Tyre Cord Maker to Close Virginia Plant
South Korea’s Hyosung Corp. has announced it will close its tyre cord plant in Scottsville, Virginia, in January 2010. The former Uniroyal tyre cord plant, which Hyosung took over in 2002, employs 106 people, according to Tire Review’s report.
The US tyre magazine explains that the facility was built in 1944 by the Defense Plant Corp. to help with the war effort, and Uniroyal bought the plant in 1945. Hyosung bought the plant from Michelin North America, and struck an exclusive supply deal with Uniroyal’s successor.
In January 2009, Hyosung closed a $80 million deal to buy Goodyear’s tyre cord business, which included tyre cord plants in Utica, New York, Decatur, Alabama, Americana, Brazil, and Colmar-Berg, Luxembourg. Earlier this year, the South Korean firm announced plans to build a greenfield tyre cord plant in Vietnam.
Hyosung also has two tyre cord plants in South Korea and three in China.
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