Goodyear exits wire manufacturing business

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Goodyear Tire & Rubber Co. has agreed to sell its global wire business to Hyosung Corp., pending government and regulatory approvals and other customary closing conditions.

The sale is expected to close in the third quarter of 2011.

Goodyear and its affiliates will receive approximately $50 million for the business, subject to post-closing adjustments. The business, which manufactures tire reinforcement wire in Asheboro, N.C., and Colmar-Berg, Luxembourg, employs about 600 people.

In addition, Goodyear and Hyosung, a multinational corporation with substantial tire reinforcement operations, will sign a multi-year supply agreement upon closing, according to Goodyear. The sale is not expected to result in a significant gain or loss.

“This transaction reinforces our focus on providing innovative consumer and commercial tires in targeted market segments,” says Richard Kramer, Goodyear chairman, CEO and president.

Goodyear sold its global tire fabric operations to Hyosung in 2006.

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