Hyosung To Acquire Tongkook Spandex Facilities
“We have invested in personnel, in the creora brand, in new innovations and in world-class manufacturing. Hyosung is continuing to explore opportunities for additional investment in spandex facilities in Europe and the Americas,” said Greg Vas Nunes, president of Hyosung’s Europe and the Americas business. “We had a great opportunity to invest in China and, in the short term, this expansion will allow us to better serve the needs of our customers globally.”
The plan to acquire the Tongkook facility follows Hyosung’s recent acquisition of Akron, Ohio-based Goodyear Tire and Rubber Co.’s tire-cord manufacturing operations in the United States, Brazil and Luxembourg. In connection with that acquisition, Hyosung also signed a multi-year agreement to supply tire cord to Goodyear.