Cooper Tire sells interest in Kumho
Cooper Tire & Rubber Co. has sold its nearly 11% interest in Kumho Tire Co. The transaction included a payment of $107 million, plus interest from the initial due date of May 31, 2008.
According to Reuters, Beacon, a Cayman Islands-based company, bought Cooper's 10.71% stake.
Cooper Tire acquired its interest in the common equity of Kumho in early 2005, when Kumho's initial public offering became available on the Korea and London stock exchanges.
For more information on Cooper, visit www.coopertire.com.