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PressClub USA · Article.
Ford Motor Company to buy Land Rover from the BMW Group
Fri Mar 17 12:00:00 CET 2000 Press Release
Prof.-Ing. Joachim Milberg announced a memorandum of agreement to sell the Land Rover brand and factories to Ford.
Press Contact.
Jack Pitney
BMW Group
Tel: 201-307-3792
Fax: 201-307-4095
send an e-mail
Author.
Jack Pitney
BMW Group
The BMW Group announced today that they have reached a memorandum of
understanding with Ford Motor Company to buy Land Rover from the BMW Group. The
transaction is subject to BMW and Ford reaching a definitive agreement, due
diligence and regulatory approvals. lf successful, the acquisition is expected
to be completed in the second quarter.
The transaction involves the entire Land Rover line of vehicles - Range Rover,
Discovery, Freelander and Defender - including assembly and engineering
facilities.
"Land Rover is a terrific global brand with a wonderful heritage," said Ford
Motor Company President and Chief Executive Officer Jac Nasser. "It is our
intention to leverage Land Rover to its fullest potential."
"The board is enthusiastic about this opportunity," said Ford Motor Company
Chairman William Clay Ford Jr. "Land Rover is known throughout the world and
fits perfectly into Ford's growing family of world-class brands."
"In the automotive market Land Rover is certainly one of the most famous and
strongest brands in the world" said Prof. Dr.-Ing. Joachim Milberg, Chairman of
the Board of Management of the BMW Group. "The decision to sell Land Rover was
certainly not easy. But in the light of our reorientation, we welcome the
approach of Ford."
The Land Rover business will become part of Ford's Premier Automotive Group,
which includes the Lincoln, Mercury, Volvo, Jaguar and Aston Martin brands.
Land Rover sales for this year are projected at about 200,000 vehicles.
"Land Rover is consistent with the strategy of growing our global premier
brands with vehicles that achieve high margins and are complementary with our
present product range," Nasser said. "Land Rover is considered to be the
'Jaguar' of four-wheel-drive vehicles. lt solidifies our market position and
business strategy for this high-growth, lucrative segment."
The BMW Group announced on Thursday 16 March that it is conducting negotiations
to sell its Rover car business to Alchemy Partners, a private investment group.
Contact:
Juerg Dinner
BMW AG, Munich, Germany
AK-3
Phone: (49)-89-382-24118
Fax: (49)-89-382-24418
E-Mail: presse@bmw.de