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Transpacific Industries Group Ltd Finalises Sale Of Commercial Vehicles Group For $219 Million To Penske Automotive Group Inc

Thursday, 29 Aug 2013 10:51pm EDT 

Transpacific Industries Group Ltd announced the completion of the sale of its Commercial Vehicles Group to Penske Automotive Group Inc for $219 million. As previously announced the sale will generate an after tax profit of approximately $85 million and will be recognised as a significant item in the 2014 financial year. The net cash proceeds from the sale of approximately $185 million will be used to reduce debt and is expected to generate net annual interest savings of approximately $12 million. 

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