fastblackmerc
03-14-2007, 06:50 AM
DETROIT - Ford is selling a controlling stake in Aston Martin, creator of exotic $100,000-plus sports cars made famous in James Bond movies.
Aston Martin now will be run by a consortium of investors, including racing mogul David Richards, car collector John Sinders and the Kuwaiti companies Investment Dar and Adeem Investment.
Ford will receive $848 million and retain a $77 million stake in the English company. The companies placed the total value of the deal at $925 million.
Dearborn-based Ford, which lost $12.7 billion last year and expects red ink to continue until 2009, put Aston Martin up for sale last summer.
Ford Chief Executive Alan Mulally said the sale supports the company's turnaround plan, which involves cutting factory capacity and rolling out new cars and trucks at a faster pace.
Aston Martin now will be run by a consortium of investors, including racing mogul David Richards, car collector John Sinders and the Kuwaiti companies Investment Dar and Adeem Investment.
Ford will receive $848 million and retain a $77 million stake in the English company. The companies placed the total value of the deal at $925 million.
Dearborn-based Ford, which lost $12.7 billion last year and expects red ink to continue until 2009, put Aston Martin up for sale last summer.
Ford Chief Executive Alan Mulally said the sale supports the company's turnaround plan, which involves cutting factory capacity and rolling out new cars and trucks at a faster pace.