Goodyear Selling Global Tire Fabric Operations To Hyosung

Sale is valued at $80 million and involves plants from Alabama to Brazil.

Goodyear Tire & Rubber Co. announced Thursday that it has agreed to sell its global tire fabric operations to Hyosung Corp. for $80 million.

The Goodyear tire fabric manufacturing plants and assets include operations in Decatur, Alabama; Utica, New York; Americana, Brazil; and Colmarberg, Luxembourg, which employ nearly 1,000 people and produce and treat fabric that is used on Goodyear’s tires.

At closing, Goodyear and Hyosung would sign a multi-year supply agreement. Goodyear is expecting $350 million to $400 million in purchases in the first year. It is also expecting to see significant cost savings and improved cash flow.

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