Photo Credit: Getty ImagesKordsa
(Izmut, Turkey), a subsidiary of SabancÄ± Holding and a global company in the tire and construction reinforcement and composite technologies markets, announced that its 2022 third quarter results reflect sustained strong business momentum with new investments, collaborations, awards and a strong capital structure. Continuing its steady growth in the first nine months of 2022, the company's turnover was $885 million (13.8 billion TL) and its net profit $82 million (1.3 billion TL). During the same period, its earnings before interest, taxes, depreciation and amortization (EBITDA) was $118 million (1.8 billion TL). (See the company’s first-half 2022 results, “Kordsa strengthens position in composites industry with reported record growth
Kordsa, an advanced materials companies, acquired majority shares of Italian Microtex Composites (Prato, Italy) in August 2022 in line with its strategic growth plans. After four acquisitions in the U.S. in previous years, Kordsa says it further expanded its global composites footprint with this investment in Europe by adding the super luxury automotive and motorsports industries to its wide customer portfolio.
The company also continues to support the circular economy, placing sustainability at the center of its operations. Based on this initiative, and within the scope of the WhiteCycle project — supported by the European Union and initiated with 16 partners — Kordsa will recycle products containing waste such as end-of-life tires, and produce new yarn and reinforcement materials. Co-founded by Michelin (Clermont-Ferrand, France), Kordsa, Carbios (France) and coordinated by Michelin, the project is expected to recycle more than two million tons of PET annually and avoid the landfilling or incineration of more than 1.8 million tons of plastic each year as of 2030.Read: The Kordsa strategy
Moreover, Kordsa reports the acceleration of its production line investments abroad and in Türkiye in this year’s third quarter. With a $7 million investment in its Izmit production facility, Kordsa decided to increase its capacity with an additional line in the production of single end cord used in high-performance tires. It also took action to invest an additional $5 million to produce Kratos’ polypropylene (PP) monofilament fiber synthetic reinforcement. In addition, Kordsa invested $20 million to expand its tire cord dipping line at its U.S. facilities to meet increasing customer demand.
“In the first nine months of 2022, we achieved strong financial results and high profitability with our strategic investments and collaborations,” Kordsa CEO Ä°brahim Özgür YÄ±ldÄ±rÄ±m emphasizes. “Beyond that, we reinforce our position as an advanced material technologies company and increase the value we offer to our stakeholders day by day. We are moving forward resolutely in line with our vision ‘We reinforce life with passion.’”