Hyosung buys Goodyear's global steelcord business

ERJ staff report (DS)

Akron, Ohio -- The Goodyear Tire & Rubber Company has agreed to sell its global steelcord and wire business to Hyosung Corporation for about $50 million, pending government and regulatory approvals and other customary closing conditions.

The business, which manufactures tyre reinforcement wire in Asheboro, North Carolina, and Colmar-Berg, Luxembourg, employs about 600 people. The sale, which is expected to close in the third quarter of 2011, is not expected to result in a significant gain or loss.

As part of the deal, Goodyear has signed a multi-year supply deal with Hyosung for steelcord.

Hyosung, headquartered in Seoul, South Korea, has produced tyre reinforcements since 1968. It has tyre reinforcement operations in South Korea as well as in Brazil, China, Luxembourg, Vietnam and the United States.

Goodyear sold its global tyre fabric operations to Hyosung in 2006.

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Press release from Goodyear