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MarketScreener Homepage  >  Equities  >  ISTANBUL STOCK EXCHANGE  >  Kordsa Teknik Tekstil AS    KORDS   TRAKORDS91B2

KORDSA TEKNIK TEKSTIL AS

(KORDS)
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Kordsa Teknik Tekstil : Continental and Kordsa join forces to establish a new adhesion system for textile reinforcement materials

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08/15/2017 | 04:37am EDT

Continental and Kordsa join forces to establish a new adhesion system for textile reinforcement materials

15.08.2017

  • Promising eco-friendly resorcinol- and formaldehyde-free adhesion technology
  • Continental plans application across all segments of its own tire production
  • Kordsa and Continental collaboration is a pioneering model of the tire industry
  • Free licensing concept for tire and supplier industries envisioned

Hanover, August 15, 2017. The Tire division of technology company Continental and Kordsa,
a leading international supplier of textile reinforcing materials for the tire industry, are working together on a new, sustainable adhesion system standard for bonding textile reinforcing materials to rubber based compounds. In the context of their collaboration in the development sector, the two companies have agreed to develop a technology in which the substances resorcinol and formaldehyde are replaced by more eco-friendly chemicals.

'Taking responsible action in the interests of our employees and of society as a whole forms a key component of our corporate strategy. So we are constantly seeking for new ideas to make our tire manufacturing processes as environmental friendly as possible. In Kordsa, we have found a competent development partner for adhesion systems, who can contribute their extensive knowledge in the field of resorcinol- and formaldehyde-free bonding technologies. The high quality of the collaboration between Continental and Kordsa is also reflected in the test results obtained to date, which are very promising both in the laboratory and in test tires,' said Dr. Boris Mergell who heads up worldwide research and development of passenger car tires at Continental.

'We are therefore planning the progressive introduction of this technology in the production of our tires across all segments in what is a further substantial step toward greater sustainability. Numerous suppliers are currently working on solutions of their own and the complexity of the approvals process alone for all of the unique solutions could soon become excessive. That's why our approach in this collaboration is to make the technology accessible to other suppliers and competitors, thereby laying the foundations for a new adhesion system standard,' Mergell added.

'In view of the critical fields of application, the use of resorcinol and formaldehyde represents
a major challenge to the tire industry. As 'The Reinforcer', we have been working to eliminate the use of resorcinol and formaldehyde since 2008, which is a reflection of our mission to develop better, more sustainable products for future generations. Being a keen supporter of open innovation practices, we have leveraged our deep knowledge and diverse expertise together with Continental and accomplished to make a change in the formula used in the dipping of tire cord fabrics. The final formulation is an eco-friendly alternative to resorcinol-
and formaldehyde-based adhesives widely applied for more than 80 years. Reviewing our massive investments into research in this field and the results obtained, we are absolutely convinced that, in collaboration with Continental, we can make the new technology ready for becoming the new industrial adhesion standard for textile reinforcing materials', said İbrahim Özgür Yıldırım, Chief Technology Officer at Kordsa.

Continental and Kordsa are planning to introduce a free licensing concept for the new adhesion system. The eco-friendly technology in combination with the free licensing concept enables the collaboration of Continental and Kordsa to become a pioneering model of the tire industry to further improve safety, health and the environment. Further details will be presented at Tire Expo 2018, which will take place in February in Hanover.


Kordsa Teknik Tekstil AS published this content on 15 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 August 2017 07:36:04 UTC.


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Financials
Sales 2020 4 392 M 537 M 537 M
Net income 2020 168 M 20,6 M 20,6 M
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 2 188 M 271 M 268 M
Capi. / Sales 2020 0,50x
Capi. / Sales 2021 0,40x
Nbr of Employees 4 342
Free-Float 100%
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 3
Average target price 15,03 TRY
Last Close Price 11,25 TRY
Spread / Highest target 42,2%
Spread / Average Target 33,6%
Spread / Lowest Target 28,9%
Managers
NameTitle
Ali «aliskan Chief Executive Officer
Cenk Alper Chairman
AbdŁlkadir Toplu Chief Operating Officer- North South America
Volkan Ozkan Chief Financial Officer
Devrim ÷zaydin Global Technology Director
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