Goodyear Sells Global Wire Business to Hyosung

The Goodyear Tire & Rubber Company

has agreed to sell its global wire business to Hyosung Corporation, pending government and regulatory approvals and other customary closing conditions. 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, North Carolina, 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. The sale, which is expected to close in the third quarter of 2011, 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," said Richard J. Kramer, Goodyear chairman and chief executive officer.