Written on 14.06.2011 - Industry
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Goodyear sells wire business to Hyosung

The Goodyear Tire & Rubber Company will sell its global wire business to Hyosung Corporation for USD 50 million. The business, which manufactures tire reinforcement wire in Asheboro, NC, USA, and Colmar-Berg, Luxembourg, employs about 600 people. Goodyear and Hyosung announced that they will sign a multi-year supply agreement upon closing. The sale is expected to close in the third quarter of 2011.

Hyosung said the long-term steelcord supply contract is worth over USD 1.8 billion over many years. but did not specify the period of the contract. The company announced in a filing to the Korea Stock Exchange that it hopes the deal will take it from 7 percent of the USD 5500 000 million global steel cord global steelcord industry to 10 percent.

Hyosung, headquartered in Seoul, South Korea, has produced tire reinforcements since 1968. It has tire reinforcement operations in South Korea as well as in Brazil, China, Luxembourg, Vietnam, and the United States. Goodyear already sold its global tire fabric operations to Hyosung in 2006.