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Transpacific Industries Group Limited (ASX:TPI) has sold its Commercial Vehicle Group for $219 million and plans to use the proceeds to pay down debt.
Australia's largest waste management company has divested the business to a US automotive retailer called Penske Automotive Group Inc.
The sale is expected to be completed by the end of September and generate an after tax profit of $85 million which will be recognised as a significant item in the 2014 financial year.
CEO Kevin Campbell says the sale of the non-core business is another step in the company's ongoing transformation and will continue to strengthen its balance sheet.
Transpacific Industries Groupposted a net profit of $42 million in the first half of the 2013 financial year.
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