreement. It provides the Jaguar Land Rover management team and employees with the assurances needed to maintain their focus on delivering the best results for the business," said Lewis Booth, executive vice president, Ford Motor Company, who has responsibility for Ford of Europe, Volvo and Jaguar Land Rover. "I am confident that, under its new owner, Jaguar Land Rover will continue to build upon the significant improvements and product successes it has achieved in recent years."
As part of the transaction, Ford will continue to supply Jaguar Land Rover for differing periods with powertrains, stampings and other vehicle components, in addition to a variety of technologies, such as environmental and platform technologies. Ford also has committed to provide engineering support, including research and development, plus information technology, accounting and other services.
In addition, Ford Motor Credit Company will provide financing for Jaguar and Land Rover dealers and customers during a transitional period, which can vary by market, of up to 12 months.
The parties believe these arrangements will support Jaguar Land Rover’s current product plans, while providing Jaguar Land Rover freedom to develop its own stand-alone capabilities in the future that will best serve its premium manufacturer requirements.
The parties do not anticipate any significant changes to Jaguar Land Rover employees’ terms of employment on completion.
Speaking about today’s agreement, Mr. Ratan N. Tata, Chairman of Tata Sons and Tata Motors, commented: "We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business. We have enormous respect for the two brands and will endeavor to preserve and build on their heritage and competitiveness, keeping their identities intact. We 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 Land Rover’s employees, trade unions and the UK Government have been kept informed of developments as the sale process progressed and have indicated their support for the agreement.
Speaking on behalf of Jaguar Land Rover, Geoff Polites, chief executive officer, said: "Jaguar Land Rover’s management team is very pleased that Ford and Tata Motors have come to an agreement today. Our team has been consulted extensively on the deal content and feels confident that it provides for the business needs of both our brands going forward.
"We have also had the opportunity to meet senior executives from Tata Motors and the Tata group," Polites continued. "They have expressed confidence in the team that has delivered significant improvements in Jaguar Land Rover’s business performance. We feel confident that we can forge a strong working relationship with our new parent company, and we look forward to a bright and successful future for Jaguar Land Rover."




Geoff Polites is an aussie & has got jaguar & landrover out of the mire & into a successfull auto manufacturer.
Tata are buying into a company that is going somewhere, with designs & inovations, pitty it has taken soooo long for ford to get the right ingridents for these 2 icons to be successfull?
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Old 04-02-2008, 18:20   #3 (permalink)
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Re: US:Ford CEO Mulally: Jaguar not for sale

So it's just down to Ford, Lincoln, Mercury, Volvo, and some of Mazda now? Aren't they going to kill Mercury too. Hasn't Lincoln been pushed down market to compete more with Buick than Cadillac? Will Volvo step up to be their Lux brand, or will Lincoln improve now that PAG is gone? Hmmm....
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Old 04-09-2008, 05:02   #4 (permalink)
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Re: US:Ford CEO Mulally: Jaguar not for sale

Quote:
Originally Posted by Scherp View Post
So it's just down to Ford, Lincoln, Mercury, Volvo, and some of Mazda now? Aren't they going to kill Mercury too. Hasn't Lincoln been pushed down market to compete more with Buick than Cadillac? Will Volvo step up to be their Lux brand, or will Lincoln improve now that PAG is gone? Hmmm....
Don't change this dial, as the saga has still got a suprise endingmaybe?
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