Enter multiple symbols separated by commas

Volvo Sells Stake in U.S. Truck Stop Chain

World number two truck maker Volvo is selling its 28.7% 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.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Piper Hoppe, 10, from Minnetonka, Minnesota, holds a sign at the doorway of River Bluff Dental in Bloomington, Minnesota, on July 29, 2015, during a protest against Cecil's killing.

    The U.S. Fish and Wildlife Service has been trying to find the man who shot a lion in Zimbabwe, but he is not responding.

  • Donald Trump

    From one real estate mogul about another: Don't underestimate Republican presidential candidate Donald Trump.

  • Rifle sight

    Hackers were able to exploit a sniper rifle's vulnerabilities and change the gun's target, according to Wired.

U.S. Video