CHARLOTTE, N.C. (Dec. 17)—Michelin North America Inc. has agreed to sell its polyester fabric treatment plant in Winnsboro, S.C., to polyester yarn and tire fabric producer KoSa B.V. and secured a multiyear supply agreement with KoSa for the site's output.
Charlotte-based KoSa is carrying out the purchase through its Arteva Specialties S.a.r.l. subsidiary. Terms were not disclosed. KoSa—formerly the polyester fibers and resins business of Hoechst A.G—has pledged to make a "major investment" in the plant and agreed to offer employment to the Winnsboro plant's 185 employees, subject to KoSa's standard hiring requirements.
With this divestment, Michelin has no captive capacity for tire fabric preparation. Michelin earlier this year scaled back operations at the 86-year-old Winnsboro factory, cutting employment to 185 from 319.