Kordsa Teknik Tekstil A.S. completed the acquisition of 60% stake in Microtex Composites SRL for TL 490 million.
August 04, 2022
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Kordsa Teknik Tekstil A.S. (IBSE:KORDS) agreed to acquire 60% stake in Microtex Composites SRL on April 21, 2022. The acquisition of shares is expected to be finalized in the second quarter of 2022, subject to the fulfilment of closing conditions required for Italian Golden Power approval. (Foreign Direct investments).
Kordsa Teknik Tekstil A.S. (IBSE:KORDS) completed the acquisition of 60% stake in Microtex Composites SRL for TL 490 million on August 5, 2022.
Kordsa Teknik Tekstil AS, formerly Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS, is a Turkey-based company engaged in the production of industrial nylon and polyester yarn, tire cord fabric and single end cord. It offers carcass and industrial fabrics that are used in the structure of vehicle tires; rubber and plastic materials; denier fiber, and connection fabrics. The Company also produces and markets fabrics for mechanical rubber goods and other rubber reinforcement materials; converts various types of yarns into cord fabrics, and provides nylon six, nylon 6.6 for use in tires and mechanical rubber goods, and polyethylene-terephthalate high modulus low shrinkage polyester, as well as rayon heavy decitex yarns. The Companyâs operations are divided into the following geographic segments: Europe, Middle East and Africa; North America; South America, and Asia. The Company is a subsidiary of Haci Omer Sabanci Holding AS.