JCB boss linked to Jaguar buy
The chairman of digger maker JCB would be interested in buying iconic British car manufacturer Jaguar from the Ford Motor Company, it was reported today.
Sir Anthony Bamford told The Financial Times in an interview that the prospect was enticing, as long as Jaguar could be split from Land Rover.
Both brands are part of Ford’s Premier Automotive Group (PAG), also including Volvo and Aston Martin, which it has been suggested the US firm could split up.
Bamford is currently at the Bonneville salt flats where a JCB engine was used to set a new 350mph land speed record for diesel cars.
The sticking point may be if Ford decides to offload Jaguar along with Land Rover, which analysts believe are so closely linked they could be sold as a package.
During the interview, Bamford outlined ideas to downsize Jaguar, including stopping production of the X-type and remodelling the XJ. He is also said to have criticised Ford’s decision to cancel the F-type roadster.
It is thought Staffordshire-based JCB has not approached Ford or Jaguar regarding a deal and PAG said today talk of an offer was “pure speculation”.
Earlier this month it was also reported Russia’s sixth richest man and owner of the Gaz car manufacturer, Oleg Deripaska, was considering a bid for Jaguar.
Ford acquired Jaguar for £1.6bn (€2.4bn) in 1989 and has invested heavily in plants at Halewood, Merseyside, and Castle Bromwich in the West Midlands.
But it has struggled to cope with a slow motor market, fierce competition and spiralling raw material costs. Jaguar reported pre-tax losses of £429.3m (€634m) for 2004.
In December, Ford underlined its commitment to the carmaker amid rumours it planned to sell the business by ploughing £1.2bn (€1.8bn) into the firm.
Land Rover was handed £166m (€245.2m) last year after making losses of £228m (€336.8m), although Aston Martin returned to profitability this year.
