CHATTANOOGA, Tenn.—Kordsa Inc., a player in tire, composite and construction reinforcement technologies, recently purchased a facility in Chattanooga that previously belonged to Luxembourg-based Invista S.a r.l. Co.
With this acquisition, the company aims to maintain its leadership position in the U.S. market. Kordsa, a U.S. subsidiary of Kordsa Global, now has the legal right over the land that previously housed both Invista and Kordsa.
The complex has more than 1 million square feet of building space, including a production facility with offices and warehousing, and 300 acres of land, Kordsa Global CEO Ali Caliskan said.
"Kordsa purchased a majority of the site assets including the powerhouse and salt preparation area in an effort to support its existing investment in the U.S. market," he added.
The Invista brand was not included in the transaction. Kordsa declined to disclose financial details.
"In line with the company's growth strategy, Kordsa acquired the Chattanooga facility of Invista," Caliskan said. "This acquisition is a clear sign of our commitment to the tire reinforcement technologies and the North America market."
As part of the purchase agreement, Kordsa offered employment to staff members with applicable skill sets, Caliskan said. He added there is a capability to hire more employees in the future because of the extended facility space.