Ford sells Jaguar and Land Rover

Sold to company in India
March 26, 2008 5:26:58 AM PDT
Ford Motor Co. is selling its Jaguar and Land Rover businesses to India's Tata Motors Ltd. in a $2.3 billion deal - less than half the price that the struggling Ford paid for the two luxury brands.The deal announced Wednesday will expand the Indian carmaker's reach around the globe.

Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. But it has been struggling and wants to focus on its main brands.

Tata said it doesn't anticipate any significant changes to the work force at Jaguar and Land Rover. The sides had been expected to agree to keep the British work force around the current 15,300.

Tata said the transfer of the brands would take place the end of the second quarter.