Goodyear has sold its tire reinforcement wire
manufacturing division to Korea's Hyosung Corp.
for $50 million.
With plants in Asheboro, N.C. and Colmar-Berg,
Luxembourg, the unit employs about 600
people.
Goodyear had previously sold its global tire
fabric operations to Hyosung in 2006.
Goodyear and Hyosung, a multinational corporation
with substantial tire reinforcement operations,
will sign a multi-year supply agreement upon
officially closing the wire division deal later
this year.
“This transaction reinforces our focus on
providing innovative consumer and commercial
tires in targeted market segments,” says Richard
J. Kramer, Goodyear’s chairman and CEO.
“Our wire plant associates manufacture
outstanding products that have greatly
contributed to the quality of Goodyear tires. We
thank them for these contributions,” he
adds.
Hyosung, headquartered in Seoul, South Korea, has
produced tire reinforcements since 1968. It also
has tire reinforcement operations in in Brazil,
China, Luxembourg, Vietnam and the U.S.
For more information, visit www.goodyear.com.
