Wednesday Ford Motor Co. (NYSE:F) announced it will sell Jaguar and Land Rover to Indian automobile company Tata Motors Ltd. Ford is struggling and the Tata Group is getting the luxury brands for $2.3 billion and should net Ford $1.7 billion U.S. Dollars.
In a post on the online edition of The New York Times, journalist Heather Timmons pointed out the price is more than the market expected, but still about half what Ford paid for the brands several years ago. A post on CNNmoney.com noted Ford paid $2.7 billion for Land Rover in 2007 and $2.5 billion for Jaguar in 1989.
Ratan N. Tata, chairman of Tata Sons and Tata Motors stressed the company has no plans to change the brands and there's no expected change in employment terms of the 16,000 workers.
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