CHARLOTTE, N.C. (Nov. 30)—Turkey's Sabanci Group is acquiring 100-percent control of the Sakosa polyester tire cord venture in Izmit, Turkey, it operated for the past four years as a 50-50 joint venture with KoSa. Sabanci will acquire KoSa's 50-percent stake in the plant in the "near future" for an undisclosed amount. KoSa—previously Hoechst Celanese industrial fibers—will continue to provide Sakosa with technology for the high modulus, low shrinkage polyester yarn produced in Izmit and will maintain a marketing relationship with Sakosa. The plant, which opened in late 1999, represents an investment of $100 million by the partners. Annual capacity was increased last year to 14,000 metric tons of HMLS polyester yarn and 12,000 tons of dipped fabric. Sakosa operates in Sabanci's integrated tire and tire supply complex in Izmit. The site includes the Brisa tire joint venture with Bridgestone Corp., the DuSa nylon tire cord joint venture with DuPont Co., the BekSa steel cord venture with Bekaert S.A., as well as Kordsa, a wholly owned tire cord fabric processor.
Sabanci Group to buyout KoSa stake in Sakosa JV
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].