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Ford has announced a £479m deal to sell its British sports car brand Aston Martin to a consortium led by British motorsport guru David Richards and Aston collector John Sinders and backed by Kuwait-based investment companies.
Ford will retain a £40m investment in the prestige brand, with the sale expected to be confirmed during the second quarter.
"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix, and to speed the development of new products," said Ford chief executive Alan Mulally. "From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it experienced under Ford's stewardship."
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