Hyosung in Michelin Asset Acquisition and $650 Million Supply Contract
August 1, 2005
Cleary Gottlieb is representing Hyosung Corporation and its U.S. subsidiary, Hyosung (America), Inc. in the acquisition of a steel cord manufacturing facility in Scottsburg, Indiana from Michelin North America, Inc. As part of the transaction, Hyosung (America) has also entered into a long-term supply contract for an initial term of 10 years in which Michelin will purchase steel cord products from Hyosung (America). The contract is valued at approximately $650 million.
Hyosung Corporation is one of the world’s largest manufacturers of tire cord products. Michelin North America, an affiliate of the Michelin Group, is one of the world’s largest tire manufacturers.