MTI welcomes Tata Motors' new leadership of Jaguar, Land Rover

"This is an exciting time for us," MTI's General Manager Ahmed El Gharib stated. "We are confident that the move will strengthen the already remarkable reputation Jaguar and Land Rover has built amongst Egyptian owners. Under the leadership of Tata Motors, we feel a new, exciting range of opportunities will open up for these brands."

"Along with Tata, MTI will continue our expansion plan to offer Jaguar Land Rover customers in Egypt the best quality service possible. We are honored to have worked with Ford Motor Company over the years, and are looking forward to even more success with Tata Motors."

On March 26, 2008, Ford Motor Company announced the sale of its Jaguar Land Rover operations to Tata Motors. The sale is expected to close by the end of the next quarter and is subject to customary closing conditions, including receipt of applicable regulatory approvals. In addition, Ford Motor Credit Company will provide financing for Jaguar and Land Rover dealers and customers during a transitional period, which can vary by market, of up to 12 months.

The total amount to be paid in cash by Tata Motors for Jaguar Land Rover upon closing will be approximately $2.3bn. At closing, Ford will then contribute up to approximately $600m to the Jaguar Land Rover pension plans.

Speaking about the agreement, Mr. Ratan N. Tata, Chairman of Tata Sons and Tata Motors, commented: "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. 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."

Speaking on behalf of Jaguar Land Rover, Geoff Polites, chief executive officer, said: "Jaguar Land Rover's management team is very pleased that Ford and Tata Motors have come to an agreement today. Our team has been consulted extensively on the deal content and feels confident that it provides for the business needs of both our brands going forward.

"We have also had the opportunity to meet senior executives from Tata Motors and the Tata group," Polites continued. "They have expressed confidence in the team that has delivered significant improvements in Jaguar Land Rover's business performance. We feel confident that we can forge a strong working relationship with our new parent company, and we look forward to a bright and successful future for Jaguar Land Rover."

"Jaguar and Land Rover are terrific brands," said Alan Mulally, president and CEO, Ford Motor Company. "We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata's stewardship. 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, executive vice president, Ford Motor Company, who has responsibility for Ford of 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."

El Gharib added that MTI's customers could expect even greater services, keeping in tradition with the quality designs that are expected from both brands. "This is a thrilling new era for MTI, one in which we will be able to build on our past success and provide our customers with even more quality choices."