Arkansas Best Corp. will sell its 19% ownership of Wingfoot Commercial Tire Systems LLC to The Goodyear Tire & Rubber Company for 71.3 million cash. Upon the closing of the transaction, Arkansas Best expects to record a pre-tax gain of approximately $12 million in the second quarter of 2003. It expects to use the proceeds to reduce the outstanding debt under its credit agreement, which it said currently
Arkansas Best Corp. will sell its 19% ownership of Wingfoot Commercial Tire Systems LLC to The Goodyear Tire & Rubber Company for 71.3 million cash.
Upon the closing of the transaction, Arkansas Best expects to record a pre-tax gain of approximately $12 million in the second quarter of 2003.
It expects to use the proceeds to reduce the outstanding debt under its credit agreement, which it said currently stands at $110 million.
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