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Ford to sell Aston Martin

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Ford Motor Co. will sell its profitable luxury carmaker Aston Martin luxury to investors led by former Benetton and BAR motor-racing champion David Richards. In a deal worth 479 million pounds, Richards, founder of Prodrive, a UK-based maker of race-car parts, will be partnered by US banker John Sinders and two Kuwait-based financial companies, Adeem Investment KSC and Investment Dar Co. The deal is expected to close in the second quarter of this year.

Aston Chief Executive Officer Ulrich Bez will keep his post, an official statement said. Richards will be non-executive chairman.

Ford, the Dearborn, Michigan, automaker suffered a loss of $12.7 billion last year, the most severe in its 103-year history. Aston Martin, celebrated as James Bond’s car, makes up for less than 1 per cent of Ford’s global sales volume.

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