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 its U.S. unit Hyosung America Inc would make the delivery to Michelin's plant in Virginia.
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 a 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.