Ford is acquiring the rights to the Land Rover brand, the Land Rover plant in Solihull (Birmingham) as well as the Gaydon Research and Development Centre, the Land Rover dealer network, the British Motor Industry Heritage Centre (Gaydon), and a total workforce of approximately 13,000 employees. The transaction is expected to be completed June 30, subject to regulatory approvals.
"Land Rover is truly one of the world's great brands. We are looking forward to bringing the outstanding talent and product of Land Rover into the Ford Motor Company family," said Jac Nasser, Ford Motor Company president and CEO.
Joachim Milberg, chairman of the Board of Management of BMW AG said: "This agreement, following the sale of Rover, is the second decisive step in implementing the strategic reorientation of BMW Group and it ensures that Land Rover, a brand rich in tradition, will be continued under the leadership of Ford Motor Company."