Cooper Tire sells interest in Kumho

Aug. 8, 2008

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.

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