FINDLAY, OHIO — The Cooper Tire & Rubber Co. has announced its plans to acquire approximately 11 percent of the common equity of Kumho Tire.

The acquisition coincides 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 of this year.

The agreement, subject to government and regulatory approvals, will initially result in a positive return for shareholders, but the long-term goal of the acquisition is to explore synergies in areas of shared interest, Cooper executives said.

Thomas Dattilo, Cooper’s chairman, president and CEO, said the agreement “is a wise investment for us as we begin the process of repositioning the company after the sale of Cooper-Standard Automotive. We believe it is important for Cooper to form strategic relationships with other strong players in the global tire industry to realize a good return for shareholders and continue our planned growth in products, technology and marketshare.”

Cooper and Kumho will operate independently but partner in various areas, said Dattilo.

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