Ford sells out Aston Martin to a Motorsport Consortium

The consortium headed by Dave Richards, the owner of motorsport specialist Prodrive, is to buy Aston Martin from its parent company Ford. The deal is worth £479 million to Ford and guarantees around 1,800 jobs in the UK. Building more than 7,000 cars in 2006, Aston Martin is by far the most profitable division of Ford’s Premier Automotive Group (PAG). Dave Richards is already on the move, stepping into stepping into the role of non-executive chairman of Aston Martin, while Dr Ulrich Bez, as the current chief executive, will look after the management and day-to-day operations  
Dr. Bez, the man who did the most to transform Astron Martin from a struggling bit-player to one of the world’s best known luxury brands, also confirmed that he will stay at the helm for at least five years . However Ford upholds a stake worth £40 million in the company, and will continue to supply parts and expertise, besides sharing technology and providing Aston Engines built in Germany through Ford’s collaboration.