FOR IMMEDIATE RELEASE
April 25, 2003

Ellen Qualls
www.governor.state.va.us


Roger Hutchins
Hyosung America Inc.
(434)286-1805
Jill Vaughan
VEDP
(804) 371-0049
VIRGINIA’S RETRAINING INITIATIVE SAVES 100 JOBS
-Governor Warner announces Hyosung’s $7 million investment in Albemarle County-


RICHMOND - Governor Mark R. Warner today announced that Hyosung America Inc. will invest $7 million in Albemarle County. Hyosung America has acquired the former Michelin tire plant at 800 Bird Street in Scottsville, saving over 100 jobs for Virginia. The company plans to make substantial investments in the facility’s existing tire cord production process. Virginia successfully competed with Alabama and Georgia for the project.

“I am pleased this Korean company has chosen to invest in Virginia,” said Governor Warner. “The company will benefit from the state’s innovative Retraining Initiative, which will assist Hyosung retrain its existing workforce.”

Hyosung is the world’s largest supplier of polyester tire cord and is a fully integrated supplier of tire reinforcement products including polyester, nylon and steel cord. The acquisition of the Albemarle County site is part of an ongoing objective to globalize the company’s capabilities and customer base.

“We are very pleased to be in Virginia,” said Roger Hutchins, Hyosung America Plant Manager. “The state and local agencies have done an outstanding job assisting us and supporting our initiatives. We look forward to a bright future doing business in the Commonwealth of Virginia.”

The Virginia Economic Development Partnership, the Thomas Jefferson Partnership for Economic Development and Albemarle County assisted Hyosung America Inc. with its decision. The Virginia Department of Business Assistance will provide retraining services.

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

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