ISTANBUL—Kordsa Inc., a Sabanci Holding subsidiary, is expanding its footprint in North America and increasing its reinforcement technologies through the acquisition of two advanced composite technology firms in the U.S.
The Turkish company said it was acquiring Fabric Development Inc. and Textile Products Inc. for approximately $100 million, in a bid to strengthen its position in the U.S. and to become a strong player in the commercial aviation industry supply chain.
According to Kordsa, the aviation sector is expected to grow by "at least 10 percent" annually over the next five years
Kordsa expects to complete the purchases in the first quarter of 2018, subject to U.S. government approvals.
Commenting on the acquisitions, Sabanci Holding CEO Mehmet Goecmen said the move was in line with the Sabanci's "new generation" approach, which targets advanced composite technologies as an area of future growth.