#Composites
Kordsa strengthens its leadership with record growth
Kordsa, a leader in tires, construction, and composite reinforcement industries, announces a strong capital structure in the first half of the year. Kordsa continued its sustainable growth in the first six months of 2022 with a turnover of 599 million USD and a net profit of 61 million USD (892 million TL). During the same period, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) was 92 million USD (1,4 billion TL)
By setting an example in the industry through its investment in the composites industry and the technology its developed in Turkey, Kordsa expands its global footprint through the acquisition of the majority shares of Italy based Microtex Composites.
Also, the Company decided to invest a total of 9,8 million USD (176 million TL) to increase its polyester yarn capacity by 7,000 tons at its Izmit, Turkey production facility in order to respond to the increasing demand in the tire reinforcement business line. With this new investment, Kordsa will further reinforce its strong position in producing new generation polyester yarn products. The line is expected to be operating in the third quarter of 2024.
Kordsa CEO Ibrahim Özgür Yildirim, said: "We are proud to be a global leader in our business lines with our 49 years of heritage in the industry. Accordingly, we have successfully proceeded with our plans with record growth and strategic investments in the composites industry in Europe. We have also taken initiatives for new investments to assure further growth. We continue to ‘reinforce life’ with a keen focus on sustainability and innovation."
