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Jaguar and Land Rover jobs fears Jaguar and Land Rover jobs fears
(about 2 hours later)
Union leaders have voiced concerns about the decision of US carmaker Ford to put its British luxury car marques Jaguar and Land Rover up for sale.Union leaders have voiced concerns about the decision of US carmaker Ford to put its British luxury car marques Jaguar and Land Rover up for sale.
Dave Osborne, national officer of the Unite union, said its "prime concern" was the job security of workers.Dave Osborne, national officer of the Unite union, said its "prime concern" was the job security of workers.
Jaguar has about 10,000 staff at sites in Coventry, Birmingham, and Liverpool, while Land Rover employs about 9,000 in the West Midlands and Warwickshire.Jaguar has about 10,000 staff at sites in Coventry, Birmingham, and Liverpool, while Land Rover employs about 9,000 in the West Midlands and Warwickshire.
Ford has been selling assets in a bid to offset falling sales and profits.Ford has been selling assets in a bid to offset falling sales and profits.
The company is expected to make an official announcement in the next few days.The company is expected to make an official announcement in the next few days.
'Job security''Job security'
BBC business editor Robert Peston said that the company had told MPs it was still some way from doing a deal.BBC business editor Robert Peston said that the company had told MPs it was still some way from doing a deal.
Ford expects strong interest from private equity firms, he added.Ford expects strong interest from private equity firms, he added.
Unite's Mr Osborne said that they could not see why Ford would want to sell the businesses.Unite's Mr Osborne said that they could not see why Ford would want to sell the businesses.
"We find it difficult to understand why Ford would want to sell a successful, growing and environmentally improving brand like Land Rover," he asked. At the moment it is absolutely anybody's guess what the medium and long-term situation will be for jobs in those plants Jon Moulton, Alchemy Partners
"We find it difficult to understand why Ford would want to sell a successful, growing and environmentally improving brand like Land Rover," he said.
Mr Osborne added that Jaguar "was a significant player in the luxury market and one that Ford has invested heavily in".Mr Osborne added that Jaguar "was a significant player in the luxury market and one that Ford has invested heavily in".
"We are very concerned to hear these reports and we are seeking an urgent meeting with Jaguar and Land Rover."We are very concerned to hear these reports and we are seeking an urgent meeting with Jaguar and Land Rover.
"Our prime concern is the job security of our members.""Our prime concern is the job security of our members."
Uncertainty
Jon Moulton, the chairman and founder of one of the private equity firms that is rumoured to be interested in Jaguar and Land Rover, said that there was uncertainty surrounding jobs at the two firms and unions should be worried.
"They would be right to be concerned," Mr Moulton told the BBC.
"At the moment it is absolutely anybody's guess what the medium and long-term situation will be for jobs in those plants," he added.
In the case of Jaguar, Ford has turned a sleek cat into a groggy moggy Robert Peston, BBC business editor Read Robert's analysis in full Ford is in the process of a massive restructuring, and the firm reported a loss of $282m for the first three months of 2007.
On Monday, press reports speculated that Mr Moulton's private equity firm Alchemy Partners was ready with a £3bn bid for Jaguar and Land Rover.
Mr Moulton told the BBC that Alchemy had not made contact with the companies over a possible bid.
He said that despite their losses, the brands were still attractive, and he expected interest from US private equity firms, such as Apollo, Cerberus and Blackstone, as well as Far Eastern and Middle Eastern car manufacturers.
Mr Moulton added that he expected Jaguar and Land Rover cars would still continue to be made in the UK.
Stiff competitionStiff competition
On Monday, it was reported that Ford had chosen Goldman Sachs, Morgan Stanley and HSBC to advise it on the sale of Jaguar and Land Rover.On Monday, it was reported that Ford had chosen Goldman Sachs, Morgan Stanley and HSBC to advise it on the sale of Jaguar and Land Rover.
Ford is in the process of a massive restructuring, and the firm posted a loss of $282m (£141m) for the first three months of 2007.
The company has been struggling in the US the face of stiff competition from Asian rivals.The company has been struggling in the US the face of stiff competition from Asian rivals.
In March it sold sports car firm Aston Martin for £479m ($924m) to a UK-led business group. Ford sales in the US have been dented by Japanese rivals
In March, it sold sports car firm Aston Martin for £479m to a UK-led business group.
Analysts have wondered for some time what Ford might do with Land Rover and Jaguar, neither of which has performed well.Analysts have wondered for some time what Ford might do with Land Rover and Jaguar, neither of which has performed well.
Both firms are part of the Premier Automotive Group (PAG), as was Aston Martin.Both firms are part of the Premier Automotive Group (PAG), as was Aston Martin.
'Bit sad'
BBC business editor Robert Peston said that Ford would be lucky if it got back the money it paid for the two luxury marques.
Ford bought Jaguar for £1.6bn in 1989, followed by the £1.7bn purchase of Land Rover in 2000.
"Apart from the £3.3bn it paid for the two businesses, it has ploughed in hundreds of millions of pounds of investment and swallowed substantial trading losses," he added.
Mr Peston said that Ford's time with Jaguar "has ended in failure".
"In the case of Jaguar, Ford has turned a sleek cat into a groggy moggy," he said. "It's all a bit sad."
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