British sports car icon for sale

DETROIT -- Aston Martin, the icon of luxury sports cars made famous in James Bond movies, has been put up for sale by the struggling Ford Motor Co., the company said yesterday.

Ford said in a statement that it is exploring the sale of all or part of the British carmaker, in part to raise capital for its other brands.

British-based Aston Martin makes about 5,000 cars a year. They cost upward of $100,000 each.

``As part of our ongoing strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value," Bill Ford, the automaker's chairman and chief executive, said in a statement.

He said the Aston Martin's dealer network, design, and size are different from other Ford brands and the most logical choice for possible sale.

Ford said no decisions have been made about its other luxury brands, which include Jaguar, Land Rover, and Volvo. ``We continue to be encouraged by Jaguar's progress and by the strength and consumer appeal of the Jaguar, Land Rover, and Volvo product lineups" Bill Ford said.

But Ford spokesman Tom Hoyt said that doesn't mean the company won't sell the brands.

``We're still taking a look at all aspects of the business, as Bill Ford has said. Everything's on the table," Hoyt said.

Ford shares rose 10 cents to $8.37 on the New York Stock Exchange.

Aston Martin has its headquarters, research, and production facilities in Gaydon, England.

Last month the company celebrated production of its 30,000th car.

Ford bought 75 percent of the company in 1987 and acquired full ownership in 1994, Hoyt said. In 1992, the company made only 46 vehicles, he said, but it now makes about 5,000 per year.

He declined to reveal a potential sales price.

Kip Penniman, an analyst with KDP Investment Advisors in Montpelier, said any sale of Aston Martin would be more about Ford trying to focus on its core brands rather than raising capital. ``I think what they're trying to do is pare down their product portfolio so they can achieve a better focus on the brands that are their mainstays."

In Britain, Dave Osborne, the Transport and General Workers Union's national secretary for the car industry, said the union's priority remains safeguarding members' jobs while the future for Aston Martin is under review.

``We understand that consideration of the sale of Aston Martin is part of Ford's strategic review, where all options are on the table but no decisions have yet been made," he said. ``Aston Martin is an iconic brand and is rightly prized by Ford."