Goodyear sells global wire business

10th June 2011 | 0 Comments
 
Goodyear sells global wire business

Goodyear Tire & Rubber has agreed to sell its global wire business to Hyosung Corporation, pending government and regulatory approvals and other customary closing conditions. The Korean company will pay Goodyear and its affiliates approximately US$50 million for the business, subject to post-closing adjustments. Included in the deal are the tyre reinforcement wire manufacturing plants in Colmar-Berg, Luxembourg and Asheboro, North Carolina, which together employ some 600 people. In addition, upon closing the deal Goodyear and Hyosung will sign a multi-year supply agreement. The sale is expected to close in the third quarter of 2011; Goodyear says it doesn’t expect the sale to result in a significant gain or loss.

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