Turkey’s Kordsa to buy two US companies for $100 mln

ISTANBUL

Turkey’s Kordsa announced on Dec. 6 its U.S. affiliate decided to acquire two U.S.-based companies, which supply composite materials to the aerospace industry, in a $100 million deal.

Kordsa, an affiliate of the conglomerate Sabancı Holding, is a leading provider of tire, construction reinforcement and composite technologies.

The deal is expected to help increase Kordsa’s composite revenue by around $80 million in 2018, the company said in a statement to the Public Disclosure Platform (KAP).

The company said it aims to be a key global composite player with the acquisition of Fabric Development Inc and Textile Products Inc.

The deal is still subject to approval by U.S. and Turkish regulators and is expected to be completed in the next three months, according to the statement.