A spokesman for Prime Minister Tony Blair said Tuesday: "We are in touch with the company. We still believe both Land Rover and Jaguar are highly successful companies and will have a highly successful future."
Different sources, which are acquainted with the matter, said on Monday that Ford had hired investment banks to explore options including the sale of the two luxury British brands.
The spokesman added: "The government talks to companies about the possible impact on jobs."Â
Investment banks including Goldman Sachs, HSBC and Morgan Stanley are helping Ford to explore the sale of the two brands, the sources said Monday.
Neither Ford, nor the banks including Goldman, HSBC and Morgan Stanley give any comment on the situation, saying that they would give more details during next week.
Ford spent £1.6 billion in 1989 for buying Jaguar and £1.7 billion in 2000 for Land Rover. These two manufacturers' employee number is equal 19,000 workers in the UK.
National officer of the Unite union, Dave Osborne, said today: "We are very concerned to hear these reports and we are seeking an urgent meeting with Jaguar/Land Rover. We find it difficult to understand why Ford would want to sell a successful, growing and environmentally improving brand like Land Rover, and a marque like Jaguar, which is a significant player in the luxury market and one that Ford has invested heavily in. Our prime concern is the job security of our members."
"Ford Motor Co. is seeking buyers for its Volvo, Jaguar and Land Rover brands in Europe as the money- losing automaker tries to focus on North America"Â, two different source, familiar with the matter said.
"Ford, which lost $12.6 billion last year, has hired Goldman Sachs Group Inc. and Morgan Stanley to arrange the sale"Â, one of the sources mentioned: "The plan is known internally as ``Project Swift,'' a reference to the speed at which Ford wants to make a sale"Â.
HISTORY
Ford Motor Company entered the business world on June 16, 1903, when Henry Ford and 11 business associates signed the company's articles of incorporation. With $28,000 in cash, the pioneering industrialists gave birth to what was to become one of the world's largest corporations. Few companies are as closely identified with the history and development of industry and society throughout the 20th century as Ford Motor Company.
As with most great enterprises, Ford Motor Company's beginnings were modest. The company had anxious moments in its infancy. The earliest record of a shipment is July 20, 1903, approximately one month after incorporation, to a Detroit physician. With the company's first sale came hope a young Ford Motor Company had taken its first steps.
Today, Ford Motor Company is a family of automotive brands consisting of: Ford, Lincoln, Mercury, Mazda, Jaguar, Land Rover, and Volvo. The company is beginning its second century of existence with a worldwide organization that retains and expands Henry Ford's heritage by developing products that serve the varying and ever-changing needs of people in the global community. -Alla Harutyunyan for HULIQ.COM
