Ford Motor Company has announced that it has secured the sale of Cosworth, its motorsport technology engineering company and supplier of Formula One engines, and Jaguar Racing Limited, its Formula One team. The terms of each sale were not disclosed.

Cosworth's new owners are Kevin Kalkhoven and Gerald Forsythe, co-owners of the Champ Car World Series and heads of the PKV and Forsythe Championship Racing Champ Car teams respectively.

Jaguar Racing has been purchased by Red Bull, the world leader in energy drinks. The company was a sponsor of Jaguar Racing in 2004, and has been extensively involved in Formula One and global motorsport for over a decade. The new Formula One team will continue to purchase engines from Cosworth, thereby helping to ensure a positive future for the Northampton-based, motor sport technology engineering company.

"Having taken the tough decision to exit Formula One after over 35 years in the sport, our focus has been to secure the best future for our Formula One businesses and our employees," said Mark Fields, executive vice president, Ford of Europe and chairman and CEO, Premier Automotive Group. "We now will concentrate our efforts to improve the results of Jaguar Cars and the Premier Automotive Group," added Fields.

The sale of these businesses is part of the improvement actions Ford Motor Company announced 17 September 2004 for its Jaguar Cars unit. These actions include Ford’s exit from Formula One and the sale of the Jaguar Racing and Cosworth businesses.

Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, manufactures and distributes automobiles in 200 markets across six continents. With more than 326,000 employees worldwide, the company’s core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Motor Credit Company and Hertz.