KMART Tyre & Auto Service, part of the Wesfarmers group, has been sold to German tyre company Continental for A$350m, according to an Australian media report.
GoAutoNews said the tyre retailer, which is set to post a pre-tax profit of up to A$275m on the sale, is the fourth biggest outlet of its type with 258 national stores and over 1,200 employees.
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It is also Australia's biggest single employer of apprentice technicians.
Kmart Tyre & Auto Service (KTAS) was started in 1992 and became part of Coles, then fell under the Wesfarmers umbrella after Coles was bought in 2007.
Buyer Continental has operations in 60 countries and employs more than 243,000 people, and had sales in 2017 of $A69bn. It has five divisions
with its tyre retailing arm having more than 1,400 stores around the world.
According to GoAutoNews, Wesfarmers managing director Rob Scott said the sale "crystallises value for shareholders" after
its purchase as its purchase as part of the Coles Group in 2007.
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