Kumho discussing sale of major stake in tire unit

FONTANA, Calif. (Nov. 7)—Kumho Industrial Co. is negotiating with several foreign investment banks about purchasing a major stake in its Kumho Tires business unit, based in South Korea. A spokesman with Kumho Tires U.S.A. Inc., based in Fontana, confirmed that talks are ongoing and a deal could be completed by the first quarter or early in the second quarter next year. He wouldn't identify the investment group or groups. Should the transaction happen, Kumho Tires would receive a financial infusion, which would help make Kumho a stronger tire brand, the spokesman said.