Cord Deal At Michelin

The Hyosung Corp. has announced that it has won a $350 million order from Michelin to supply tyre cords and has also agreed to acquire a U.S.

cord plant from Michelin for an unspecified amount. Hyosung, which is the world’s largest polyester tyre cord maker, said its U.S.

unit, Hyosung America Inc, would acquire Michelin’s tyre cord plant in Virginia. The acquisition would enable Hyosung to “secure a production point to enter the North American market”.The South Korean company said in the statement it expected to increase its North American market share of tyre cords to 20 percent from the current 13 percent, while global market share would rise to 24 percent from 20 percent.