Kumho agrees to sell stake in company to Doublestar

Seoul, South Korea — After months of uncertainty, it appears Kumho Tire Co. Inc. will have a new owner — China’s Qingdao Doublestar Tire Co. Ltd.

Kumho announced 3 April that its management and union have agreed to a plan by the firm’s creditors to sell a controlling stake in South Korea’s second-largest tire maker to Doublestar.

Although Kumho did not release financial figures, officials from the Chinese investors told ERJ in March that they would acquire a 45% stake from shareholder Korea Development Bank (KDB) through…

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