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Volvo sells stake in U.S. truck stop chain

From Reuters| June 01,2007

World number two truck maker Volvo is selling its 28.7 percent stake in U.S. truck stop chain Petro Stopping Centers, yielding a capital gain of $46.3 million.

Volvo said in a statement released late on Wednesday the gain from the sale of the holding to TravelCenters of America and Hospitality Properties Trust would be included in the second-quarter operating earnings of the group's truck business.

The firm said the stake in Petro, bought in 1999 to strengthen its network of parts and service points across North America, was now of "less strategic importance" following major investments in the group's distribution network in recent years.

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