August 12, 2018 / 10:36 PM / 6 days ago

Australia's Wesfarmers sells Kmart Tyre and Auto Service business for $254.9 mln

Aug 13 (Reuters) - Australia’s Wesfarmers said on Monday said it would sell its Kmart Tyre and Auto Service business to Germany’s Continental AG for A$350 million ($254.94 million).

Wesfarmers added in a statement it expected a pre-tax profit on the sale in the range of A$270 million to 275 million upon completing the deal.

The sale comes as the conglomerate divests assets in the midst of its biggest portfolio reshuffle in a decade.

$1 = 1.3729 Australian dollars Reporting By Rushil Dutta in Bengaluru; Editing by Cynthia Osterman

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