Hyosung America Inc., which is owned by Korea-based Hyosung Corp., will buy Michelin North America Inc.'s (MNA) polyester and nylon cord factory in Scottsville, Va.
Michelin's decision "is part of our on-going cost reduction efforts," says MNA Chairman and President Jim Micali.
Hyosung plans to take over the facility's operations in January 2003.
Michelin will buy all of the plant's tire cord production for the next seven years as part of the deal.
The Scottsville factory employs 240 people.
