Chattanooga, Tenn.—Kordsa Inc., a player in tire, composite and construction reinforcement technologies, recently purchased a facility in Chattanooga that previously belonged to Luxembourg-based Invista Sarl Co.
With this acquisition, the company aims to maintain its leadership position in the U.S. market. Kordsa, a US subsidiary of Kordsa Global, now has the legal right over the land that previously housed both Invista and Kordsa.
The complex has more than 1 million square feet of building space, including a production facility with offices and warehousing, and 300 acres of land, Kordsa Global CEO Ali Caliskan said.
"Kordsa purchased a majority of the site assets including the powerhouse and salt preparation area in an effort to support its existing investment in the U.S. market," he added.
The Invista brand was not included in the transaction. Kordsa declined to disclose financial details.
"In line with the company's growth strategy, Kordsa acquired the Chattanooga facility of Invista," Caliskan said. "This acquisition is a clear sign of our commitment to the tire reinforcement technologies and the North America market."
As part of the purchase agreement, Kordsa offered employment to staff members with applicable skill sets, Caliskan said. He added there is a capability to hire more employees in the future because of the extended facility space.
Kordsa is the reinforcement of one out of every three automobile tires and two out of every three aircraft tires, Caliskan said. The company extended its reinforcement area from tire to composite and construction reinforcement technologies in 2014. Kordsa now operates from North America to Asia-Pacific, and said it provides reinforcement technologies on a global basis.
"One of Kordsa's main lines of business is to produce nylon used in tire cord fabric, ropes, belts and hoses," Caliskan said. "The former Invista facility used to produce raw materials that Kordsa used in its production. Now, as a result of this purchase, Kordsa can produce polymers to be used in all of its facilities around the world."
Kordsa's goal for the investment is to progress with innovative value-added technologies, Caliskan said, which includes continuously investing in customers, shareholders and employees globally.
Kordsa provides high quality service and end-to-end solutions, Caliskan said. Globally, the company has a strong footprint and is a market leader because of its technological leadership and experience on reinforcement.
"In parallel to these objectives, North America is one of the strategic markets for Kordsa. With this acquisition, Kordsa maintains its market leadership in the U.S.," Caliskan said.
"Kordsa believes this change in site ownership continues to demonstrate our commitment to the tire reinforcement industry and North American market."
Caliskan credits the company's motivation for continuous improvement and more than enough experience in the industry as the reasons why Kordsa can continue to be a leading global player of the industry.
"The company is rapidly and consistently developing in the construction and composite industries by leveraging its expertise on tire reinforcement and technology gathered since 1973," he said.
"We will continue reinforcing life with our reinforcement technologies."