Hyosung to Buy Goodyear Tyre Cord Plants
Korean company Hyosung Corp. is to take over four tyre cord plants from Goodyear Tire & Rubber for an undisclosed price, although various sources are quoting a figure of $80 million. Hyosung will acquire 100 per cent of Goodyear subsidiary Utica, plus it will assume control of the tyre manufacturer’s cord factory at Decatur. The other two factories are sited in Luxembourg and Brazil. In addition to the acquisitions, Hyosung has struck a deal – reportedly worth $3.2 billion – to supply Goodyear with tyre cord.