Turkish tire and construction reinforcement firm Kordsa has bought the U.S.-based composite material producer Axiom Materials for $181 million.

Kordsa – a subsidiary of Turkey's leading conglomerate Sabancı Holding said in a press release yesterday that the latest move raised its potential for creating new products.

The said acquisition has paved the way for the company to be the only worldwide qualified manufacturer of Oxide-Oxide ceramic matrix composites, the statement read.

Widely used in aircraft engines, the value-added materials produced by Axiom Materials have different applications in various industries and are considered the material of the future, Kordsa said. "This acquisition, which is critical to develop Kordsa's competence in strategic and high growth areas, strengthens Kordsa's potential to develop new products," it added.

Previously, Kordsa bought another three U.S. companies

Fabric Development, Textile Products and Advanced Honeycomb Technologies - over the last two years.

"Kordsa has expanded its area of operations and competence with its 2018's acquisitions of Fabric Development, Textile Products and Advanced Honeycomb Technologies providing advanced composite materials to the aerospace industry," the statement said.

Mehmet Göçmen, Sabancı Holding CEO, said: "Kordsa, the flagship of our vision to grow in high value-added industries, is transforming into

a company capable of producing advanced material technologies with its investment of approximately $300 million in composite technologies in the last two years. Following the acquisition of four U.S.-based major companies, Kordsa built a business line with an annual gross revenue of over $150 million. With this new investment, Kordsa as the supplier of leading global companies, has now become the only worldwide qualified manufacturer of Oxide-Oxide ceramic matrix composites."

Ali Çalışkan, the CEO of Kordsa, said the company will start to reinforce plane engines after their tires, wings and bodies thanks to Axiom Materials' technology.