Cooper Tire Agrees to Buy 11 Percent Interest in Kumho Tire
FINDLAY, OH — Cooper Tire & Rubber Company announced on January 10 that an agreement has been reached for Cooper to acquire approximately 11 percent of the common equity of Kumho Tire.
The acquisition is in connection with a planned initial public offering to be listed on the Korea Stock Exchange and London Stock Exchange and is expected to close in the first quarter 2005. The agreement is subject to a number of government and regulatory approvals.
Cooper Tire, the world's eighth largest tire manufacturer, recently completed the sale of its automotive unit for $1.165 billion.
Kumho Tire, the world's 11th largest tire manufacturer, had net sales through nine months, 2004 of $1.2 billion while Cooper's net tire sales for the same period were $1.5 billion.