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30.11.2001
KOSA AND SABANCI ANNOUNCE RESTRUCTURING OF SAKOSA JOINT VENTURE
KoSa and Sabanci today announced they will restructure their SAKOSA Tire Cord joint venture in Izmit, Turkey. Sabanci will take 100 percent ownership of the company, increasing its stake from the current level of 50 percent. The transaction is scheduled to close in the near future and is subject to both parties obtaining the required government approvals.
KoSa will maintain the role of HMLS technology provider and will keep a marketing relationship with SAKOSA. Operations will not be interrupted and the transition will be transparent to all of SAKOSA’s customers.
Both parties continue their strong commitment to the Tire industry and see the new relationship as a way to improve service to customers, supply world-class HMLS technology, and improve operations in Izmit. SAKOSA continues to play an integral role in both parties’ strategies, and is the most modern site for HMLS reinforcement production in the world.
"Our relationship with Sabanci now will take a different form which we believe will contribute towards the future success of SAKOSA,” said George Gregory, KoSa chief executive officer.
“Sabanci has many years of experience in the tire reinforcement industry and we are committed to the success of this business through an advanced technology relationship with KoSa and a strong commitment to our customers,” said Güler Sabanci, president, Tire and Reinforcement Materials Group, Sabanci.
SAKOSA is now fully operational, producing world-class 792/793 HMLS polyester tire reinforcement for use at most global and regional tire makers. It is the most modern site of its kind and is fully integrated to transform polymer to treated fabric at one location.
About KoSa
KoSa is a leading, global producer of commodity and specialty polyester fibers, polymers, and intermediates. The company employs approximately 8,000 people worldwide.
About Sabanci
The Sabanci Group is a leading industrial and financial conglomerate of Turkey with combined revenues of U.S. $10 billion. The group employs approximately 30,000 people and operates in such diverse businesses as tire and tire reinforcement materials, banking, insurance, textiles, chemicals, automotive, cement, food and retail. The group has grown both through expansion of existing businesses and by the formation of 50/50 join ventures with multinationals such as DuPont, Bridgestone, Philip Morris, Danone, Bekaert, CBR, Carrefour and International Paper.
KoSa will maintain the role of HMLS technology provider and will keep a marketing relationship with SAKOSA. Operations will not be interrupted and the transition will be transparent to all of SAKOSA’s customers.
Both parties continue their strong commitment to the Tire industry and see the new relationship as a way to improve service to customers, supply world-class HMLS technology, and improve operations in Izmit. SAKOSA continues to play an integral role in both parties’ strategies, and is the most modern site for HMLS reinforcement production in the world.
"Our relationship with Sabanci now will take a different form which we believe will contribute towards the future success of SAKOSA,” said George Gregory, KoSa chief executive officer.
“Sabanci has many years of experience in the tire reinforcement industry and we are committed to the success of this business through an advanced technology relationship with KoSa and a strong commitment to our customers,” said Güler Sabanci, president, Tire and Reinforcement Materials Group, Sabanci.
SAKOSA is now fully operational, producing world-class 792/793 HMLS polyester tire reinforcement for use at most global and regional tire makers. It is the most modern site of its kind and is fully integrated to transform polymer to treated fabric at one location.
About KoSa
KoSa is a leading, global producer of commodity and specialty polyester fibers, polymers, and intermediates. The company employs approximately 8,000 people worldwide.
About Sabanci
The Sabanci Group is a leading industrial and financial conglomerate of Turkey with combined revenues of U.S. $10 billion. The group employs approximately 30,000 people and operates in such diverse businesses as tire and tire reinforcement materials, banking, insurance, textiles, chemicals, automotive, cement, food and retail. The group has grown both through expansion of existing businesses and by the formation of 50/50 join ventures with multinationals such as DuPont, Bridgestone, Philip Morris, Danone, Bekaert, CBR, Carrefour and International Paper.
