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