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August 07, 1996|Times Staff and Wire Reports

Ford to Sell Business Equipment Financing Unit to Mellon: The $1.7-billion transaction with Mellon Bank Corp. is the latest step in the No. 2 U.S. auto maker's effort to sell its nonautomotive operations. In May, Ford Motor Co. sold a rail car leasing business and 20% of its consumer finance unit, and last month it sold a portfolio of leases to BankAmerica Corp. for $1.8 billion. The business equipment financing unit is part of San Francisco-based USL Capital Corp., a wholly owned Ford subsidiary. The Dearborn, Mich.-based auto maker said in May that it would sell USL Capital in pieces to get the highest value for its assets. Pittsburgh-based Mellon is acquiring a unit that provides financing for data-processing equipment, office furniture and industrial test equipment and machinery.

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