Wesfarmers said the transaction, which is subject to approvals by the Australian Competition and Consumer Commission and the Foreign Investment Review Board, would return a pre-tax profit of $270 million to $275 million. The move, which it claims is a first for the automotive repair industry, is aligned with the ‘Everyday Low Prices’ strategy of its counterpart department store, Kmart. Altura Mining has not thrown in the towel on its $150 million recapitalisation proposal just yet. It is also the single largest employer of apprentice motor mechanics in Australia. Here's Wednesday's virus briefing. Follow updates here. Wesfarmers is seeking bids for its Kmart Tyre & Auto division later this month. Kmart has the best tires and wheels for sale. Kmart Tyre and Auto Service is one of the country’s largest auto service businesses with 258 stores and more than 1200 employees. The rubber has most certainly hit the road in Wesfarmers' proposed spin-off of mechanic workshops business, Kmart Tyre & Auto Service. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. On the reasoning behind the move, general manager of marketing for Kmart Tyre and Auto Service, Tony Skallias says, “For years, perhaps even decades, the tyre industry has engaged in high-low pricing tactics, using short-term promotions to drive sales, only to revert back to high prices at end of the event.” Skallias says the reality is customers don’t always need tyres during promotions and often have to make a purchase at the high point of the pricing cycle.
If you disable this cookie, we will not be able to save your preferences. Wesfarmers said on Monday it expected to book a pre-tax profit of about $270 million to $275 million on the deal, which was signed over the weekend following a three month sale process and after key bidders including listed auto parts supplier Bapcor and arch rival Repco dropped out. \���~A�Jо���ײ�-���d7%85�� zx�! The conglomerate said the agreement to sell “crystallises value for shareholders from the business turnaround”. Corrs Chambers Westgarth is believed to be advising Wesfarmers, while Allens is working for Bapcor. The tagline ‘No sales. We are using cookies to give you the best experience on our website. West Australian Premier Mark McGowan appears set to give some ground on the state’s hard border closure based on new advice from the state's chief health officer; The MCG will be allowed to fill to 25 per cent capacity for the Boxing Day Test. Wesfarmers reports its full-year results on Wednesday. We don’t believe in confusing our customers with technical jargon; instead, we provide easy-to-understand information, clear quotes,.. "Recent transactions give Wesfarmers more flexibility to invest in existing businesses (particularly Kmart and Target but also Bunnings) and/or buy higher growth businesses," Macquarie said.

<> Find out more about our policy and your choices, including how to opt-out. Macquarie said that while the asset sales were earnings dilutive, the residual profit base was higher quality. Our mission is simple: help marketers excel. KTAS is one of Australia's largest tyre, automotive service and repair retailers, with 258 stores across Australia, more than 1,200 employees and an estimated $405 million in annual revenue. Although Kmart Tyre & Auto Service is a large company, each of our local stores is part of the local community, providing great service to customers every day. Help using this website - Accessibility statement, Street Talk first revealed the likely sale in May, African gold play Marvel Gold readies placement, Big buyer Tattarang leaves bankers out in the cold, Jarden, Ord Minnett corral Harmoney bidders, book closes Thursday, Recap vs fire sale: fight brews at Altura Mining, Queenslanders let down by their leaders in COVID-19 election, 'Cancer reversing' professor takes out top science prize, Italian inspiration meets Australian flavour in new liqueurs to love, Tony Albert's Aboriginal art turns cultural appropriation on its head, What this IT entrepreneur and peace crusader is reading, Six things I learnt from trying 20 online courses, Rich Listers win with boards that can say no, Romance in a perfume bottle, 100 years on, Travellers look south to Tasmania and beyond, Is 0.1 of a second worth crowing about? WESFARMERS has agreed to sell its Kmart Tyre and Auto Service business to German auto giant Continental AG for $350 million. ONE of Australia’s most recognisable auto brands is set to disappear forever after a $350 million deal. Boutique Record Point is running the sale for Wesfarmers, and there's also room for lawyers. Africa-based gold explorer and developer Marvel Gold is expected to be getting in front of small cap resources funds on Thursday morning. x��\�o�8������}�e�K���3��f�7������Jۋ��m�����ꃔH���p�qܖ�b�X��Շ,��&޼�����O"�l��O���݇Bl_.^��╭ˬ�"��d)3).��sY��̳��_/^]���l[+~��_�?�z+D@W:�@N+�)C�T�Y4j��LڐRR����O����]�}s��>��Ww��?��~n���l�vM����>>����m���ݺ7w@��R����$��6F��E��`�\la�R��s����ǕX�C���ū��H"��������f�m��k~t�����U����̱dn�c�=���"�)s�+�Hs��J�6+q��,V�-|��z���e��U�Mi$҉ȅl1�����b��.���:�V�,7���eVV|ܙ������۹����/&��du[ˬt��^K�B!�QFm��ݭ�H�C9⧗��ڮ�Џ ��*SuD����{������Z[�=lv@��R9�s���?�0\������|�&xЕɬ�x8C��*f��r���b�/�$W�Z��H���R�+�u��