Goodyear Sells Cord Operations to Hyosung: Update
Following earlier reports of Goodyear Tire & Rubber Company agreeing to sell its global tyre fabric operations to Hyosung Corporation, the company has released an official statement giving details of the transaction. Goodyear and its affiliates will receive $80 million for their tyre fabric manufacturing plants and assets, which include operations in Decatur, Alabama; Utica, New York; Americana, Brazil; and Colmar-Berg, Luxembourg, subject to post-closing adjustments. The facilities, which employ about 1,000 people, produce and treat fabric that is used in Goodyear’s tyres.