|
 |
Apr-21-2008Jaguar's Polites, Who Orchestrated Sale to Tata, Dies (Update1)(topic overview)
CONTENTS:
SOURCES
FIND OUT MORE ON THIS SUBJECT
DETROIT (AP) — Jaguar and Land Rover's Chief Executive Geoff Polites, who is credited with steering the storied British luxury brands through the ongoing sale process to India's Tata Motors Ltd., has died. He was 60. Polites died Sunday in his home country of Australia after battling serious illness for the past two years, Ford Motor Co. said. Additional details, including where in Australia he died, weren't released. [1] Melbourne/ Washington, April 20 : Geoff Polites, the CEO of Jaguar and Land Rover, who is credited with turning around the company and steering it through its $2.3-billion sale to Tata Motors, has died. Polites, 60, breathed his last in his home country of Australia after battling serious illness for two years.[2]
Mr Polites, who had worked in the automotive industry for almost 40 years, is credited with steering the British luxury brands through the ongoing sale process to India's Tata Motors. He took over the top post with Jaguar and Land Rover in 2005. Ford announced in March that it was selling its Jaguar and Land Rover businesses to Tata in a deal that was expected to net the U.S. carmaker $US1.7 billion ($1.82bn) - about a third of the price it paid for the brands.[3] Polites was born in Melbourne. He joined Ford Australia in 1970 as a product planner and completed training the U.S. and Europe before rejoining Ford Australia in 1975 as marketing and research manager. He held several posts with Ford until 1988, when he resigned to work with the City Ford dealership in Sydney. In 1999 he sold his interests in City Ford and rejoined Ford Australia as its president. Ford in March announced it was selling its Jaguar and Land Rover businesses to Tata in a deal that was expected to net the U.S. automaker $1.7 billion — roughly a third of the price it paid for the brands.[1]
Now, it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Company that delivers profitable growth for all.''' '''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,''' said Lewis Booth, Ford executive vice president who is responsible for Ford in Europe, Volvo and Jaguar Land Rover. '''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.''' As part of the deal, Ford will continue to supply Jaguar Land Rover with powertrains, stampings and other vehicle components, in addition to a variety of technologies, such as environmental and platform technologies.[4] Lewis Booth, executive vice president responsible for Ford Motor Company'''s businesses in Europe, said: "For many of us at Ford and Jaguar Land Rover, we'''ve lost not just a respected colleague but a great friend. "Geoff was always someone to look up to throughout his almost 40-year career in the automotive industry. His passion for the car business was legend, but the resolve he showed since taking over as CEO of Jaguar Land Rover in 2005 was something very special. "His leadership of the team that has put the Jaguar Land Rover business back into profitability has been exceptional.[5] "Geoff'''s untimely passing robs his family and friends of a man who was a real inspiration to us all," said Alan Mulally, president and chief executive officer, Ford Motor Company. "His drive and determination, combined with his clear sense of vision for the business, played a huge role in turning round the business at Jaguar Land Rover and returning it to profitability. Geoff ensured that Jaguar Land Rover was not distracted and continued to focus on the fundamentals of the business during the recent sale process, despite at the time also fighting his own personal health battle. "He was a trusted colleague and someone who was much respected not just by his peers but by all who had the privilege to work with him. Our sympathies are with his wife and family at this difficult time," said Mulally.[5] Further details weren't disclosed. Polites joined Ford in 1970 and became president of its Australian unit in May 1999, boosting production of new models and becoming president of the Canberra-based Federal Chamber of Automotive Industries. In 2004, he became Ford's vice president for marketing, sales and service in Europe and was named head of Jaguar and Land Rover the following year. "Geoff's untimely passing robs his family and friends of a man who was a real inspiration to us all,'' said Alan Mulally, Ford's chief executive officer, in the statement. David Smith, the Jaguar and Land Rover unit's chief financial officer, will take over as acting chief executive until a successor is found, Ford said.[6] David Smith, Jaguar Land Rover's chief financial officer, will take over as acting chief executive officer at Jaguar Land Rover until a successor is named. Ford last month inked a deal to sell its Jaguar and Land Rover lines to India-based Tata in a roughly $2.3 billion deal.[7]
Ford takes a hit with the $2.3 billion price tag in the Tata Motors deal, considering the company bought Jaguar in 1989 for $2.5 billion and Land Rover in 2000 for $2.73 billion.[4]
Polites took over as chief executive of Jaguar in 2005, and was orchestrating the sale of the business to India's Tata Motors Ltd. for $2.3 billion, the company said in a statement. He died in Australia, Ford said.[6] April 20 (Bloomberg) -- Geoff Polites, chief executive officer of Ford Motor Co.' s U.K. -based Jaguar and Land Rover luxury-car unit, died today after a two-year illness, the company said. He was 60.[6] GEOFF Polites, the UK-based chief executive of Jaguar and Land Rover, has died in Melbourne while visiting his hometown for the birth of his first grandchild. The former Ford Australia president became critically ill and died over the weekend with his wife and family by his side, Ford Australia president Bill Osborne said. He was 60. Mr Osborne said Mr Polites would be remembered as a keen Sydney Swans supporter who was dedicated to his family. His death had "robbed his family, friends and colleagues of a dedicated, focused and determined man who was an inspiration to everyone he met," Mr Osborne said.[3] Geoff Polites, chief executive officer of Jaguar Land Rover, has died peacefully in his home country of Australia. He was 60.[5] Geoff Polites, chief executive officer of Jaguar Land Rover, passed away this weekend at age 60. He died peacefuly at his home in Australia after a two-year battle with a serious illness.[7]
DETROIT (Reuters) - The chief executive of Jaguar Land Rover has died in his home country of Australia after a long illness, Ford Motor Co (F.N: Quote, Profile, Research ) said on Sunday. He was 60.[8]
'''Jaguar and Land Rover are terrific brands,''' said Alan Mulally, president and chief executive officer of Ford. '''We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata'''s stewardship.[4] Ford said Sunday it still anticipates completing the deal with Tata in the second quarter. "Geoff ensured that Jaguar Land Rover was not distracted and continued to focus on the fundamentals of the business during the recent sale process, despite at the time also fighting his own personal health battle," Ford President and CEO Alan Mulally said in a statement.[1] Polites, a 40-year veteran of the auto industry, became CEO of Jaguar Land Rover in 2005. Ford CEO Alan Mulally said of Polites, "His drive and determination, combined with his clear sense of vision for the business, played a huge role in turning round the business at Jaguar Land Rover and returning it to profitability. Geoff ensured that Jaguar Land Rover was not distracted and continued to focus on the fundamentals of the business during the recent sale process, despite at the time also fighting his own personal health battle."[7]
Before taking the job, Polites was vice president for marketing, sales and service for Ford of Europe. "His passion for the car business was legend, but the resolve he showed since taking over as CEO of Jaguar Land Rover. was something very special," Lewis Booth, executive vice president of Ford's European units, said in a statement.[1]
Prior to that, Polites was Vice President, European Sales Staff, Ford of Europe. From 1999 to March 2004, he had served as President of Ford Australia. Polites joined Dearborn, Michigan-based Ford Australia in 1970 as a Product Planner and completed training in both the United States and Europe, before rejoining Ford Australia in 1975 as Marketing Plans and Research Manager. He was appointed president of the company's Australian unit in May 1999. During his tenure in Australia, he boosted production of new models and became president of the Canberra-based Federal Chamber of Automotive Industries.[9] Mr Polites was born in Melbourne and joined Ford Australia in 1970 as a product planner. He completed training in the U.S. and Europe before again joining Ford Australia in 1975 as marketing and research manager. He held several posts with Ford until 1988, when he resigned to work with the City Ford dealership in Sydney. In 1999, he sold his interests in City Ford and rejoined Ford Australia as its president, presiding over the introduction of the BA Falcon in 2002 and the Ford Territory in 2004.[3]
A statement from the Detroit-based Ford company also paid tribute to Mr Polites' efforts to turn around the fortunes of the luxury brands. "He was a trusted colleague and someone who was much respected, not just by his peers but by all who had the privilege to work with him," Ford Motor Company president and chief executive officer Alan Mulally said. "Our sympathies are with his wife and family at this difficult time." [3] s luxury brands Jaguar and Land Rover in a $2.3 billion deal ''' less than half of what Ford originally paid for the brands.[4] Industry insiders feel that the dropping demand for luxury vehicles ''' some Jaguars retail for as much as $80,000 ''' forced Ford'''s hand on the deal. Ford announced last August it was planning on exploring options for the Jaguar Land Rover business as it moved forward focusing on its '''core Ford brand.'''[4]
Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. Ford pursued the sale to raise money to fund its turnaround plan and focus more attention on its main brands.[1] The sale of Jaguar and Land Rover leaves Volvo cars as the only premium overseas brand Ford still owns.[9] The company also manufactures and sells passengers buses ''' 12-seaters to 60-seaters. Ford does not disclose financial results for its Jaguar and Land Rover sales, but analysts have reported that Jaguar is unprofitable.[4]
Ford will provide financing for Jaguar and Land Rover dealers and customers during a transitional period of up to 12 months. According to Tata Motors, the arrangement will support Jaguar Land Rover'''s current product plans, while providing Jaguar Land Rover freedom to develop its own stand-alone capabilities in the future that will best serve its premium manufacturer requirements.[4] '''We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business. We have enormous respect for the two brands and will endeavor to preserve and build on their heritage and competitiveness, keeping their identities intact,''' Ratan N. Tata, chairman of Tata Sons and Tata Motors said in a statement. '''We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business.'''[4] The Jaguar Land Rover purchase is the second big auto acquisition for Tata Motors in recent years.[4]
According to Ford, Land Rover sold over 226,000 vehicles in 2007, an 18 percent increase over the previous year; whereas, Jaguar dropped 19 percent selling just over 60,000. Ford has said that its Jaguar Land Rover business is profitable.[4] Mr Osborne said Mr Polites had battled ill health for the past two years but remained determined to return the Ford-owned Jaguar and Land Rover brands to profitability. "His energy, enthusiasm and support for our business will be sorely missed."[3]
David Smith, Jaguar and Land Rover's chief financial officer, will take over as the acting CEO at Jaguar and Land Rover until a successor is appointed.[1] Polites, who had a nearly 40-year career in the automotive industry, took over as CEO of Jaguar Land Rover in 2005.[1]
Ford then agreed to contribute $600 million to Jaguar and Land Rover pension plans.[4] Upon closing of the transaction, Ford will contribute up to US$600 million to the Jaguar Land Rover pension plans.[9]
Ford will contribute about $600 million of the proceeds into the pensions at Jaguar and Land Rover.[7] Ford had bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000.[9] Ford bought Jaguar for $US2.5bn in 1989 and Land Rover for $US2.7bn in 2000.[3]
Ford expects to complete the Jaguar Land Rover transaction in the second quarter of fiscal year 2008, pending regulatory approval.[9] The sale of Jaguar and Land Rover to Tata was announced March 26 and is due to be completed by the end of the second quarter, pending regulatory approval.[6]
Neither company anticipates any significant Jaguar Land Rover employee layoffs.[4] Geoff has given Jaguar Land Rover the solid foundation and established the strong management team it needs for a successful future.[5]
"Geoff has given Jaguar-Land Rover the solid foundation and established the strong management team it needs for a successful future,'' said Lewis Booth, executive vice president responsible for Ford's businesses in Europe, in a statement.[6] Before taking the job, Polites was vice president for marketing, sales and service for Ford of Europe.[10]
Ford finally completes the sale of the luxury brands, with a somewhat controversial buyer.[7]
In March, Tata said it would pay $2.3 billion for the brands, but Ford will pay about $600 million into the Jaguar-Land Rover pension fund when the deal expanding Tata's global reach closes.[1] Tata will spend $2.3 billion on the purchase and Ford will contribute about $600 million to Jaguar-Land Rover pension funds.[6]
When the deal closed late last month, Tata Motors agreed to pay $2.3 billion in cash on closing.[4]
The project will be completed in two years,' said the group's joint president in Latin America, Surendra Goyal, who is part of the business delegation accompanying Indian President Pratibha Patil. New Delhi, April 20: The value of merger and acquisition deals across the world has crossed the $1-trillion mark since the beginning of this year. India's share in this global tally is just about 1 per cent, or about $10 billion. This is less than half of about 2.5 per cent share in the comparable period of 2007.[2] Mexico City, April 20: The Aditya Birla group is close to signing a land deal with Mexico's Port Authority of Altimera to set up a carbon black plant at an investment of $150 million.[2]
In 2003, Tata Motors agreed to buy Daewoo Commercial Vehicle Co. for $102 million.[4] The company, which is listed on the New York Stock Exchange, manufactures commercial, passenger and utility vehicles and generated $7.2 billion in revenue in 2007.[4] London, April 20: ArcelorMittal is 'very bullish' about India and is committed to investing nearly $25 billion in the country, said Malay Mukherjee, member of the group management board of the company.[2]
The two vessels will continue to be employed on three-year time charters with US-based Overseas Shipholding Group, Inc. (OSG), the company noted. FSL Trust stated that the two acquisitions would be significantly and immediately accretive to its distribution per unit or DPU, and also expected to generate an additional DPU of US$0.16 for the quarter ending 30 June 2008, and add a further DPU of US$0.28 for the subsequent quarters. Philip Clausius, the chief executive officer of FSL Trust, stated that the current transaction brings the company's total asset acquisitions to US$298 million in just over a year since its listing in March 2007. [9] The company also bought fellow luxury brand Aston Martin in 1987 and sold that last year.[4]
The parent company, the Ford Motor Company, said Mr Polites died after a two-year illness.[11] Ford says additional details, including where in Australia that Mr Polites died, were not immediately available.[11]
Ford said Sunday it still anticipates completing the deal with Tata in the second quarter. [10]
SOURCES
1. The Associated Press: Jaguar Land Rover CEO Polites dies at 60 after illness
2. The Telegraph - Calcutta (Kolkata) | Business | Business Briefs
3. Jaguar boss dies in Australia | Herald Sun
4. Tata buys Jaguar, Land Rover in $2.3b deal | Articles | IndUS Business Journal
5. Geoff Polites, Chief Executive Officer, Jaguar Land Rover, Dies :: PaddockTalk :: F1, NASCAR, GP2, Champ Car, IndyCar, ALMS and More! If It Goes Fast. We're Talking About It!!
6. Bloomberg.com: India & Pakistan
7. Jaguar Land Rover CEO Polites Dies at 60 | Automakers | F TTM - TheStreet.com
8. Jaguar Land Rover CEO dies after two-year illness | Reuters
9. RTTNews - Breaking News, financial breaking News, Positive EPS Surprises, Stock research .
10. The Associated Press: Obituaries in the news
11. The Press Association: Jaguar and Land Rover boss dies
GENERATE A MULTI-SOURCE SUMMARY ON THIS SUBJECT:
Please WAIT 10-20 sec for the new window to open...
You might want to EDIT the default search query below:
Get more info on Jaguar's Polites, Who Orchestrated Sale to Tata, Dies (Update1) by using the iResearch Reporter tool from Power Text Solutions.
 |
|  |
|
