Connect with us

South Korean Firm Buys Goodyear Cord Business

(Akron/Tire Review) Goodyear Tire & Rubber Co. is selling its global tire cord operations to South Korea’s Hyosung Corp.


The $80 million deal includes tire cord plants in Utica, N.Y., Decatur, Ala., Americana, Brazil, and Colmar-Berg, Luxembourg.

Click Here to Read More

Additionally, Goodyear and Hyosung signed a supply deal assuring Hyosung with $350 million to $400 million in purchases in the first year.

This is the second U.S.-based tire cord business Hyosung has purchased. In 2003, Hyosung bought Michelin North America’s tire fabric plant in Scottsville, Va., signing an exclusive supply deal with MNA.

The plants employ about 1,000 people and produce fabric used in Goodyear’s tires.

In addition to tire cords, Hyosung manufactures carpet, plastic bottles and nylon. The company said the supply contract will mean some $3.2 billion over the next five to 10 years.

"The acquisition of the tire cord plants will expand and solidify our global manufacturing base. We are set to gain a foothold to expand into the high-margin European market and the fast-growing South American market," Hyosung officials said.

Hyosung has two tire cord plants in South Korea, three in China and one in the U.S., which generated sales revenue of $731 million in 2005.

Click to comment


Torque-Clamping-Force-Porsche_991_Turbo_S_Felge Torque-Clamping-Force-Porsche_991_Turbo_S_Felge


Torque and Clamping Force

Increase-Car-Count Increase-Car-Count

Business Operations

How to Increase Your Car Count by 10% in 2021

Toyo-Tires-CUV-SUV Toyo-Tires-CUV-SUV

Passenger/Light Truck

The SUV & CUV Tire Megatrend

TPMS-Tool-Investment TPMS-Tool-Investment


Investing in TPMS Tools

Tire Review Magazine