Company News Summary
Toll Holdings Announces Sale of Vehicle Distribution Business
Original announcement: Media Release: Sale of vehicle distribution business
Toll Holdings reported the Group has completed the sale of its Australian finished vehicle distribution service to automotive storage, processing and rectification specialist PrixCar, the 50-50 JV between Toll and K-Line Auto-Logistics. As part of the transaction, Toll received $88.4m cash. The sale generated a pre-tax gain of $44m ($35m after tax) which will be recognised in the 2013 financial year. Toll has also completed the sale of the Australian interstate linehaul and warehousing operations of its Toll Refrigerated business to Rand Refrigerated Logistics for $6.8m. Toll Refrigerated's interstate linehaul and consolidated warehousing operations have revenues of around $75m and made an operating loss in the financial year to 30 June 2012.
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