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January 21, 2002 01:00 AM

Tire Business International

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    Conti sells United Kingdom chains

    HANOVER, Germany-Continental A.G. has sold its National Tyre Service (NTS) retail chain and Viking International wholesale company in the United Kingdom to a financial holding company headed by NTS CEO Alan Revie.

    The sale price was not disclosed, but Continental told analysts late last year it would take a charge against earnings of about $27 to cover losses on the sale. NTS operates 214 branches throughout the U.K. and reported sales of nearly $170 million last year.

    Conti bought NTS from Michelin Tyres U.K. in 1991 after Michelin had acquired it from BTR P.L.C., which had ``inherited'' it in the breakup of Dunlop Holdings Ltd. The chain was more than $50 million in the red in fiscal 1999 and 2000, according to Conti financial reports.

    Ford to divest Kwik-Fit stores

    DEARBORN, Mich.- Ford Motor Co. has hired investment bankers Goldman Sachs to help it divest its Kwik-Fit tire and auto service unit in Europe, along with two U.S.-based repair and recycling businesses.

    Ford bought Kwik-Fit, now a chain of more than 2,500 service centers throughout the United Kingdom, Belgium, Holland, France, Spain, Germany, Switzerland and Poland, in 1999 for $1.6 billion.

    At the time, Ford planned to make Kwik-Fit the cornerstone of a plan to expand its aftermarket automotive products and services business. Now, Ford-in the midst of a revitalization plan that it expects will boost its bottom line by $3 billion-no longer considers Kwik-Fit a core business. Ford said it expects to realize $1 billion in proceeds from the sale of non-core assets, including Kwik-Fit.

    In addition to Kwik-Fit, the business operates stores under the names Pit-Stop in Germany and Speedy in France, Spain and Switzerland.

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    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

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