Wesfarmers has agreed to sell its Kmart tyre and auto services business to German automotive supplier and tire manufacturer Continental for $350 million.
The owner of Bunnings and Coles chains says it will report a pre-tax profit on the sale of between $270 million to $275 million following completion of the deal.
Wesfarmers managing director Rob Scott said the divestment "crystallises value" for shareholders from the business turnaround since KMart tyre and auto services was acquired as part of the Coles Group in 2007.
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