Kumho preparing to sell its tire business
SEOUL (Nov. 2, 2001) — Kumho Industrial Co. is planning to sell its tire business to a foreign investment firm for more than $1.2 billion US, according to a Reuters new report today.
The deal is expected to be finalized by the end of the year.
Like other tire manufacturers, Kumho has struggled as the economy has cooled. It is carrying $2.48 billion in debt and recorded $26.65-million loss in the first half of this year.
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