Ford Closes Aston Martin Sale

13 March 2007

WARWICKSHIRE, UK: The iconic Aston Martin sports car marque has a new driver. Erstwhile owner Ford Motor Company has inked a £479 million ($924m; £701.9m) deal for the business with Kuwaiti consortium, led by British motor sport entrepreneur David Richards.

Ailing Ford is selling the UK-manufactured luxury brand - made famous by its appearances in the James Bond movie franchise - to boost its coffers. The Detroit automaking giant lost $12.7 billion last year, the worst result in its 103-year history.

Ford will, however, retain an 8% stake in Aston Martin, which was part of its Premier Automotive Group of European thoroughbred brands. The stable also includes Land Rover, Volvo and lossmaking Jaguar, none of which are currently up for sale.

Data sourced from Wall Street Journal Online; additional content by WARC staff