Showing posts with label Prodrive. Show all posts
Showing posts with label Prodrive. Show all posts

Thursday, November 4, 2010

Prodrive enters Impreza WRC2008 in Scooby Sprint Championship

UK Subaru-enthusiasts will be happy to know that the Japanese firm's former rally-car partner, Prodrive, will participate in the 2009 Scooby Sprint Championship with a Prodrive Impreza WRC2008 World Rally Car. The Scooby Sprint is a one-make series for Subarus in the UK that allows private road car owners to compete against the clock as well as with some of the fastest and most modified Subaru cars around.

To get an idea, according to the organizers, the WRC2008 Impreza will not be the most powerful car to run in the Scooby Sprint as there are entries running more than 800-horsepower! Prodrive will enter the five-round competition as a 2009 Constructor Team.

Steve Smith, Prodrive car sales manager, said: "We are fully aware that there are some very highly tuned Imprezas out there and we know every one of them will be aiming to beat us. But let's be clear, we are not coming along for the ride."


READ MORE - Prodrive enters Impreza WRC2008 in Scooby Sprint Championship

Tuesday, July 27, 2010

MINI to Enter WRC with the Help of Prodrive, Aims to Win Title Within Three Years!


After a long break, MINI is making a comeback in the world of rallying starting from next season with a Prodrive built and developed Countryman crossover. The BMW Group said that MINI, whose Cooper model won the Monte Carlo Rally three times in the 1960s, was planning its racing involvement "for several years".

The Countryman WRC complies with the new Super2000 regulations and will be powered by a 1.6-litre, four-cylinder turbo-charged engine from BMW Motorsport and have an all-wheel drive system. Prodrive, which ran Subaru's world championship-winning team until the Japanese automaker pulled out at the end of 2008, has been working on the development of the car since early 2009.

Read more »
READ MORE - MINI to Enter WRC with the Help of Prodrive, Aims to Win Title Within Three Years!

MINI to Enter WRC with the Help of Prodrive, Aims to Win Title Within Three Years!


After a long break, MINI is making a comeback in the world of rallying starting from next season with a Prodrive built and developed Countryman crossover. The BMW Group said that MINI, whose Cooper model won the Monte Carlo Rally three times in the 1960s, was planning its racing involvement "for several years".

The Countryman WRC complies with the new Super2000 regulations and will be powered by a 1.6-litre, four-cylinder turbo-charged engine from BMW Motorsport and have an all-wheel drive system. Prodrive, which ran Subaru's world championship-winning team until the Japanese automaker pulled out at the end of 2008, has been working on the development of the car since early 2009.

Read more »
READ MORE - MINI to Enter WRC with the Help of Prodrive, Aims to Win Title Within Three Years!

Tuesday, January 19, 2010

Prodrive Launches New Subaru Impreza Group N Rally Car


Longtime Subaru specialist, Prodrive, has unveiled the Impreza N2010 rally car that complies with the Group N regulations. The five-door hathcback comes with a bevy of mechanical and chassis upgrades including a larger 33mm air restrictor, high flow fuel injectors and recalibrated ECU that help increase the 2.0-liter boxer engine's output by 20 horsepower and strengthened suspension that employs revised Ohlins dampers with extra travel front and rear.

"The engine and suspension changes make the N2010 far more competitive," said Graham Prew, Prodrive sales manager.

"On gravel the Impreza is certainly a match for any Super 2000, but it is on tarmac, that the additional engine performance will really come into its own and make the N2010 a competitive alternative to a Super 2000, but at about half the price and with significantly lower running costs," Prew concluded.

Pricing for the Impreza N2010 starts at £120,000 or about US$196,000 / €136,500 at today's exchange rates.

For the first time Prodrive also offers buyers an alternative financing option to lease the Impreza for a period of two years with the option to buy the rally-prepped car at the end of the agreement.


N2010 specification

Engine:

Flat 4-cylinder boxer:

Capacity: 1994 cc

Bore: 92.0 mm

Stroke: 75.0 mm

Turbo charger:

IHI twin scroll with new design regulation 33 mm restrictor with new roller bearing.

Electrical:

Spark plugs: BRISK

Lightweight battery: Odyssey

Controllers and displays:

Engine: Prodrive-Pectel programmable with removable data storage card.

Centre diff: Prodrive-Pectel programmable fully CAN compliant with selectable diff maps.

Driver's screen: GEMS CD25 5.5" colour VGA screen with multiple pages including engine, transmission and steering information. Increased integration of control systems and co-driver's screen.

Exhaust

Hi-flow motorsport catalyst with silencer options available in stainless or titanium.

Fuel system

FIA approved FT3-99 95 litre safety tank centrally mounted under floor.

Transmission

Gearbox: Prodrive-Hewland five-speed manual dog engagement with revised gear linkage and 2-stage shift light.

Front diff: Plated limited slip

Centre diff: Electro mechanical locking

Rear diff: Plated limited slip

Clutch

STI, 240 mm six paddle competition, single plate homologated STI cover.

Roll cage

Prodrive manufactured rollcage to FIA compliant MSA homologated.

Suspension

Revised Öhlins dampers with improved travel, strengthened rear cross-member high performance uprated suspension bushes.

Front: Prodrive-Öhlins TPX 44 MacPherson strut, three-way adjustable with front hydraulic bump stop.

Rear: Prodrive-Öhlins TTX 44 coil-over damper, three-way adjustable on multi-link rear suspension.

Steering

Power assisted quickrack (13:1) for left and right hand drive.

PAS cooler (optional)

Wheels: Speedline or Work

Tarmac: 18" x 8" or 17" x 8"

Gravel: 15" x 7"

Snow: 16" x 5.5"

Brakes: AP Racing

Tarmac: front: four-piston 355 mm rear: two-piston 285 mm

Gravel: front: four-piston 295 mm rear: two-piston 285 mm

Handbrake: WRC style vertical lever using STI/AP homologated piston.

Dimensions

Front track: 1,550 mm

Rear track: 1,540 mm

Length: 4,415 mm

Weight: 1,350 kg




READ MORE - Prodrive Launches New Subaru Impreza Group N Rally Car

Thursday, March 26, 2009

Prodrive enters Impreza WRC2008 in Scooby Sprint Championship

UK Subaru-enthusiasts will be happy to know that the Japanese firm's former rally-car partner, Prodrive, will participate in the 2009 Scooby Sprint Championship with a Prodrive Impreza WRC2008 World Rally Car. The Scooby Sprint is a one-make series for Subarus in the UK that allows private road car owners to compete against the clock as well as with some of the fastest and most modified Subaru cars around.

To get an idea, according to the organizers, the WRC2008 Impreza will not be the most powerful car to run in the Scooby Sprint as there are entries running more than 800-horsepower! Prodrive will enter the five-round competition as a 2009 Constructor Team.

Steve Smith, Prodrive car sales manager, said: "We are fully aware that there are some very highly tuned Imprezas out there and we know every one of them will be aiming to beat us. But let's be clear, we are not coming along for the ride."


READ MORE - Prodrive enters Impreza WRC2008 in Scooby Sprint Championship

Tuesday, November 18, 2008

Aston Martin's Kuwaiti Owner Acquires 40% of Prodrive

Kuwaiti investment firm, The Investment Dar Company (TID) has acquired a 40% stake in Prodrive, a UK-based engineering company with branches in Australia and the Asia Pacific region. The move comes to no surprise as in 2007, Prodrive founder and chairman David Richards led a consortium which saw TID get hold of Aston Martin from FoMoCo and Richards become chairman of the company. As part of the agreement between the two firms, David Richards will remain the majority shareholder in Prodrive and Mahmoud Samy from TID will join the board of the company.

"We have followed Prodrive's success through the Subaru and Aston Martin motorsport programs and seen the commitment and dedication of all the employees in every aspect of the business," said Mahmoud Samy. "Prodrive has a great heritage and David has a clear vision for growing the business. We look forward to working closely with David and his management team to realize their goals," he added.

David Richards said: "Through Aston Martin, I have worked closely with TID for the last two years. As a result TID has also gained a great insight into Prodrive's expertise and our culture. They very much share our vision for the business and the passion for what we do. With their experience and understanding of the motor industry, they will play a significant role in the long term development of the business."

READ MORE - Aston Martin's Kuwaiti Owner Acquires 40% of Prodrive

Wednesday, July 30, 2008

Prodrive Creates Carbon Fiber Horse Racing Stirrups

Automotive tech is now finding its way to the world’s oldest form of transportation which is none other than the horse. British motorsport specialist, Prodrive which is well known for its Subaru products has designed a lightweight horse racing stirrup made from carbon fibre. The high-tech stirrups weigh just 40 grams, half the weight of standard aluminium racing stirrups. On top of being lighter, the carbon fibre stirrups are also stronger as they have a safe working load of 600 kg and in tests have withstood a load of 1.8 tonnes before complete failure. -Continued

“Today’s horse racing is like motor racing: weight is critical,” said Prodrive senior composites engineer, Roger Walker. “Every ounce the jockeys can save represents thousandths of a second off the finishing time, which can be the difference between winning and losing by a nose. Jockeys even wear lightweight tights to save weight.”

(Picture edited by CarScoop)

READ MORE - Prodrive Creates Carbon Fiber Horse Racing Stirrups

Tuesday, July 22, 2008

New Subaru Impreza WRX-S with 255 PS

Subaru is broadening its Impreza WRX offerings with the introduction of the Prodrive developed “S” model at the British Motor Show. Thanks to the re-programmed ECU (electronic control unit) and the modified exhaust system, the 2.5-liter turbocharged boxer engine’s output is raised from 230 PS at 5,200 rpm to 255 PS at 5,400 rpm while the torque improvement is even greater, growing from 236 lb.ft at 2,800 rpm to 287.6 at 3,000 rpm. According to Subaru, while the WRX-S’ top speed remains at 130 mph (209 km/h), 0-60 mph (96 km/h) time drops from 6.1 to 5.5 sec. -Continued

Engine-aside, the new Impreza WRX-S also features 18-inch anthracite GT1 alloy wheels with 225/40 tires, an STI front grille, STI front lip spoiler and STI rear wing and body-colour tailgate moulding. Furthermore, the WRX-S gets a MOMO ‘Air-Race’ gearknob while the colour choice is between San Remo Red, WR Blue Mica, Obsidian Black Pearl and Satin White Pearl. In the U.K., the new Impreza WRX-S is priced from £22,495 OTR offering £4,500 worth of extras over the WRX for a £2,500 premium.

READ MORE - New Subaru Impreza WRX-S with 255 PS

Tuesday, May 20, 2008

Alfa Romeo Brera S: Limited Edition Model Developed by Prodrive

In collaboration with Prodrive, Alfa Romeo has developed a special edition version of its Brera coupe model dubbed “Brera S” that will be sold exclusively in the UK with production limited to just 500 individually numbered models. The Brera S will be offered with two existing petrol engines, the 185Hp 2.2-liter and the 260Hp 3.2 V6.

While the car retains the same power as the standard Brera, Prodrive has made changes to the suspension and the interior and exterior styling along with the addition of a new exhaust system. However, Prodrive’s main goal was to seriously upgrade the Brera’s handling and to do that, the UK firm developed new springs and dampers which were tuned to to achieve the desired ride/handling balance and steering response required by driving enthusiasts in the UK. -Continued

At the same time, the suspension static geometry was also revised to optimize steering and handling while the car’s height was lowered height (-10mm). Prodrive also fitted the Brera S with new lightweight 19” alloy wheels and Pirelli PZero Nero tires along hollow anti-roll bars and aluminium suspension components from the Factory.

As a result, the weight of both Alfa Brera S models is lower than the standard cars. In particular, the front-wheel drive 3.2 V6 JTS is almost 100 kg lighter than the Q4 version and the 2.2 JTS version weighs 35 kg less. However, according to Prodrive’s data sheet, performance is unchanged with the 2.2 JTS and 3.2 V6 JTS Alfa Brera S can go from 0 to 100 km/h in 8.6 and 7.0 seconds respectively and on to a top speed of 139 and 155 mph.

While changes on the outside are limited to the new alloys and exhaust pipes, inside the V6 version cabin is dressed in black leather with red stitching while the centre console and instruments are faced in a dark finish. This interior can also be specified on the 2.2 JTS. Both versions get foot pedals from drilled aluminum and the headrest recess houses a limited edition Brera S aluminum plate, featuring the flags of Italy and Britain. Price in the UK start at £24,995 (OTR) for the 2.2 JTS rising to £28,450 (OTR) for the V6 version.





BRERA TECHNICAL DATA

ENGINE

2.2 JTS

3.2 JTS V6

No. of cylinders, arrangement

4 in line

60 degree V6

Bore x stroke (mm)

86 x 94.6

89 x 85.6

Displacement (cc)

2198

3195

Compression ratio

11.3:1

11.25:1

Max. power output: bhp (kW-EC) at rpm

185 (136) 6500

260 (191) 6300

Peak torque: Nm (kgm-EC) at rpm

230 (23.4) 4500

322 (32.8) 4500

Timing system (control)

DOHC (chain), 4 valves per cylinder, double electrohydraulic continuous phase variator

4 OHCs (chain), 4 electrohydraulic continuous phase variators

Fuel feed

MED 7.6.1 electronic direct injection integrated with ignition system

MED 7.6.2 electronic direct injection integrated with ignition system

ELECTRICAL SYSTEM (12V)



Battery capacity (Ah)/Alternator (A)

90/120

90/150

TRANSMISSION



Drive

Front

Front

Number of gears

6 + 1R

6 + 1R

Final ratio

4.176:1

3.895:1

TYRES



Standard version

235/40 R19

235/40 R19

STEERING



Steering system

Rack and pinion with power steering

Rack and pinion with power steering

Turning circle (m)

10.7

10.7

SUSPENSION



Front

Independent with double wishbones and anti-roll bar located via ball joints

Independent with double wishbones and anti-roll bar located via ball joints

Rear

Independent with Multilink architecture

Independent with Multilink architecture

BRAKES – (DISCS)

2.2 JTS

3.2 JTS V6

Front (mm)

Ventilated 330 x 28 D, fixed aluminium calliper with four 42 mm pistons

Ventilated 330 x 28 D, fixed aluminium calliper with four 42 mm pistons

Rear (mm)

Solid 278 x 12 D, combined 38 mm floating calliper

Ventilated 292 x 22 D, combined 42 mm floating calliper

WEIGHTS – TANK CAPACITY



Fuel tank capacity (litres)

70

70

Kerb weight DIN (kg)

1445

1540

Max towable weight (kg)

1450

1500

PERFORMANCE



Top speed mph (km/h)

139 (224)

155 (250)

Acceleration (driver + 30 kg): 0 to 62 mph (s)

8.6

7.0

FUEL CONSUMPTION – EMISSIONS*



Urban cycle mpg (l/100km)

22.2 (12.7)

17.2 (16.4)

Extra urban cycle mpg (l/100km)

39.2 (7.2)

35.8 (7.9)

Combined cycle mpg (l/100km)

30.7 (9.2)

25.7 (11.0)

Exhaust emissions – CO2 (g/km)

218

260

Emissions Standard

EU IV

EU IV

EQUIPMENT

ALFA BRERA S 2.2 JTS and 3.2 JTS

  • VDC with Hill Holder (ABS + ASR + EBD + Brake Assistant)
  • Fire Prevention System (FPS)
  • Power assisted steering
  • Driver, passenger, front side, window & driver knee airbags
  • Front seatbelts with pretensioners and load limiters
  • Alfa Code immobiliser and alarm system
  • Electronic key with remote central locking and boot release
  • “Follow-Me Home” headlamps
  • Electronic start/stop button
  • Electric front windows with one touch function and anti-intrusion sensor
  • Dual-zone automatic climate control with split temperature and distribution function (air nozzles at rear, pollen filter with active carbon filter and AQS)
  • Stainless steel kick plates
  • On-board instrumentation with multifunctional display and trip computer
  • Car radio with audio CD player (6 speakers)
  • Rear parking sensor
  • Front fog lights
  • Cruise control
  • Front armrest with temperature controlled storage compartment
  • Brushed aluminium centre console
  • Front seats manually adjustable (height, distance, tilting and lumbar adjustment)
  • Electrically folding, adjustable, heated wing mirrors

EXCLUSIVE CONTENT 2.2 JTS and 3.2 JTS

  • Italian Frau® leather upholstery with red stitching
  • 19” alloy wheels with 235/40 tyres
  • Prodrive engineering dampers and springs
  • Revised exhaust silencer
  • Front stone deflectors
  • New design chromed exhaust pipe
  • Aluminium sports pedals
  • Sports leather steering wheel and gear knob with red stitching and steering-wheel mounted radio controls
  • Sports instrumentation
  • Exclusive seat aluminium badge plate

READ MORE - Alfa Romeo Brera S: Limited Edition Model Developed by Prodrive

Tuesday, May 6, 2008

Prodrive Prepped Alfa Romeo Brera S Official

The rumours we were hearing about the British-honed Alfa Romeo Brera S turned out to be true as the Italian carmaker made it official today that it has teamed up with Prodrive to develop a bespoke version of the Brera coupe.

According to Prodrive Project Leader, Peter Cambridge, the collaboration has “built on the existing model’s capabilities to deliver outstanding driver feedback and handling.” Unfortunately for most of our Euro friends, production of the Alfa Brera S will be limited to 500 numbered cars specifically for the British market. -Continued

The Brera S will feature revised suspension settings along with further enhancements to the exterior and interior of the car which will be available with two existing petrol engines in standard specifications. Prices and specifications will be revealed at launch on 19 May 2008.

READ MORE - Prodrive Prepped Alfa Romeo Brera S Official

Prodrive Prepped Alfa Romeo Brera S Official

The rumours we were hearing about the British-honed Alfa Romeo Brera S turned out to be true as the Italian carmaker made it official today that it has teamed up with Prodrive to develop a bespoke version of the Brera coupe.

According to Prodrive Project Leader, Peter Cambridge, the collaboration has “built on the existing model’s capabilities to deliver outstanding driver feedback and handling.” Unfortunately for most of our Euro friends, production of the Alfa Brera S will be limited to 500 numbered cars specifically for the British market. -Continued

The Brera S will feature revised suspension settings along with further enhancements to the exterior and interior of the car which will be available with two existing petrol engines in standard specifications. Prices and specifications will be revealed at launch on 19 May 2008.

READ MORE - Prodrive Prepped Alfa Romeo Brera S Official

Wednesday, April 30, 2008

Prodrive Prepping Sporty Alfa Romeo Brera Versions?

There’s no official announcement, but the boyz at Brit car magazine “EVO” are reporting that UK tuning specialist Prodrive will introduce a limited edition run of the Alfa Romeo Brera Coupe this June. According to EVO’s information, Prodrive will mainly concentrate on tweaking the suspension and the petrol engine range along with cutting down overall weight to improve the Brera’s mediocre driving dynamics. (Standard Brera pictured above)

Via: Autoblog.it , Source: EVO

READ MORE - Prodrive Prepping Sporty Alfa Romeo Brera Versions?

Prodrive Prepping Sporty Alfa Romeo Brera Versions?

There’s no official announcement, but the boyz at Brit car magazine “EVO” are reporting that UK tuning specialist Prodrive will introduce a limited edition run of the Alfa Romeo Brera Coupe this June. According to EVO’s information, Prodrive will mainly concentrate on tweaking the suspension and the petrol engine range along with cutting down overall weight to improve the Brera’s mediocre driving dynamics. (Standard Brera pictured above)

Via: Autoblog.it , Source: EVO

READ MORE - Prodrive Prepping Sporty Alfa Romeo Brera Versions?

Monday, October 29, 2007

Prodrive To Tweak 2008 Subaru Impreza WRX STi

UK rally specialist Prodrive is readying a performance package for the all-new 2008 Subaru Impreza WRX STi (see Euro spec model here) that will include power and chassis upgrades. According to a report from Brit magazine Autocar, the 2008 STi’s 296 Hp 2.5-litre turbocharged boxer engine (lightly modified version of the previous STi’s engine) will likely get a boost of 100 Hp offering supercar-level performance. Along with the engine upgrade Prodrive will also enhance the 2008 STi’s brake and suspension components.

Via: Autocar

READ MORE - Prodrive To Tweak 2008 Subaru Impreza WRX STi

Monday, March 12, 2007

Breaking News: Aston Martin Sold to a consortium led by Prodrive’s David Richards for 925 million USD

We had already prepared you about this sale last week, so it’s not much of a surprise. The deal went down at £479 million - $925 million - 705 million EUR and as part of the transaction, Ford will retain a £40 million - $77 million - 59 million EUR investment in the British car maker. Aston Martin’s new owner is a consortium comprised of: David Richards, founder and chairman of UK Prodrive; John Sinders, Aston Martin collector and a backer of Aston Martin Racing; and finally, Investment Dar and Adeem Investment Co, international investment companies headquartered in Kuwait.

“This is an incredible opportunity – Aston Martin is one of the world’s most iconic brands,” said David Richards. “We are confident we now have all the right ingredients to take Aston Martin to even greater heights.” On Ford’s behalf, CEO Alan Mulally stated, "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" -Continued: Click “Read More…” below to see Ford’s & Aston Martin’s Press Releases

ASTON MARTIN PRESS RELEASE

Gaydon March 12, 2007: Aston Martin is pleased to announce the start of a new chapter in its illustrious history following the announcement today that the prestigious sports car manufacturer has been sold to a consortium led by David Richards, John Sinders, Investment Dar and Adeem Investment, ending almost twenty years as part of Ford Motor Company.

The consortium is a group of sophisticated investors who are committed to the brand, its success and existing business plan which envisages growth, profitability and new products, including the much acclaimed four door concept Rapide, shown for the first time at the Detroit Auto Show in 2006.

With the full support of the investors, Dr Ulrich Bez remains committed to the future success of Aston Martin and will lead the management team into a new era as its Chief Executive. Since his appointment in 2000 he has overseen a period of growth and investment, steering Aston Martin to its unparalleled status in the world luxury sports car market. During the past six years the company has seen a tremendous change with new headquarters, exciting new products, a successful motorsport programme and a strong corporate identity throughout the expanding dealership network.

Leading the investors is David Richards, founder and chairman of Prodrive, a world leading motorsport and automotive engineering company. He will be joining the board of Aston Martin as non executive chairman in a personal capacity.

“This is an incredible opportunity – Aston Martin is one of the world’s most iconic brands,” said David Richards. “We are confident we now have all the right ingredients to take Aston Martin to even greater heights.”

John Sinders, a banker in finance and shipping from Houston, Texas and Dubai UAE, is an Aston Martin owner with a great affection for the brand on both road and track.

Investment Dar, a Kuwaiti company, is the largest listed investment company in the Gulf. It owns and manages a group of companies including banking, finance, investment and asset management, real estate, insurance, banking, and logistics. Investment Dar has total assets of US$ 3.66 billion, with net income of US$ 317.3 million in 2006.

Adeem Investment is a Kuwaiti company and owns companies in the banking and finance, real estate and hotels, transport and logistics, food and telecoms industries. It has become the fastest growing investment, corporate finance and asset management company in Kuwait with assets under management in excess of US$ 1.5 billion.

Jefferies & Company acted as financial adviser to the Consortium.

“This new partnership is a tremendously exciting opportunity for Aston Martin,” said Ulrich Bez. “Under the ownership of Ford we have become a successful, profitable company and I will be working with the new owners to build on this great foundation. It is a new beginning which will give the company the opportunity to attain an even higher level of excellence.

“This next stage in the company’s history promises to be the most exciting yet. David Richards and I have a great deal of mutual respect for each other and we are equally passionate about realising the brand’s full potential.”

Aston Martin will remain at its high tech production facility at Gaydon in Warwickshire, a purpose-built facility where a skilled workforce of 1800 employees have helped gather numerous awards from the automotive and design industries in the past five years. Aston Martin has also enjoyed considerable success on the track and the company’s sporting heritage continues to infuse every model.

Aston Martin is one of the world’s leading sports car manufacturers. Founded in 1914 by Lionel Martin and Robert Bamford the company has been responsible for some of the most evocative automobiles of all time. Aston Martin has evolved into a prestige manufacturer with class-leading products and perhaps the most high profile automotive brand name in the world.

The current model line-up of the award-winning V8 Vantage, DB9, DB9 Volante and Vanquish S and V8 Vantage Roadster will soon be enhanced by the eagerly awaited high performance DBS model. Voted the UK’s coolest brand in 2006, Aston Martin has a fast-expanding dealership network of 126 dealers representing in 27 countries.

FORD PRESS RELEASE: FORD ANNOUNCES AGREEMENT TO SELL ASTON MARTIN

DEARBORN, Mich., March, 12, 2007 – Ford Motor Company [NYSE: F] announced today it has entered into a definitive agreement to sell Aston Martin, its prestigious sports car business, to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Co. This transaction is the result of Ford's decision, as announced in August 2006, to explore strategic options for the Aston Martin business as the company restructures its core automotive operations and builds liquidity.

The sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals. The transaction values Aston Martin at £479 million ($925 million). As part of the transaction, Ford will retain a £40 million ($77 million) investment in Aston Martin. Other terms and conditions specific to the sale are not being disclosed at this time.

"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. Today's announcement is good for Ford Motor Company, good for Aston Martin and good for the UK. We wish Aston Martin every possible success for the future."

The new owner of Aston Martin is a consortium comprised of: David Richards, founder and chairman of Prodrive, a world-leading motorsport and automotive technology company; John Sinders, an avid Aston Martin collector and a backer of Aston Martin Racing; and Investment Dar and Adeem Investment Co, international investment companies headquartered in Kuwait.

Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles in 200 markets across six continents. With more than 280,000 employees and more than 100 plants worldwide, the company’s core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company.

Technorati: Ford, Aston+Martin, Prodrive, auto+news, car+news, automobile, cars, automotive, vehicles, autos, Carscoop, blogs, images, pictures, 2007

READ MORE - Breaking News: Aston Martin Sold to a consortium led by Prodrive’s David Richards for 925 million USD

Thursday, March 8, 2007

Breaking News: Aston Martin sale to a Prodrive led consortium to be completed by tomorrow

And this time, it looks like it’s for real as according to a report from Daily Telegraph UK, the deal will be signed on Friday in Detroit. "It's a done deal. All that remains is to cross the t's and dot the i's," quoted an unnamed senior source to the newspaper. The buyer is a consortium of business interests from America and the Middle East, led by David Richards, head of the UK motor sport organisation Prodrive.

We remind you that Prodrive has been a long-term partner of the British sports car maker and it runs Aston Martin's racing team. As for the price, it is rumoured that the deal will close at around 500m BP (1bil USD or 750m EUR) meaning that Ford has cut its expectations to half of what it was asking for Aston Martin when it put the British company up for sale last year. Via: Daily Telegraph

Technorati: Astion+Martin, Prodrive, auto+news, car+news, automobile, cars, automotive, vehicles, autos, Carscoop, blogs, images, pictures, 2007

READ MORE - Breaking News: Aston Martin sale to a Prodrive led consortium to be completed by tomorrow

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