Allstate Announces Sale of Sterling Collision Centers Inc.
Northbrook, Ill. - Allstate entered into an agreement to sell Sterling Collision Centers Inc. to Service King Collision Repair Centers. The transaction is expected to close by the end of the second quarter of 2014 and result in a small after-tax gain.
"This sale reflects a continued focus on investing capital where we have a competitive advantage in providing unique offerings to the four consumer insurance segments," said Thomas J. Wilson, chairman, president and CEO, Allstate Corp. "Our ownership of Sterling has deepened the company's understanding of the collision-repair business and helped us build industry relationships. The transition for our customers and Allstate agencies will be seamless."
Allstate purchased Sterling Collision Centers in 2001. Sterling operates 62 collision-repair facilities in 16 states and has 1,200 employees.
Service King has been repairing Allstate customers' vehicles for more than 30 years and is part of Allstate's Good Hands Repair Network of more than 3,200 pre-qualified repair shops across the country.
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