Istanbul, Turkey -Â Kordsa, the Turkish tyre cord maker, intends to buy a controlling stake in competing supplier, PT Branta Mulia Tbk, based in Indonesia.
The offer is currently at letter of intent stage, but if completed, will bring Kords'a global turnover to over $1000 million (â‚¬750 million), said Kordsa's parent, Sabanci group, in a statement.
The statement continued, â€œâ€œThe Kordsa Global which wants to buy the majority shares of the Branta Mulia Tbk that has a current turnover worth USD 170 million and is one of the leading companies in the nylon, PET HMLS thread and cord fabric sector in Asia, will assume the control of the three factories including two in Indonesia and one in Thailand.â€
Mehmet Pekarun, CEO of the Kordsa Global A?, was quoted in a local newspaper saying, â€œWith this investment, we not only increased our capacities for the nylon thread and cord fabric in Asia but also are planning to own an additional production capacity as regards the PET HMLS thread and cord fabric, the demands for which are further rising each passing day. The Kordsa Global is continuing to hold meetings for further long-term cooperation in the region.â€
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Home pageof Kordsa
Company profile of Kordsa Global
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