Reactions to the J-LR sale
WHAT THEY SAID
‘We are not on the prowl to acquire other car companies or add brands. we won’t be going on a spree.’
Ratan Tata, Tata Motors chairman
‘Tata has expressed confidence in the team that has delivered significant improvements in Jaguar Land Rover’s business performance. We feel confident that we can forge a strong working relationship with our new parent company, and we look forward to a bright and successful future for Jaguar Land Rover.’
Geoff Polites, Jaguar Land Rover, chief executive officer
“It’s another sad day in the demise of the British car industry… at this stage Jaguar and Land Rover cars will be still be built in the UK, but I’ve been in this game for long enough not to rule out the possibility that manufacturing could move abroad in the future. It can’t be a good day for UK industry when two such iconic brands are sold off.’
Tony Woodley, Unite union general secretary
‘The price paid is surprisingly high… It seems logical for Tata to lock in supplies of engines and transmissions for several years. It is only with the introduction of new models that Tata can meaningfully change the cost structure of the company.’
Jeremie Papin, Lehman Brothers in London
‘This is a good agreement. It provides the Jaguar Land Rover management team and employees with the assurances needed to maintain their focus on delivering the best results for the business. I am confident that, under its new owner, Jaguar Land Rover will continue to build upon the significant improvements and product successes it has achieved in recent years.’
Lewis Booth, Ford executive vice president, responsible for Ford of Europe, Volvo and Jaguar Land Rover
Terry on March 29th 2008 in Exotic Car Rental