26 March 2008 - 10H57
Ford agrees to sell Jaguar and Land Rover to Tata
Ford has agreed to sell British carmakers Jaguar and Land Rover to India's Tata Motors. With the purchase, Tata will be in the unusual position of making two prestigious brands along with its low-cost cars.
LONDON — The US group Ford Motor has agreed to sell British luxury carmakers Jaguar and Land Rover to India's Tata Motors, the joint leader of Britain's biggest union, Unite, said Wednesday.
Tony Woodley, the joint general secretary of Unite, said he was "pleased" that Tata was buying the brands and safeguarding jobs in Britain but added that it was "a big disappointment" that Ford was not keeping a stake.
"We would have much preferred Ford to keep the companies in the family, so to speak, especially with Land Rover being so profitable," Woodley said in a brief statement.
"But with the commitments Tata have given to the future of Jaguar-Land Rover and the long-term supply agreements for components, especially engines from Bridgend and Dagenham [Ford sites in Britain], we're obviously pleased they are in the game," he added.
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