ISTANBUL—Kordsa Inc. has acquired Fabric Development Inc. and Textile Products Inc., both providers of advanced composite materials to the commercial aviation industry.
The firm said it invested $100 million in the deals, adding in a July 25 release that it sees this opportunity as a very important step toward reinforcing its composite market position in the U.S. The move also helps to solidify Kordsa's place in the growing aviation industry supply chain.
"Over the years, we leveraged our expertise in tire reinforcement technologies into construction reinforcement and composite technologies and expanded our lines of business," CEO Ali Caliskan said in a statement.
Kordsa has invested significantly to advance its composite technologies presence. In 2016, it opened its composite technologies center of excellence, an innovation hub that combines industry and university to provide a strong research and design presence.
Caliskan added that Kordsa hopes to become a strategic supplier of key players in the aerospace and civil aviation space, citing Boeing and Toray Composites Materials America Inc. as key customers.
The firm now operates 10 facilities in four countries and is a provider of tire, construction reinforcement and composites technologies.