Turkish company buys US-based composite producer

By Gokhan Ergocun

ISTANBUL (AA) - Turkish tire and construction reinforcement Kordsa has bought the U.S.-based composite material producer Axiom Materials for $181 million.

Kordsa -- a subsidiary of Turkey’s leading conglomerate Sabanci Holding -- said in a press release on Wednesday that the latest move raised its potential for creating new products.

Previously, Kordsa bought another three U.S. companies -- Fabric Development, Textile Products and Advanced Honeycomb Technologies -- over the last two years.

Ali Caliskan, the CEO of Kordsa, said the company will start to reinforce planes’ engines after their tires, wings and bodies thanks to Axiom Materials' technology.