19 February 2019
19 February 2019
Kordsa expands its reinforcement areas with its strategic investments and game-changer technologies.
In 2018, the reinforcement leader bolstered its position among the key suppliers of the growing aerospace industry with the acquisition of Fabric Development, Textile Products and Advanced Honeycomb Technologies. Following these growth moves, Kordsa has signed a definitive agreement to acquire approximately 96% share of Axiom Materials, total enterprise value of USD 181 million, which provides advanced composite for aerospace and industrial applications.
Kordsa expanded its reinforcement areas and competencies with the acquisition of Fabric Development, Textile Products and Advanced Honeycomb Technologies that supply advanced composite materials for the aerospace industry. In its continuous effort to support its organic growth with inorganic growth opportunities, the reinforcement leader has signed a definitive agreement to acquire approximately 96% share of US-based Axiom Materials that has total enterprise value of USD 181 million. Axiom Materials provides advanced composites for aerospace and industrial applications, while reshaping the composite industry with its R&D activities. The consummation of the acquisition is subject to customary closing conditions, including certain US government approvals.
Kordsa Chairman, Cenk Alper said in relation to the investment, “We continue our growth moves in the composite technologies that we entered with our first investment in 2013. We realised Composite Technologies Centre of Excellence investment in 2016. As part of our inorganic growth targets, following the acquisition of three composite firms in 2018, we have taken the necessary steps to acquire yet another composite company based in the US. In order to leave behind long approval processes in aircraft parts and space vehicles, we set out to acquire Axiom Materials, an approved supplier for aerospace industry. With this acquisition, we will lead the advanced composite technologies for the next generation industrial and transportation applications, as well as the aerospace industry.”
Kordsa CEO Ali Çalışkan stated the following about the investment, “As Kordsa, we touch and reinforce every corner of life. We take firm steps toward our goal to build a second Kordsa, and with each passing day, we expand our competencies. While reinforcing two out of every three aircraft tires and one out of every three automobile tires with our tire reinforcement technologies, thanks to our recent investments in composites, now we also reinforce the interiors, fuselages, wings and engines of these aircraft. As another solid step to build a second Kordsa, we have signed a definitive agreement to acquire the US-based Axiom Materials, which will give us an opportunity to lead the advanced composites industry for aerospace. Thus, we will keep and fulfill our promise ‘Inspired from life, we reinforce life’, with broader and deeper competencies in a wider geography."
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