- Expands overseas business; builds up global network
Hyosung established two local affiliates, namely Hyosung USA and Hyosung Brazil Industrial, which are focusing on production and sales of tire reinforcements. The establishment of the new local concerns is aimed at expanding overseas business, and establishing a global network in the wake of the acquisition of tire cord factories in the United States and South America. Vice President Jun Young-gwan will serve as the head of Hyosung USA, while Yang Sang-hoon, head of the Brazil affiliate, will lead Hyosung Brazil Industrial.
The Company announced in a public disclosure in September that it took over 100 percent stakes in Utica, a former subsidiary of Goodyear Tires, through the acquisition of a local factory of the tire manufacturer, and forging of a supply contract last September. It also announced that it will take over production facilities in Decatur in Alabama, as well as local factories in America, Brazil, and Colma-Berg, Luxemburg by establishing local subsidiaries there.
