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Editor/Photographer : Mark
Charles | June
2 2008 Jaguar
Land Rover names new CEO as deal completes
Tata
Motors has completed its US$2.3bn purchase of Jaguar Land Rover [JLR] from Ford
in an all-cash transaction, contributing about $600m to the JLR pension plans,
and named a new CEO for the unit. Current
acting CEO David Smith has been confirmed in the role and replaces Australian
Geoff Polites who died recently. Smith has 25 years of experience with JLR (most
recently as CFO) and Ford. Before his recent return, he was director of finance
and business strategy for PAG and Ford of Europe. Smith
said: "We are very pleased with the association with Tata Motors. We look
forward to a sustained bright future for the company and its stakeholders." At
a handover ceremony on Monday (2 June) at JLR's Gaydon headquarters in the UK,
Tata Sons and Tata Motors chairman Ratan Tata said: "We are looking forward
to extending our full support to the [JLR] team to realise their competitive potential. "Jaguar
Land Rover will retain their distinctive identities and continue to pursue their
respective business plans as before." Tata
Motors said JLR had been acquired on a cash free, debt-free basis and the deal
included the ownership by JLR or perpetual royalty-free licences of all necessary
intellectual property rights, manufacturing plants, two UK design centres and
the worldwide network of national sales companies. It
said long term agreements had been reached for the supply of engines, stampings
and other components to Jaguar Land Rover while other areas of 'transition support'
from Ford included IT, accounting and access to test facilities. "The
two companies will continue to cooperate in areas such as design and development
through sharing of platforms and joint development of hybrid technologies and
powertrain engineering," Tata said. Ford
Motor Credit Company will also continue to provide financing for dealers and customers
for a transition period. "Tata
Motors is in an advanced stage of negotiations with leading auto finance providers
to support the JLR business in the UK, Europe and the US, and is expected to select
financial services partners shortly," the automaker added. |
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