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Ford sells Aston Martin to British group

GAYDON, England, March 12 (UPI) -- Ford Motor Co. will sell its luxury Aston Martin brand to a British-led consortium for about $907 million, the company said Monday.

Ford will retain a $77 million stake in the brand, the U.S. automaker said.

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The buyer is a group led by motor-racing entrepreneur David Richards, chairman of Prodrive, the entity that runs the Aston Martin Racing team.

Richards is backed by Kuwait's Investment Dar Co. holding company and Adeem Investment Co. Also investing is Aston Martin collector and racing backer John Sinders. The group is "committed to the brand, its success and existing business plan which envisages growth, profitability and new products," Aston Martin said.

Ford Chief Executive Alan Mulally said the sale supported Ford's "key objectives ... to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products."

Ford bought a controlling stake in Aston Martin of Gaydon, England, in 1987 and acquired full ownership in 1994.

The deal separates the brand from Ford Premier Automotive Group partners Jaguar, Land Rover and Volvo.

Aston Martin, famous for its association with James Bond movies, makes about 5,000 cars a year, costing upward of $100,000 each.

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