AKRON, Ohio (AFX) - The Goodyear Tire & Rubber Company said it will sell its global tire fabric operations to Hyosung Corporation for 80 mln usd.

The tire maker said it will also sign a multi-year supply agreement with the South Korean industrial conglomerate which Goodyear expects will result in purchases of approximately 350 mln to 400 mln in the first year.

The tire fabric operations, which produce and treat fabric that is used in Goodyear's tires, include operations in the US, Brazil and Luxembourg.

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