HS Hyosung Advanced Materials Withdraws Plan to Sell Tire Steel Cord Business
HS Hyosung Advanced Materials has withdrawn its previously planned sale of the tire steel cord business.
On April 3, HS Hyosung Advanced Materials announced in a public disclosure that "there are currently no plans to proceed with additional sale procedures, and we intend to fulfill our role as a core manufacturer of steel cords."
Since the second half of last year, HS Hyosung Advanced Materials had selected Bain Capital, LLC, a foreign private equity fund (PEF) manager, as the preferred bidder and had been considering the sale of its steel cord business.
However, with global uncertainties rising recently, increased demand for a stable supply chain has led the company to maintain the business.
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The company added, "We have notified the withdrawal of the business unit sale plan after comprehensively considering future opportunities for profit generation from high value-added businesses and increased synergy with existing operations."
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