Kordsa Adds Two New Investments Worth $12 Million to Its Plans

Following an investment decision of USD 9.8 million announced in the second quarter of the year, Kordsa has added two additional new investments valued at USD 12 million to its plans. ISTANBUL (AA) - Kordsa, which operates in the tire, composite and construction reinforcement sectors, has made two new investment decisions totaling USD 12 million. With an investment of USD 7 million, the company will increase its capacity with an additional line in tekkord finishing production used in high-performance tires. At the same time, Kratos, its brand operating in the construction reinforcement business, will make an additional investment of USD 5 million for polypropylene monofilament fiber synthetic reinforcement production. Under the Tekkord Finishing Line Expansion project launched in Turkey in the third quarter of 2022, the second tekkord finishing unit for which Kordsa made an investment decision will play an important role in meeting the automotive industry's innovative raw material needs. Kordsa, which produces special quality yarn for the Tekkord product, plans to put this investment into operation in the first quarter of 2024. The polypropylene monofilament synthetic fiber reinforcement line that Kordsa commissioned at its Izmit facility in the construction reinforcement field has continued uninterrupted production since 2018. In line with its growth strategies in the construction reinforcement sector, the company has decided to invest USD 5 million in a new line that will double production capacity at the said facility to maintain its market leadership in Turkey and take advantage of opportunities in export markets. Kordsa plans to put this investment at its Izmit facilities into operation in the first quarter of 2024. In the second quarter of this year, Kordsa had made an investment decision of 7,000 tons of polyester yarn for its Izmit production facility. Following the total investment planned at USD 9.8 million, the company will move its next-generation polyester yarn production to a stronger position along with the new line investment. The line is planned to be commissioned in the third quarter of 2024. Kordsa Chief Executive Officer (CEO) İbrahim Özgür Yıldırım stated that as an advanced materials company, Kordsa ranks among the most important players in the market with its superior technology in each of the polymer and yarn production, twisting, weaving and finishing production stages in the tire reinforcement sector, its global footprint and broad product portfolio.

Yıldırım continued as follows:

'In the same way, in line with our growth strategies in the construction reinforcement sector, we continue our investments to maintain our market leadership in Turkey and worldwide and to take advantage of opportunities in export markets.' Pointing out that their main objective is to grow by 'creating value' for customers, Yıldırım stated, 'For this reason, we are working on high-performance, value-added products. In line with our vision of reinforcing every aspect of life, we will continue our sustainable growth with investments that contribute to the country's economy.'     Source (AA)