Scottsburg, Indiana –Michelin North America Inc. and Hyosung America Inc., an affiliate of Hyosung Corp., have signed an agreement under which Hyosung will purchase Michelin’s steel cord facility in Scottsburg.
The American Steel Cord plant, with 220 employees, produces steel cord used in tyre manufacturing. The financial terms of the agreement were not disclosed.
Hyosung will offer employment to all current Scottsburg employees. The Korean-owned company will maintain a comparable employee compensation package, according to Terry Swanner, vice president of Hyosung’s North American operations.
The agreement also includes…