Aston Martin's Kuwaiti Owner Acquires 40% of Prodrive
Cars

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."





- Aston Martin To Participate At 24h Of Le Mans With Gulf Oil Livered Lmp1
British sportscar manufacturer Aston Martin has set its eyes for an outright victory at this year's Le Mans 24 hour race that will be held over the weekend of 13-14 June, 2009. Aston Martin will return to La Sarthe with two Works LMP1 cars bearing...

- Breaking: Subaru Withdraws From World Rally Championship
It's a sad day for rally fans like ourselves today as Subaru has announced its decision to withdraw from the World Rally Championship at the end of the year because of the financial crisis. "This sudden decision was made in response to the widespread...

- Kuwait Group Announces That It Has Received Offers To Sell Its Stake In Aston Martin!
And get a load of this; Investment Dar said the offers are worth $720 million, about 50% more than what they Kuwait based company paid to get the stocks two months ago! In case you missed the Aston Martin episode, we remind you that Kuwait’s Investment...

- 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...

- 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...



Cars








.