FINDLAY, Ohio (Aug. 8, 2008) — Cooper Tire & Rubber Co. has sold its interest in Kumho Tire Co. Ltd.
The transaction includes payment of $107 million plus interest from the initial due date of May 31. Cooper said it has no ongoing relationship with the South Korean tire maker after the transaction.
Cooper Tire acquired an 11-percent stake in the common equity of Kumho in early 2005, when Kumho's initial public offering became available on the South Korea and London stock exchanges.
Findlay-based Cooper liquidated the investment to add it to its cash position and use it for its strategic plan, according to Curtis Schneekloth, director of investor relations. He said the liquidation is unrelated to Cooper's recent disclosure of a $22.2 million net loss in the second quarter ended June 30.