Kordsa strengthens position in composites industry with reported record growth
The first half of 2022 saw a 47% increase in sales, a turnover of $599 million and $61 in net profit, guided by a recent acquisition and facility investment.
Kordsa CEO İbrahim Özgür Yıldırım. Photo Credit: Kordsa.
Kordsa (Izmut, Turkey), a company serving the tire, construction and composite reinforcement industries, announced a strong capital structure in the first half of 2022. In addition to a 47% increase in sales, Kordsa continued its sustainable growth with a turnover of $599 million (8.8 billion TL) in the first half of the year and achieved $61 million (892 million TL) in net profit. During the same period, the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) was $92 million USD (1.4 billion TL).
Recently, Kordsa has expanded its global footprint and investment in the composites industry through acquisition of the majority shares of Microtex Composites (Prato, Italy)
In addition, the company says it decided to invest a total of $9.8 million (176 million TL) to increase its polyester yarn capacity by 7,000 tons at its Izmit, Turkey, production facility in order to respond to the increasing demand in the tire reinforcement business line. With this new investment, Kordsa will further reinforce its strong position in producing new generation polyester yarn products. The line is expected to be operating in the third quarter of 2024.
“We are proud to be a global leader in our business lines with our 49 years of heritage in the industry. Accordingly, we have successfully proceeded with our plans with record growth and strategic investments in the composites industry in Europe,” Kordsa CEO İbrahim Özgür Yıldırım, says. “We have also taken initiatives for new investments to assure further growth. We continue to ‘reinforce life’ with a keen focus on sustainability and innovation.”
