Not VW Related, but always good to see what else is happening with the Euro Car makers. This is after selling off the rest of Rover..
<HR>
WHITBY, ON, March 17 /CNW/ - The BMW Group announced today that they have reached a memorandum of understanding with Ford Motor Company to buy Land Rover from the BMW Group. The transaction is subject to BMW and Ford reaching a definitive agreement, due diligence and regulatory approvals. lf successful, the acquisition is expected to be completed in the second quarter of this
year.
The transaction involves the entire Land Rover line of vehicles - Range Rover, Discovery, Freelander and Defender - including assembly and engineering facilities.
For the Land Rover organization in Canada, this means a big period of transition. Only about one year ago the Land Rover headquarter was moved from Mississauga to Whitby. During 1999, Land Rover marketed the Discovery Series II and Range Rover vehicles so successfully that the company finished the year with an increase of 17 per cent over the previous year.
There are no details on how the Land Rover retail network will be organized in the future, but Land Rover retailers have been informed and encouraged to continue their duties to the best of their abilities. Support from headquarters will continue throughout the transition period, until the
Ford Motor Company has gained full ownership.
Hendrik von Kuenheim, President and CEO of BMW Group Canada describes the upcoming challenges: "It is our objective to make sure that the transition of ownership does not inconvenience existing and future Land Rover customers."
He further comments on the strategic rationale behind the decision to sell Land Rover: "BMW Group entered the 4x4 segment at the end of last year with the introduction of the X5 Sports Activity Vehicle. We believe that the X5 is the intelligent response to consumer demands, and the over 300 X5 vehicles that have already been sold this year prove that exact point. In fact, we expect to sell more X5 vehicles this year than both Land Rover and Range Rover vehicles combined last year."
He further explains the BMW strategy: "The board has announced a new
series positioned below the current 3 Series, scheduled to go into production
by 2005. This could be a modern interpretation of the legendary 2002. With the addition of the new MINI early next year at the low-end and the Rolls-Royce at the high-end, BMW has an impressive model portfolio."
The BMW Group in Canada, based in Whitby, Ontario, is a wholly-owned subsidiary of BMW AG and is responsible for the distribution of BMW luxury performance automobiles, Sports Activity Vehicles, motorcycles, Land Rovers and beginning in 2001 the new MINI. The BMW Group is represented by a total network of 48 independent BMW and Land Rover retailers and 15 independent BMW motorcycle retailers.
-0- 03/17/2000
<HR>
WHITBY, ON, March 17 /CNW/ - The BMW Group announced today that they have reached a memorandum of understanding with Ford Motor Company to buy Land Rover from the BMW Group. The transaction is subject to BMW and Ford reaching a definitive agreement, due diligence and regulatory approvals. lf successful, the acquisition is expected to be completed in the second quarter of this
year.
The transaction involves the entire Land Rover line of vehicles - Range Rover, Discovery, Freelander and Defender - including assembly and engineering facilities.
For the Land Rover organization in Canada, this means a big period of transition. Only about one year ago the Land Rover headquarter was moved from Mississauga to Whitby. During 1999, Land Rover marketed the Discovery Series II and Range Rover vehicles so successfully that the company finished the year with an increase of 17 per cent over the previous year.
There are no details on how the Land Rover retail network will be organized in the future, but Land Rover retailers have been informed and encouraged to continue their duties to the best of their abilities. Support from headquarters will continue throughout the transition period, until the
Ford Motor Company has gained full ownership.
Hendrik von Kuenheim, President and CEO of BMW Group Canada describes the upcoming challenges: "It is our objective to make sure that the transition of ownership does not inconvenience existing and future Land Rover customers."
He further comments on the strategic rationale behind the decision to sell Land Rover: "BMW Group entered the 4x4 segment at the end of last year with the introduction of the X5 Sports Activity Vehicle. We believe that the X5 is the intelligent response to consumer demands, and the over 300 X5 vehicles that have already been sold this year prove that exact point. In fact, we expect to sell more X5 vehicles this year than both Land Rover and Range Rover vehicles combined last year."
He further explains the BMW strategy: "The board has announced a new
series positioned below the current 3 Series, scheduled to go into production
by 2005. This could be a modern interpretation of the legendary 2002. With the addition of the new MINI early next year at the low-end and the Rolls-Royce at the high-end, BMW has an impressive model portfolio."
The BMW Group in Canada, based in Whitby, Ontario, is a wholly-owned subsidiary of BMW AG and is responsible for the distribution of BMW luxury performance automobiles, Sports Activity Vehicles, motorcycles, Land Rovers and beginning in 2001 the new MINI. The BMW Group is represented by a total network of 48 independent BMW and Land Rover retailers and 15 independent BMW motorcycle retailers.
-0- 03/17/2000
