Think you got it rough? Well, what if you built a sleek, energy efficient 181,000 square foot corporate headquarters for $68m and seven years later you had to lease it to Taco Bell for ten years? More specifically FoMoCo leased their former Premier Automotive Group (PAG) headquarters to Yum Brands, Inc., of Louisville, Ky. Yum was spun off from PepsiCo in 1997 and currently operates over 35,000 Taco Bell, KFC, Pizza Hut, A&W and Long John Silver “restaurants.” Annual revenues are more than $10 billion and their stock is trading at $25.87 per share. Meanwhile, Ford sold Aston Martin to some Kuwaiti investors, Jaguar and Land Rover went to Tata (in India) and is moving Volvo to… New Jersey! Meanwhile a share of Ford stock is worth $1.80 — still somehow cheaper than a gallon of gas. Ford still has about 125 employees in Irvine, California (including the guy that gives us Mustangs) and they’re being relocated next door to Ford’s 90,000 square-foot product development center. The sad news for car guys is that ever since Crystal Cove moved away from Newport Beach, it has taken place every Saturday morning in PAG’s parking lot. No word on whether or not Taco Bell will allow the tradition to continue. Man, the car biz is rough.
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