The merger will help combining Kordsa’s scientific expertise and operational superiority with Axiom’s innovation in advanced composite technologies.
Axiom Materials Inc., one of the leading advanced composites manufacturing companies in the world, recently announced that it will be entering an acquisition agreement with Kordsa. The Turkey based Kordsa is a leading manufacturer of reinforcement technologies which includes single end cord, tire cord fabric, industrial nylon and polyester yarn. Kordsa is a subsidiary of Sabanci Holding, the international financial and industrial conglomerate.
The acquisition will be finalized after it fulfills all customary conditions and regulatory approvals. After the acquisition the U.S. based Axiom Materials will retain its present trade name and continue its business partnerships. According to reliable sources, Kordsa will be acquiring 96% stakes in Axiom Materials for $181 million.
For the record, Kordsa is already the technical partner and supplier of textile reinforcement technologies for Axiom Materials.
Johnny Lincoln, founder and president of Axiom Materials has been reported to say Axiom’s merging of its business interests with Kordsa is an ideal strategic move as it will help in combining Kordsa’s scientific expertise and operational superiority with Axiom’s innovation in advanced composite technologies. He added that the two companies can work together 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 acquisition of Axiom Materials is a strategically important in Kordsa’s growth tactics as it expands to pursue advanced composite technologies for aerospace and in next-generation industrial and transportation applications.
Axiom Materials previously formed a recapitalization and strategic business partnership in 2016 with Sorenson Capital. Once the acquisition by Kordsa is complete, Sorenson will exit its position.
LeGrand Lewis, managing director at Sorenson Capital has been reported to say that the acquisition by Kordsa is an important milestone for the team at Axiom Materials as well as for Johnny Lincoln and Sorenson is pleased to have played a significant role in the evolution and impressive growth of Axiom.