Tata Motors acquired Jaguar and Land Rover from Ford in June 2008 for $2.3 billion. This gave Tata access to the prestigious luxury brands and their advanced manufacturing facilities and intellectual property. While the deal provided opportunities to expand internationally and gain engineering expertise, Tata struggled initially due to the global economic downturn and luxury vehicle market decline. Tata implemented cost cutting measures through job cuts and extended supplier payment terms. Though share prices dropped, the acquisition positioned Tata for long term growth in global markets once economic conditions improved.