South Korea’s Hyosung Corp. announced it will close its tire cord plant in Scottsville, Va., in January 2010.
The former Uniroyal tire cord plant, which Hyosung took over in 2002, employs 106 people.
The facility was built in 1944 by the Defense Plant Corp. to help with the war effort, and Uniroyal bought the plant in 1945. Hyosung bought the plant from Michelin North America, and struck an exclusive supply deal with Uniroyal’s successor.
In January 2009, Hyosung closed on a $80 million deal to buy Goodyear’s tire cord business, which included tire cord plants in Utica, N.Y., Decatur, Ala., Americana, Brazil, and Colmar-Berg, Luxembourg.
And earlier this year, the South Korean form announced plans to build a greenfield tire cord plant in Vietnam.
Hyosung also has two tire cord plants in South Korea and three in China.