Ford Motor Company Announces Agreement to Sell Automobile Protection Corporation

DEARBORN, Mich., March 2 /PRNewswire-FirstCall/ -- Ford [NYSE: F] announced today that it has entered into a definitive agreement to sell Automobile Protection Corporation (APCO) to Trident IV, L.P., a private equity fund managed by Stone Point Capital LLC. This transaction is the result of the review of strategic options for the business announced by Ford on October 11, 2006.

The sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals. Terms and conditions specific to the agreement are not being disclosed at this time.

APCO, a wholly-owned subsidiary of Ford Motor Company, was purchased by Ford Motor Company in July 1999. APCO offers vehicle service contracts and related after-market products to dealers of all makes and models.

Stone Point Capital is a global private equity firm based in Greenwich, Connecticut that manages the Trident Funds and has raised more than $8 billion in committed capital to make investments in the global insurance and financial services industries.

Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures and distributes automobiles in 200 markets across six continents. With about 300,000 employees and more than 100 plants 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.

Source: Ford Motor Company ‹ previous  •  2526 of 12774  •  next ›