Ford Dumps RJV

[RPO83]

Ford Motor Company will divest its ownership of Sydney RJV Pty Ltd as of March 31 2005.

Ownership of nine dealerships that currently form a part of the Sydney RJV will be transferred to Imperial Holdings Group of South Africa, a diversified multi-national mobility group with extensive motor retailing interests.

Prior to this sale, Sydney RJV will sell seven additional dealerships to independent purchasers associated with shareholders currently involved in the business.

"Imperial Holdings currently owns the largest network of motor dealerships in South Africa. It is committed to investing in the Sydney RJV and growing Ford's market share in Sydney," said Ford Investment Enterprises Corporation Australia Director, Keith Williamson.

"Ford will work closely with Imperial Holdings and the independent dealerships to ensure a smooth transition to the new ownership structure. All dealerships will continue to operate under the same trading names, ensure continuity for customers, and honour all warranty and contractual obligations," said Mr Williamson.

Imperial Holdings will operate nine Ford dealerships under the Sydney RJV banner, including:


City Ford, Sydney
City Ford, Rockdale
Dale Ford, Bankstown
Jubilee Ford, Five Dock
Brad Garlick Ford, Ryde
Power Ford, Baulkham Hills
Cumberland Ford, Blacktown
Alto Ford, Artarmon
Titan Ford, Brookvale

Ownership of the remaining seven dealerships will be transferred to current independent shareholders. These dealerships include:


Thomson Ford, Parramatta
Sinclair Ford, Penrith
Phil McCarroll Ford, Camden
Rod Lawrence Ford, Campbelltown
Dominelli Ford, Sutherland
Harrigan Ford, Yallah
Keira Ford, Wollongong