Goodyear to Sell Luxembourg Steel Cord Plant

Goodyear has openly stated its desire to sell the company’s Luxembourg steel cord factory. As it disclosed to the “Luxemburger Wort” newspaper, talks with “four potential buyers” are underway, including with Belgium’s Bekaert, global top supplier of steel cord. The newspaper adds that the wire plant’s sale could be interpreted to be part of “Goodyear’s new management policy, one it wants in future to focus as far as possible concentrate upon the core business of tyre production, a change in strategy that Goodyear’s employees were recently informed about through an internal notice.” A company spokesperson told the newspaper that no contracts have been made and no offer as yet given. A buyer has also not yet been selected.

Negotiations are still in an early stage, the spokesperson added, however a “change of ownership at the Goodyear Wire Plant,” is not out of the question.” Rumours about a possible factory sale have since October 15 also been the subject of parliamentary questions. The Goodyear Wire Plant in Luxembourg has been in operation since 1971 and outside of the company’s steel cord factory in Asheboro, North Carolina is the company’s sole wire facility worldwide. In late 2006 Goodyear sold its “Fabric Plant” in Colmar-Berg, Luxembourg, where fabric used in tyre manufacture was produced.