Aston Martin to be Sold By Ford
Current Events, General Comments (3)
In light of mounting financial pressure, and after internal review of costs and value, Ford decided to look at selling parts of its Premium Automotive Group. After suggestions of selling Jaguar Cars, Land Rover or Volvo Cars, Ford appointed UBS AG to sell Aston Martin by auction. At the end of August 2006, Ford announced that it would be willing to sell all or part of Aston Martin. Bill Ford said: “As part of our on going strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value”. Auto Express reported that Ford hopes to achieve £600m from the sale. The Financial Times reported on 1 September 2006 that Ford wanted $2 billion. Car Magazine reported that the world’s two biggest luxury goods firms are locked in a battle to buy Aston Martin from cash-starved Ford. Swiss-based Richemont and French holding company Louis Vuitton Moët Hennessy have emerged as most likely to take on Aston, despite having no previous experience in the car industry. Sunday Telegraph announced that Permira, Alchemy Partners and Texas Pacific Group are lining up bids of up to £500m, along with Jac Nasser, now a partner at One Equity, the private equity arm of JP Morgan. BMW have excluded themselves, as have most of the recognised car companies in light of the cash-rich private equity money. The first round of the auction closes on 30 November 2006
chief @ November 24, 2006
[...] Aston Martin was founded in 1913 by Lionel Martin and Robert Bamford. The two had joined forces as Bamford & Martin the previous year to sell cars made by Singer from premises in Callow Street, London. Martin raced specials at the Aston Hill near Aston Clinton, and the pair decided to make their own vehicles. The first car to be named Aston Martin was created by Martin by fitting a four-cylinder Coventry-Simplex engine to the chassis of a 1908 Isotta-Fraschini. They acquired premises at Henniker Place in Kensington and produced their first car in March 1915. Production could not start because of World War I and Martin joined the Admiralty and Bamford the Royal Army Service Corps. All machinery was sold to the Sopwith Aviation Company This entry was posted on Friday, November 24th, 2006 at 9:17 am and is filed under Misc, Toys, Cars. [...]
[...] Later that year, a number of rich investors, including Lady Charnwood, took control of the company and renamed it Aston Martin Motors, and moved the firm to the former Citroën plant in Feltham. John Benson brought in Augusto Bertelli as designer. The 1929 Aston Martin International was another successful racer and was followed by the Le Mans and the Ulster. Financial problems reappeared in 1932 and the company was rescued by L Prideaux Brune who funded it for the following year before passing the company on to Sir Arthur Sutherland. In 1936, the company decided to concentrate on road cars. Car production had always been on a small scale and from the company’s founding until the advent of World War II halted work only about 700 had been made. During the war years aircraft components were made. [...]
[...] Despite Aston Martin appreciation in value, the company was often financially troubled. In 1972, it was sold to a Birmingham-based consortium, and resold in 1975 to the North American businessmen Peter Sprague and George Minden. The new American owners pushed the company into modernizing its line, producing the V8 Vantage in 1977, the convertible Volante in 1978, and the one-off William Towns-styled Bulldog in 1980. Towns also styled the futuristic new Lagonda saloon, based on the existing V8 model. [...]