For you and me, the $925 million Ford is getting for sports car maker Aston Martin would be a lot of money. But when you put it up against the $12.7 billion in losses Ford racked up in 2006, it ain't all that. Add to that the preference expressed by some analysts that Ford unload money-loser Jaguar instead, and you start to wonder whether ditching the maker of James Bond's classiest car ever was really the right idea.
In an official statement, Ford CEO Alan Mulally put on his game face: "The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products." Lewis Booth, head of Ford's European operations, was less sanguine, calling it "a bittersweet day," with the lukewarm addendum that Aston Martin was "a logical divestiture choice."
Logical? Maybe. Aston Martin makes about 5,000 cars a year priced at more than $100,000 each. The company is profitable, but offers almost no opportunities for sharing parts and engineering with other models, a key element in Ford's global restructuring plan. Still, it looks to me like racing entrepreneur David Richards' investment group got a bargain — and Aston Martin jumped ship just in time.
Ford confirms Aston Martin sale will raise $925 million [The Detroit News]
