ECONOMY

Turkey's Kordsa to buy two US companies for $100M

TURKEYS KORDSA TO BUY TWO US COMPANIES FOR $100M

Turkey's Kordsa announced Wednesday that its U.S. affiliate decided to buy Pennsylvania-based Fabric Development Inc. and California-based Textile Products Inc. for around $100 million.

Kordsa, an affiliate of conglemerate Sabanci Holding, is a leading provider of tire, construction reinforcement and composite technologies.

The deal is expected to help increase Kordsa's composite revenue by around $80 million in 2018, a statement said.

The U.S. companies supply composite materials to aerospace industry, according to the statement published on the website of Borsa Istanbul, Turkey's main stock exchange.

The deal is still subject to approval by U.S. regulators.

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