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.
