GO
Loading...

Ford Sells Majority Stake in Aston Martin for $848 Million

AP
Monday, 12 Mar 2007 | 10:26 AM ET
This one is a sign of the times: As Internet-connected TVs proliferate, and cable companies increasingly tighten the screws on customers to squeeze more money out of them, an increasing number of customers are cutting ties with their old cable companies and keeping the set-top boxes. These are pretty pricey little items, so Redleaf reports that companies will pay you $500 to $1,000 per week to recover those boxes. A on Craigslistfor one of these jobs called the technicians “road warriors” and counted "street smarts" among the skills required.Road warriors? Paying handsomely to recover a precious box? Sounds like the plot to the next movie!
Photo: Huntstock | Getty Images
This one is a sign of the times: As Internet-connected TVs proliferate, and cable companies increasingly tighten the screws on customers to squeeze more money out of them, an increasing number of customers are cutting ties with their old cable companies and keeping the set-top boxes. These are pretty pricey little items, so Redleaf reports that companies will pay you $500 to $1,000 per week to recover those boxes. A on Craigslistfor one of these jobs called the technicians “road warriors” and counted "street smarts" among the skills required.Road warriors? Paying handsomely to recover a precious box? Sounds like the plot to the next movie!

Cash-strapped Ford Motor has sold a controlling stake in the Aston Martin brand, made famous by its exotic sports cars in James Bond movies, raising $848 million to help fund its turnaround plan.

Aston Martin now will be run by a consortium of investors, including racing mogul David Richards, John Sinders and Kuwaiti firms of Investment Dar and Adeem Investment.

Ford officials announced the sale Monday at Aston Martin's headquarters in Gaydon, England. The sale is expected to close in the second quarter.

Ford will retain a $77 million stake in the company. That values all of Aston Martin at $925 million.

Ford Sells Aston Martin
Ford confirmed it is selling Aston Martin to an investor consortium led by David Richards for $925M. CNBC's Phil LeBeau has the details.

Dearborn-based Ford, which lost $12.7 billion last year and expects losses to continue until 2009, put Aston Martin up for sale last August.

Ford Chief Executive Alan Mulally said the sale supports the company's turnaround plan, which involves cutting factory capacity and rolling out new cars and trucks at a faster pace.

"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 has experienced under Ford's stewardship," Mulally said in a statement.

Richards is founder and chairman of Prodrive, a racing and automotive technology company with long-standing ties to Aston Martin. Sinders is an Aston Martin collector and racing backer, while Investment Dar and Adeem Investment are international companies based in Kuwait, Ford said.

  Price   Change %Change
F
---

Featured

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video