Kumho Says It Has Share Buyer

Kumho Asiana Group claims it has found an investor to buy out Cooper Tire & Rubber Co.’s share in Kumho Tire Co. The unnamed buyer would take over Cooper’s 11% stake in the South Korean tiremaker, shares valued at around $110 million.

“We have found an investor to take over the Kumho Tire stake and we are at the final stage of closing the deal,” said a Kumho Asiana official in news reports. “We should be able to announce the details soon, on around August 1. The investor is foreign.” (Tire Review/Akron)