The merger will help consolidating Kordsa’s scientific expertise and operational prevalence with Axiom’s innovation in advanced composite technologies.
Axiom Materials Inc., one of the leading advanced composites manufacturing organizations on the planet, as of late declared that it will enter a securing concurrence with Kordsa. The Turkey based Kordsa is a leading manufacturer of reinforcement technologies which incorporates single end cord, tire cord fabric, industrial nylon and polyester yarn. Kordsa is an auxiliary of Sabanci Holding, the international financial and industrial conglomerate.
The obtaining will be settled after it satisfies all customary condition and regulatory approvals. After the procurement the U.S. based Axiom Materials will hold its present trade name and proceed with its business partnerships. As per reliable sources, Kordsa will obtain 96% stakes in Axiom Materials for $181 million.
For the record, Kordsa is now the technical partner and supplier of textile reinforcement technologies for Axiom Materials.
Johnny Lincoln, founder and president of Axiom Materials has been accounted for to state Axiom’s merging of its business interests with Kordsa is a perfect vital move as it will help in joining Kordsa’s scientific expertise and operational superiority with Axiom’s innovation in advanced composite innovations. He included that the two organizations can cooperate in scaling the business and pushing boundaries of advanced composite material technologies.
Ali Caliskan, CEO of Kordsa, has been quoted by sources to have said that the procurement of Axiom Materials is a deliberately essential in Kordsa’s development strategies as it extends to pursue advanced composite innovations for aviation and in next-generation industrial and transportation applications.
Axiom Materials previously framed a recapitalization and strategic business partnership in 2016 with Sorenson Capital. When the procurement by Kordsa is finished, Sorenson will leave its position.
LeGrand Lewis, managing director at Sorenson Capital has been accounted for to state that the securing by Kordsa is an important milestone for the group at Axiom Materials just as for Johnny Lincoln and Sorenson is satisfied to have played a significant role in the evolution and impressive development of Axiom.