M&As: Kordsa reinforces composites business with US firm; Total buys French rPP supplier for auto market

M&As: Kordsa - Total

Turkey-based Kordsa, a subsidiary of Turkish conglomerate Sabancı Holding, has decided to purchase a 96% stake in US-based Axiom Materials Acquisition for US$175 million, excluding closing adjustments.

The American company, which is owned by Axiom Materials Holdings, provides advanced composite materials for the aerospace industry as well as the next generation transportation vehicles.

Kordsa is currently a supplier and technical partner of Axiom Materials, in the field of textile reinforcement technologies. Once the transaction is complete, Axiom Materials will continue to operate under its existing trade name and business partnerships.

Founder/President of Axiom Materials, Johnny Lincoln said, "Merging business interests with Kordsa is an ideal strategic move for our company.” He added that it would help the company to further scale the business and push the boundaries of advanced composite material technologies.

Over the last few years, Kordsa has been reinforcing its growth strategy by consolidating its market share in tyre reinforcement technologies with its composite technologies. Last year, Kordsa also acquired for US$100 million American Fabric Development Inc. (FDI) and Textile Products Inc. (TDI), two strategic suppliers of the world's leading aerospace and civil aviation firms like Boeing and Toray Composites.

In other news, French oil/petchem giant Total has acquired Synova, a French manufacturer of high-performance recycled polypropylene (rPP) for the automotive sector.

Synova produces 20,000 tonnes/year of PP that is said to meet the “highest quality standards of original equipment manufacturers and automakers from recycled plastics”.

Combining Synova’s recycling expertise and Total’s polymers know-how will increase the supply of rPP for automotive applications that deliver the same performance as virgin polymers, said Total.

“By contributing to the lighter weight of vehicles, plastics improve their energy efficiency and reduce CO2 emissions. Producing them from recycled materials will also meet the challenge of managing their end of life,” explained Bernard Pinatel, President Refining & Chemicals, Total. “The acquisition of Synova is a concrete proof of our commitment to developing plastic recycling. It reinforces the activities we already carry out in recycling and contributes to Total’s ambition to be the responsible energy major.”

Total is a founding member of the Alliance to End Plastic Waste, which brings together nearly 30 companies from across the plastics and consumer goods value chain. They are committed over US$1 billion with the goal of investing US$1.5 billion over the next five years to help end plastic waste pollution in the environment, particularly in the oceans.

The Group is working on all types of recycling in order to emerge high-performance recycled polymers.

For example, Total produces Circular PP and PE compounds, containing at least 50% recycled materials and offering the same properties as virgin polymers.

Total is also associated with Citeo, Saint-Gobain and Syndifrais in a project aiming at the emergence of a PS recycling system in France by 2020. The feasibility of a large-scale production will be validated at its industrial sites in Carling (France) and Feluy (Belgium).

In addition, Total has a joint venture, Total Corbion PLA, that owns in Thailand a plant with a capacity of 75,000 tonnes per year of PLA, a 100% biobased, recyclable and biodegradable bioplastic.


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