Ford selling off control of Aston Martin

Ford Motor Co. said Monday it has reached a deal tosell control of British luxury sports car maker Aston Martin.

The sale values Aston Martin at $925 million US. Ford will retain a $77 million stake in the company, whose cars have been made famous in the James Bond films.

Aston Martin's new controlling owners will include David Richards, founder and chairman of Prodrive, a motorsport and automotive technology company; John Sinders, anAston Martin collector and a backer of Aston Martin Racing; and Investment Dar and Adeem Investment Co., a pair of international investment companies headquartered in Kuwait.

Ford, which has been struggling financially, announced in August 2006 it was exploring strategic options for the Aston Martin business as it restructured its core automotive operations. Ford said the sale will help it build liquidity.

"The sale of Aston Martin supports the key objectives of the company: to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," said Alan Mulally, Ford's president and chief executive officer.

"From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship," Mulally said in a release.

The sale is expected to be wrapped up in the second quarter of this year.

Aston Martin has been building cars since 1915. Ford bought into the company in 1987, and took over full control in 1994.