AKRON, Ohio (AP) -- Goodyear Tire & Rubber Co. said on Friday that it has agreed to sell its tire reinforcement wire business to South Korea's Hyosung Corp. for $50 million.
The business makes the wire at facilities in Asheboro, N.C. and Colmar-Berg in Luxembourg, and employs about 600 people.
Goodyear said the two companies will also sign a multi-year supply agreement when the deal closes, expected in the third quarter. The deal requires government and regulatory approvals.
Goodyear said the sale is not expected to result in a significant gain or loss.
Hyosung is based in Seoul and has made tire reinforcements since 1968. It bought Goodyear's global tire fabric operations in 2006.