NORWALK, Conn. (Sept. 29, 2006) — Kumho Tire U.S.A. Inc. has secured a $150 million revolving credit facility from GE Commercial Finance to be used for "working capital" needs.
"We selected GE as our financing partner because their team really understands the automotive sector and tailored the loan to best meet our liquidity needs," said H.W. Kim, chief financial officer of Kumho Tire U.S.A.
Tom Quindlen, president and CEO, GE - Corporate Lending, called the facility "truly a collaborative effort" between GE and Kumho that will provide the tire maker with "smarter capital" for its business plans.
Kumho Tire U.S.A., based in Rancho Cucamonga, Calif., is the U.S. marketing arm of South Korea´s Kumho Tire Co. Inc.
GE Commercial Finance Corporate Lending is a provider of asset-based, cash flow, structured finance and other complementary solutions for mid-size and large companies.