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Sabanci Holding increasing stake in Kordsa Global

According to a Turkish newspaper, Milliyet, Haci Omer Sabanci Holding AS plans to invest $110 million in BRISA (the Turkish joint venture company owned by Bridgestone and the Sabanci Group) and in tire cord manufacturer Kordsa Global. The newspaper cites the president of Sabanci’s Tire, Tire Reinforcement Materials and Automotive division, Mehmet Pekarun, as saying the division is targeting sales of four billion liras in 2011. Sales this year will total around three billion liras. BRISA may post sales of 960 million liras this year and aims for 1.2 billion liras next year, Pekarun added.

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