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Hyosung To Acquire Tongkook Spandex Facilities

South Korea-based Hyosung Corp., manufacturer and marketer of creora® spandex, expects to sign a definitive contract to acquire South Korea-based Tongkook Corp.’s spandex production facilities in southeastern China by the end of November 2006. The acquisition will enable Hyosung to increase its creora manufacturing capacity by 6,000 tons.

“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.

November/December 2006