Davis Polk is advising Hyosung Corporation on its acquisition of the global tire steel cord business of The Goodyear Tire & Rubber Company and the related long-term supply agreement. Steel cord is a component used in the manufacture of tire products.

The terms of the transaction provide that Hyosung will acquire Goodyear’s tire steel cord business that manufactures steel cord in Asheboro, North Carolina, and Colmar-Berg, Luxembourg. Hyosung will also enter into a long-term supply agreement with Goodyear for steel cord valued at approximately $1.8 billion. The transaction is subject to regulatory approvals.

The Davis Polk corporate team includes partner Leonard Kreynin and associates Mörk Murdock and Jiabei Chen. Partner Neil Barr is providing tax advice. Associate Hayden S. Baker is providing environmental advice. Counsel John T. Wright is providing employment advice. Counsel James P. McIntyre and associate Lucie E. Shin are providing real estate advice. Partner Frank J. Azzopardi is providing intellectual property advice. All members of the Davis Polk team are based in the New York office.