SA: Ford signs new deal with performance group

00-00-0000
SA: Ford signs new deal with performance group

ADELAIDE, Aug 19 AAP - Local car producer Ford has signed a new five-year agreementwith British based company Prodrive Automotive Technology to built its range of Ford PerformanceVehicles (FPV).

FPV is a joint venture between the two groups with Ford owning 49 per cent and Prodrive51 per cent.

It currently builds the Falcon GT, the GT-P and the Falcon Pursuit Ute.

The agreement between the two companies was recently reviewed by Ford Australia presidentGeoff Polites and Prodrive chief executive Nick Fry.

With the deal now extended to 2008, FPV managing director David Flint said the organisationcould move forward with increased confidence.

"It also sends a clear signal that the joint venture is working, and the cars we arebuilding have hit the spot with the Australian market," Mr Flint said.

"It is a sign of confidence from its two shareholders."

Mr Polites said the extension also highlighted the success that FPV had achieved inless than 12 months and complemented the outstanding results Ford Australia had receivedwith its BA Falcon.

"The partnership we have formed with Prodrive is as good as we could ever have imagined,"

he said.

"It was therefore a simple decision to move forward and extend the joint venture agreementfor a further five years and Ford Australia is confident the benefits of this decisionwill further boost the success of our business."

Delivery of FVP models began in March this year, the cars replacing those Ford modelspreviously reworked by another company, Tickford.

AAP tjd/cjh/bwl

KEYWORD: MOTOR FORD