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CORRECTED-S.Korea Hyosung wins $350 mln order from Michelin

In SEOUL story headlined "S.Korea Hyosung wins $350 mln order from Michelin", please read in second paragraph.... said in a statement its U.S. unit, Hyosung America Inc, would also acquire Michelin's tyre cord plant in Virginia.... instead of.... would make the delivery to Michelin's plant in Virginia (Correcting to make clear that the deal involving the Virginia plant relates to an acquisition, not the delivery of tyre cords.)

A corrected story follows.

SEOUL, Nov 26 (Reuters) - South Korea's Hyosung Corp said on Tuesday it had won a $350 million order from French tyre maker Michelin to supply tyre cords.

Hyosung, South Korea's largest textile company, said in a statement its U.S. unit, Hyosung America Inc, would also acquire Michelin's tyre cord plant in Virginia. The terms of the plant acquisition were not immediately clear.

The first shipment under the seven-year contract is scheduled to begin next year, a Hyosung spokesman told Reuters.

The South Korean company said in the statement it expected to increase its North American market share of tyre cords to 20 percent from the current 13 percent, while global market share would rise to 24 percent from 20 percent.

Hyosung shares surged 700 won, or 5.7 percent, to 12,900 won at 0224 GMT, while the benchmark stock index lost 0.43 percent.