Post Number: 8008
|Posted on Tuesday, March 25, 2008 - 1:40 pm: || |
Technically this probably belongs in non-Detroit but it does affect our region.
LONDON (Reuters) - Ford (F.N: Quote, Profile, Research) has agreed to sell its UK-based Jaguar and Land Rover brands to India's Tata Motors (TAMO.BO: Quote, Profile, Research) for more than $2 billion, said a source familiar with the matter on Tuesday.
Ford, which signed the deal on Tuesday, plans to publicly announce the transaction, which will also see it pay about 300 million pounds ($597.7 million) into the European units' pension fund, on Wednesday, said the source.
Ford declined to comment on the deal, adding "our first responsibility is to communicate with our employees."