Kordsa completes acquisition of FDI and TPI
Kordsa has announced the completed acquisition of Fabric Development Inc. and Textile Products Inc., which provide advanced composite materials to the commercial aviation industry.
Reinforcement technologies company Kordsa (Istanbul, Turkey), after expanding its lines of business to composite technologies in 2016, entered into a definitive purchase agreement to acquire Fabric Development Inc. (FDI, Quakertown, PA, US) and Textile Products Inc. (TPI, Anaheim, CA, US), which provide advanced composite materials to the commercial aviation industry, with an investment of approximately USD 100 million. Kordsa announced July 27 the completion of this acquisition.
With these acquisitions Kordsa continues its organic growth with R&D and technology investments while seeking for inorganic growth opportunities in composite business globally.
Kordsa CEO Ali Çalışkan says, "This new step will ensure us to be a strategic supplier of key players in aerospace and civil aviation, particularly Boeing and Toray Composites Materials America Inc. With this acquisition, we also aim to strengthen our strong global leadership in reinforcement technologies. We used to reinforce the tires of the aircrafts, now we are honored to say that we will also reinforce the wings and hulls of the aircrafts with our composite technologies, as well as the landing tracks of those aircrafts with our construction reinforcement technologies."
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