Hyosung Corp. has acquired two wire plants from Goodyear Tire & Rubber Company for US$50 million, it announced on Sunday. Under a separate multi-year contract, Hyosung will supply to Goodyear $1.8 billion worth of steel cords produced in the plants, which are based in Asheboro, North Carolina in the U.S. and Colmar-Berg in Luxembourg.
With the latest acquisition, Hyosung now has production facilities in the Americas, Europe, China and Thailand.
Along with polyester and nylon cords, steel cords (twisted steel filament wires) are used to reinforce the shape and durability of tires.
Hyosung expects the deal to boost its share of the $5.5 trillion global steel cord market from 7 percent to over 10 percent.
