Associated Press
Goodyear Sells Tire Wire Business to Hyosung
06.10.11
06.10.11
AKRON, Ohio --
Goodyear Tire & Rubber Co. said on Friday that it has agreed to sell its tire reinforcement wire business to South Korea's Hyosung Corp. for $50 million.
The business makes the wire at facilities in Asheboro, N.C. and Colmar-Berg in Luxembourg, and employs about 600 people. Goodyear said the two companies will also sign a multi-year supply agreement when the deal closes, expected in the third quarter. The deal requires government and regulatory approvals.
Goodyear said the sale is not expected to result in a significant gain or loss. Hyosung is based in Seoul and has made tire reinforcements since 1968. It bought Goodyear's global tire fabric operations in 2006.
The business makes the wire at facilities in Asheboro, N.C. and Colmar-Berg in Luxembourg, and employs about 600 people. Goodyear said the two companies will also sign a multi-year supply agreement when the deal closes, expected in the third quarter. The deal requires government and regulatory approvals.
Goodyear said the sale is not expected to result in a significant gain or loss. Hyosung is based in Seoul and has made tire reinforcements since 1968. It bought Goodyear's global tire fabric operations in 2006.
Editorial : Can this be interepted as more USA job losss ? Ask those in Asheboro N.C. ? I think it does ! I`m sure the Union caused it. *ROFLMAON*! Is Goodyear to become the Wal-Mart of the Tire business ? Kinda looks like it.
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