Kordsa to buy majority stake in Italian Microtex Composites

ISTANBUL

Turkish company Kordsa has decided to acquire the majority of shares of Italy-based Microtex Composites for 24.6 million euros.

“With this investment in composite technologies, Kordsa aims to increase its product diversity; grow the number of its client sectors; and also, to expand its service range in the automotive and motorsport sectors,” Kordsa said in a statement issued to the Public Disclosure Platfrom (KAP).

Kordsa, a subsidiary of Sabancı Holding, is planning to reinforce its place within the international market and its gross sales community with international investments.

“In line with the company’s target of transformation into an advanced material company, after the organic growth investments in Turkey and inorganic growth investments in the United States, a share purchase agreement dated April 20 was signed with regard to the acquisition of Microtex Composites,” said the statement.

Kordsa CEO İbrahim Özgür Yıldırım said: “I imagine that this funding, which can increase our portfolio of works within the tremendous luxurious automotive and motor sports activities segments, will create new alternatives for the works to be developed by Kordsa in several departments aside from aviation, the place our firm is in a powerful place.”

Microtex Composites General Manager Massimiliano Becagali said that Kordsa is a leading company in composite applied sciences, each with its enterprises within the aerospace industry in the United States and with its research and devemopment facilities in Turkey.

“We’re happy with our partnership with Kordsa, which can be the world-leader in technical weaving,” he said.