From United Press International

DEARBORN, MI -- Ford Motor Co. said Friday it would sell its service-contracts subsidiary to a Connecticut private-equity fund for an undisclosed amount.

Trident IV LP, managed by Stone Point Capital LLC of Greenwich, CT, is expected to complete its purchase of Automotive Protection Corp. by June, subject to regulatory approvals and other conditions, Ford said.

The sale is a result of Ford's review of strategic options for the service-contracts business announced in October, Ford said.

Besides APCO, Ford said last year it was putting its Aston Martin Lagonda Ltd. luxury car division on the market.

Ford bought APCO, which employs about 280 people, for about $180 million in 1999. The subsidiary offers aftermarket products to dealers as well as vehicle-service contracts.

Copyright 2007 by United Press International