Kordsa Investor Presentation

May, 2019
Disclaimer
The information and opinions contained in this
document have been compiled by KORDSA Teknik
Tekstil Anonim Şirketi (the “Company”) from sources
believed to be reliable and in good faith, but no
representation or warranty, expressed or implied, is
made as to their accuracy, completeness or
correctness. No undue reliance may be placed for any
purposes whatsoever on the information contained in
this presentation or on its completeness, accuracy or
fairness. This document may contain forward-looking
statements by using such words as "may", "will",
"expect", "believe", "plan" and other similar
terminology that reflect the Company management’s
current views, expectations, assumptions and
forecasts with respect to certain future events. As the
actual performance of the companies may be affected
by risks and uncertainties, all opinions, information
and estimates contained in this document constitute
the Company’s current judgment and are subject to
change, update, amend, supplement or otherwise
alter without notice. Although it is believed that the
information and analysis are correct and expectations
reflected in this document are reasonable, they may
be affected by a variety of variables and changes in
underlying assumptions that could cause actual
results to differ materially.
External
The Company does not undertake any obligation, and
disclaims any duty to update or revise any forward
looking statements, whether as a result of new
information or future events. Neither this document nor
the information contained within can construe any
investment advice, invitation or an offer to buy or sell the
Company and/or Its group companies’ shares. The
Company cannot guarantee that the securities described
in this document constitute a suitable investment for all
investors and nothing shall be taken as an inducement to
any person to invest in or otherwise deal with any shares
of the Company and its group companies. The
information contained in this document is published for
the assistance of recipients, but is not to be relied upon
as authoritative or taken in substitution for the exercise
of judgment by any recipient. You must not distribute the
information in this document to, or cause it to be used
by, any person or entity in a place where its distribution
or use would be unlawful. Neither the Company, its board
of directors, directors, managers, nor any of Its
employees shall have any liability whatsoever for any
direct or consequential loss arising from any use of this
document or its contents.
2
Global Footprint

770 patent applications

4 continents ~4,500 2 R&D 178 patents
11 facilities* employees Centers 182 inventions

WE REINFORCE LIFE
* Axiom Materials Acquisition LLC excluded due to the acquisition process continues

External 3
Milestones

Second R&D
Center
Brezilya @Composite
Global Start up of GPTW Technology Started the
Merging The Best AS9100 acquisition
Technology Indonesia Export 2 years Center of
Acqusitions Reinforcer expansion R&D RevD of Axiom
Centre in Izmit Center Champion in a row Excellence
Certified

1973 - 2005 2006 2008 2010 2014 2015 2016 2017-2018 2019

Kordsa Growth in Member of the Commercialisation Innovation Sustainability Composite Fortune 100 Fastest- Growth in
Asia; Indonesia, TURQUALITY of Kratos Strategy Report Technology Global 100 Growing Composite
Thailand, China Global Brand Champion received 2 Center of Companies Sector,
Programme Gold Awards Excellence in Indonesia Finalized the
from LACP in 2016-2017 Acquisition
of FDI & TPI
& AHT

External 4
Strategy House

Pillar Initiatives

•Competitive Cost
•Product and Service Quality
Leadership
•Lean and Agile Processes and
Teams
•Reinforcements for
•Profitable Growth for Tire
Composites Industry
Industry
•Reinforcements for
•New Products for High Construction Industry
Performing Tires
•Fibers for Alternative/ Adjacent
Industries

Foundations

Our Values

Continuous Global Continuous

SHE Ethics Courage Passion
Improvement Collaboration Improvement

External 5
Kordsa in Brief
Tire cord fabrics (“TCF”)
• Nylon and polyester based
tire reinforcement fibers
and fabrics for radial and
Description bias tires
• Global #1 by revenue/ #2
by capacity @ NY66 TCF
• Global #2 by revenue / #3
by capacity @PET TCF
End markets
Selected
end-market
participants
External
Next generation fabrics Composite Construction
• Textile reinforcement • Carbon fiber, aramid, • Macro and micro fibers for
materials for green tires hybrid fabrics, and pre- concrete reinforcement
• High performance pregs
Monofilaments • Production technologies
• Green Products with for composite materials
Resorcinol Formaldehyde • High value added
Free Dipping thermoplastic and
• Highly engineered hybrid thermoset resins
cords with superior
properties
6
Must Win Battles

a. Continue TPM implementation at every site for zero

1. incident, zero defect, zero downtime
Operational b. High capacity utilization and/or optimisation at all
Excellence entities
c. Local Talent Development for cost and productivity

2. d. Focus on high value added segments

e. Investing for smart plant, deployment of Industry 4.0
Profitable
Growth in developments to support growth - future plant concept
Tire Industry f. Continuous Renewal of Product Portfolio – new product
revenue and increase approval base

3. g. Ramp up Composite Reinforcement Business and

Profitable complete inorganic growth

Growth in h. Ramp up Construction Reinforcement Business - PP line
Adjacent start up and global collaboration/ partnership
Industries i. Find out Alternative end uses for NY6.6

Focus on tire industry for profitable growth, selectively grow adjacencies

External 7
Overview of The Tire Cord Fabric Value Chain

Raw materials Manufacturing Process Products

Kordsa Products

NY66 and
Polymerisation PET HMLS
Spinning
Yarns

Oil Derivative

Twisting
Ingredients

For NY66 yarns:

• Hexamethylenediamine
(HMD)
• Adipic Acid
• NY66 Salt
• NY66 Flake • A tire is a highly complex composite with approx. 40
Dipped Greige
Dipping Weaving components working under dynamic conditions
For Polyester HMLS Fabric Fabric
• NY66 typically used in cap plies
yarns: • PET typically used in radial plies
• PET Chip • Approx 7-10% cost of a tire is Tire Cord Fabric

Twisting

Ko rd s a f ab ric s are d e v e l o p e d f o r s p e c i f ic re q u i re m e nts an d are c u s t om m ad e

External 8
Market Dynamics – Tire Cord Fabric
Glo b al A u t o mo tiv e M ark e t
Global LV Assembly – M Units / Year 2017-2021E CAGR: +2,6%

3.6 3.8 4.0 • AP Exc. China: +0.5% Highest growing region

3.4 3.5 17.6
17.0 17.1 17.1 17.3 because of slowing other regions
27.2
• China: +1.9% Effected by tariff wars
26.6
24.8 24.7 25.8
• EMEA: +0.4%
• NA: 0.5% Crossover segment demand is strong
29.7 31.2
26.6 27.1 28.4 • SA: +1.4% Expected market recovery was not
utilized in 2018 as a result of economic
22.7 23.3 23.4 23.9 24.6
developments, slow trend to continue in 2019
2018 2019E 2020F 2021F 2022F
APAC (excl. China) China EMEA North America South America
Source: PWC Autofacts

Glo b al T i re M ark e t
Global LV Tire Production– M Units / Year 2017-2023E CAGR: +2,6%

68.5 71.6
60.8 62.7 65.8
224.8 226.5 • AP Exc. China: +2.6%
222.9
208.3 217.2 • China: +3.4% (tariff war effect)
436.9 443.2 452.6 459.2 • EMEA: +1.7% (miles driven decreased in EU
429.3
with high oil prices)
• NA: +2.1% (mainly replacement effect)
559.3 584.4
511.5 518.1 538.3 • SA: +4.2%

499.6 508.1 521.6 535.7 552.7

2018 2019E 2020F 2021F 2022F

APAC (excl. China) China EMEA North America South America
Source: LMC Tyre Forecast

External 9
Market Dynamics – Tire Cord Fabric
T ire R e in f o rc e me nt M ark e t ( N Y 6 . 6)
kton ‘17-’21 CAGR: 2.5%
Supply Demand

508.0 525.0
481.0 492.0
479.0 Nylon 6.6
394.0 404.0
375.0 384.0
366.0

• High capacity utilization rates

• Increasing demand for another market,
Engineering Plastics
2018 2019E 2020F 2021F 2022F • Switching to NY6
Source: Company Estimates

T ire R e in f o rc e me nt M ark e t ( P ET )
kton ‘17-’21 CAGR: 3.5%
Supply Demand

836.0 843.0 854.9

828.0
792.0 PET HMLS
738.1
713.0
689.0
643.0 665.0

• Consolidation by Indorama (acquiring PF Kaiping,

Glanzstoff, Durafiber)
• Increasing PET usage in Tire

2018 2019E 2020F 2021F 2021F

Source: Company Estimates

External 10
RM Price Drivers – Tire Cord Fabric
N Y R aw M at e ri al T re n d ( I n d e x e d )

Benzene Propylene Butadiene Crude Oil

Dollars per ton

Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20

Source: Company Estimates

External 11
RM Price Drivers – Tire Cord Fabric
P ET F e e d s t ock A s i a
MEG Asia Contract ($/mt) Crude Oil WTI US$ per Barrel Px Asia Contract ($/mt) PTA Asia Contract ($/mt)
• Crude oil WTI (based on IHS) price is the major driver
120
for PET price,
100 • MEG prices decrease in 2019 due to new capacity
becoming online,
80
• 2020 and onwards still not clear from crude oil side
60 due to IMO regulations, OPEC supplies, USA sanctions,
40
etc,
• PTE & MEG are expected to remain tight in 2019.
20

0
2013-01
2013-03
2013-05
2013-07
2013-09
2013-11
2014-01
2014-03
2014-05
2014-07
2014-09
2014-11
2015-01
2015-03
2015-05
2015-07
2015-09
2015-11
2016-01
2016-03
2016-05
2016-07
2016-09
2016-11
2017-01
2017-03
2017-05
2017-07
2017-09
2017-11
2018-01
2018-03
2018-05
2018-07
2018-09
2018-11
2019-01
2019-03
2019-05
2019-07
2019-09
2019-11
2020-01
2020-03
2020-05
2020-07
2020-09
2020-11
Source: IHS Markit

P ET F e e d s t ock We s t Eu ro p e
Px Europe Contract (€/mt) Crude Oil WTI US$ per Barrel MEG Europe Contract (€/mt) PTA Europe Contract (€/mt)
• Crude oil price is the major driver for PET price,
120
• Europe PET chip feedstock prices tend to follow Asian
100 market prices,
80
• PTA in Europe has also been affected by BP Geel & PK
Orlen’s recent FMs in 2019
60

40

20

0
2013-01
2013-04
2013-07
2013-10
2014-01
2014-04
2014-07
2014-10
2015-01
2015-04
2015-07
2015-10
2016-01
2016-04
2016-07
2016-10
2017-01
2017-04
2017-07
2017-10
2018-01
2018-04
2018-07
2018-10
2019-01
2019-04
2019-07
2019-10
2020-01
2020-04
2020-07
2020-10

Source: IHS Markit

External 12
Further Growth Opportunities: Composite
M i d - t erm o p p o rtun ity: c o m p o sites rein f o rc ement

Cu rre n t s t at us Buy & Build

• Composite Technologies Center of Excellence opened in 2016 (~30
MM$ investment)
• Ongoing development programs & joint projects with aerospace &
automotive customers and major universities in both Turkey and
Europe.
• Our target markets are Aviation, Automotive, Maritime and also
Rail Systems
• Finalized acquiring FDI & TPI in the US in 16th July, 2018; AHT in
October 1, 2018
• The approval process of the acquision of Axiom Materials
continues
• Potential M&A targets are always under consideration

External 13
 Overview of The Composites Value Chain

Raw materials Intermediates Composite Parts

Precursors & Fibers: Weaving

• PAN Precursor
• Carbon Fiber
• Aramide
• Glass Fiber
• ...

Resins:
• Phenolic Prepregging
• Epoxy
• Cyanate ester

• Composites use in aerospace & automotive is increasing,

due to improved material properties and weight savings
over conventional materials
• «Lightweighting» is a major theme, driven by emission
regulations as well as fuel-efficiency needs
Twisting

Ko rd s a f ab ric s an d p re p re g s o f f e r c u t t in g e d g e s o l u tion s f o r ae ro s p ac e & au t o moti ve m ark e t s

External 14
Market Dynamics – Composite

4.0% 2017 CFRP Market

6.0%

9.0%
60%
CFRP
Carbon
13.0% Ceramic
Metal
Hybrid & Others 27%
68.0%

13%

Carbon Composites Market (2017)*

19.2 B$ -----> 38.6 B$ Aerospace Automotive Other

* AVK Composites Market Report - 2017

External 15
Market Dynamics – Composite
Advanced Composite Market **
3.5 B$ -----> 5.6 B$ Aerospace Automotive Other
CAGR: 8.0%
58.30%
54.10%

33.40%
27.00%

14.70%
12.50%

2017 2023*
Aerospace Automotive Other
Prepreg Market **
72.20% 73.80% 4.5 B$ -----> 6.3 B$
CAGR: 5.6%

22.10% 20.60%

5.70% 5.60%

2017 2023*

* Extrapolated values for 2023

External 16
Kordsa Investment Highlights

1 Market leadership based on longstanding strategic partner status with all global tire players

2 Global footprint with large presence at growing regions

3 Volume growth supported by favourable OE and replacement tire demand

4 Technology leadership at the cutting edge of reinforcement

Growth opportunities from new tire reinforcement products and adjacent

5 construction and composites reinforcement sectors

6 Strong cash generation and dividend payout

7 Experienced management team with proven track record

External 17
Kordsa in Brief
Ke y F i n an ci als
Million TL Million USD

2018 1Q 2019 1Q 2018 1Q 2019 1Q

Sales 713 1.265 187 236

Gross profit 150 257 39 48
Gross profit margin 21.1% 20.3% 21.1% 20.3%
EBITDA* (a) 120 197 31 37
EBITDA* margin (a) 16.8% 15.6% 16.8% 15.6%
OPEX margin 8.4% 8.1% 8.4% 8.1%
Net income 71 111 19 21
Effective Tax Rate 16.7% 21.0% 16.7% 21.0%
WC Turnover 3.25 3.48 3.25 3.48
CAPEX 46 39 12 7
Net Debt/EBITDA 2 0 11.90
8 Gu i d an c e1.94 1.77 1.80
Dep./Amort. 29 43 7 8

(a) EBITDA* = Gross Profit – OPEX + Depreciation/Amortization

External 18 18
Market Leadership Based on Longstanding Strategic
Partner Status with All Global Tire Players
Nature of customer relationship as key barrier to entry Leading market shares

Length of Typical length of Co-development

relationship approval period(a) projects
Other
%17
Global Tire
Player 1
Since 1986 ~ 5 years  D
%4
A
NY66 HDI %32
C Market
Global Tire %11
Player 2
Since 1995 ~ 5 years  Share 2018
B
%8 Kordsa
Global Tire %28
Player 3
Since 1973 ~ 3 years 

Global Tire Other

Player 4
Since 1985 ~ 2 years  %22
A
PET HMLS %31
Global Tire
Player 5
Since 1973 ~ 3 years  D Market
%8 Share 2018
Kordsa
C %11
Global Tire
Player 6
Since 1987 ~ 2 years  %10 B
%17
(a) For a new supplier Source: Company Estimate

S t ro n g b arri e rs t o e n t ry f o r n e w c o m e rs

External 19
Capitalize on Global Footprint and Entrenched
Supplier Status with All Key Tire Manufacturers -
Segmental Progress
Global Players Regional Players Emerging Players Others

21% 18% 22% 22%

23%

4% 6%
5% 4% 5%
9% 11% 8% 7% 7%

66% 65% 64% 66% 66%

2016 2017 2018 1Q'18 1Q'19

External 20
Global Footprint – Regional Breakdown of Revenues
2016 2017 2018 2018 1Q 2019 1Q
39%
36% 37% 37%
31% 32% 31% 32% 31% 29%
26%
18% 17% 19% 19%
15% 14% 13%
13% 11%

EMEA NA SA APAC

TURKEY
Headquarters Istanbul, Factory Izmit, Technology Center Izmit

Tire (NY6.6, PET, SEC, TCF), Composite, Construction

Regional
footprint
versus key
competitors

USA
KordsaInc. Laurel Hill N.C. Chattanoogo, TN. USA
Fabric Development Inc., PA; Textile Products Inc., CA
Advanced Honeycomb Technologies; CA
Tire (NY6.6, TCF), Composite
THAILAND
Thai Indo Kordsa Co. Ltd. Ayutthaya, Thailan

Tire (TCF)
BRAZIL INDONESIA
Kordsa Brazil Salvador De Bahia, Brazil Pt Indo Kordsa Tbk. Jakarta, Indonesia
Tire (PET, SEC, TCF) Tire (NY6.6, PET TCF)

Kordsa • #1 NY TCF producer • #1 NY TCF • The only PET yarn, TCF and • #2 NY TCF producer
market producer in the US SEC producer in LATAM • #2 PET TCF producer
• #1 PET TCF producer
position

Confidential 21
Well – Positioned to Enable Volume Growth
Co m m e n ts Light Vehicle Tire manufacturing market evolution

SA SA
%6 %4
• Fabric form contributes the highest value add NA
• Disciplined approach to optimizing footprint NA
APAC
%13
%21
• 2015 investment in Indonesia has increased polyester tire %41
APAC
2005 2018
cord fabric capacity by 18 ktons EMEA
%59
EMEA
• Enables regional growth in technology-advantaged PET %32 %25

segment with global and emerging customers

• Further investment in PET HMLS for new generation yarns
• In TR for 6-6.5 ktons – due for completion in 1H 2019.
• In Indo for 6,5 ktons – completed in Jan-2018.

Ko rd s a v o lu m e d e v e l o p me n t(a) Kordsa regional capacity development

2006 2015 2016 2017 2018 SA

%9
APAC
SA
(2006 indexed to 100)

%19 NA
%20
%21
Volume sold

APAC
2005 EMEA 2018 %32
NA
%33
%28 EMEA
%38

156 165
139 146

100

(a) Volume development adjusted for divested volumes

External 22
Technology Leadership at The Cutting Edge
of Reinforcement
S t ro n g f o c u s o n R& D Cu t t i ng e d g e n e w p ro d u c ts
Rolling resistance improvements through
higher modulus for high performance tires
Sales from new products

Protection layer for truck &

bus tires; reduces tire weight
(US$m)

64
52
41 42 45
T802 7% higher tenacity and better fatigue
performance for aircraft tires (bias)

4G PET 10% higher dimensional stability for better

2014 2015 2016 2017 2018
tire performance (improved labeling)

S e le c t e d c o l l ab oration s( a) L e ad e rs h i p i n I n n o v ation an d T e c h n o log y ”

• Kordsa will launch on the free licensing process of

Rf-Free enviromentally friendly formula, striving to make
it the new standard instead of the 80-year old
formula.
• According to the patent research database, Kordsa
Top 10 is among the top 10 companies in the world with
the number of patents issued in industrial textiles
as of 2018.
• Kordsa’s 2016 Sustainability Report received
1 Platinium Award in 2018 Inspire Awards by LACP
(a) includes both, universities as well as individual academics from the names institutions
and ranked 21st among top 100 companies
• Listed in BIST Sustainability Index for the third
consecutive year

Confidential 23
Well-Positioned for Strong Cash Generation and Dividends
Co s t d e v e l o p me nt ( U S $ ) • Demonstrates value-based pricing model
• Ability to pass through raw material price
Cost per ton (indexed)

volatility:
100
93 (Revenue – raw material costs) tracked as a KPI by
92
91
91
90
88
sales team
90
91
84
• Conversion costs as a key metric for management
87 88
KPIs (main components are personnel expenses
78 and energy costs)
2014 2015 2016 2017 2018
TCF NY Yarn PET Yarn
Other
Distribution %10
Total fixed cost

100
(indexed)

& Packaging
89
85
89
86 %3

Energy Expenses
2019 1Q
Raw
%11 expenses by Materials
2014 2015 2016 2017 2018
nature %62
Personnel Expenses
F X e x p o s u re %14
IDR
%7 Baht
BRL %1
EUR
%4
%20
TL
• Hard currency revenues
%6
• FX exposure on costs => EM footprint on local
Revenue Costs costs + hard currency priced raw materials
(2019 1Q) (2019 1Q) • Benefit from US$ appreciation vs. TL, IDR and BRL
US$ US$
%80 %82

External 24
Well-Positioned for Strong Cash Generation and Dividends
Gro s s p ro f i t Co m m e n ts
% margin
300
20.3%
 Price is a function of
21.1% • Value Proposal of Product including services
200 offered
(TLm)

257 • Product type (nylon vs polyester or fabric vs yarn)

100
150 • Raw Material Price Movement (formula based
0
pricing with adjustment on raw material indexes)
2018 1Q 2019 1Q

EB I T D A *
 10 yrs avg EBITDA margin 12,0%
 Target is progressive improvement in EBITDA
% of sales 15.6%
margins over the medium term
250
200
16.8%
• Focus on value
• Improved Total and per kg Fixed Cost
(TLm)

150
100 197 • Successful selling, general and administrative
50 120 (“SG&A”) cost reduction initiatives across all
0 business units
2018 1Q 2019 1Q
• Positive contribution of new products and
adjacent businesses
Div id e n d d i s t rib ution

80
60
(TLm)

40
68 61 67 68
20
58
0 0
2013 2014 2015 2016 2017 2018
(paid in 2014) (paid in 2015) (paid in 2016) (paid in 2017) (paid in 2018) (paid in 2019)

EBITDA* = Gross Profit – OPEX + Depreciation/Amortization

External 25
 Kordsa's Financial Policy

Our company guidance for financial year 2019 is

as follows:
EBITDA Kordsa is targeting progressive improvement in
EBITDA margins over the medium term
 Revenue : 30%-40% TL basis; 10%-15% USD basis margins

 EBITDA : 30%-40% TL basis; 10%-15% USD basis

Distribution of all the distributable profits
 Composite business segment revenue : 105-115 M$
• which is lower of the Kordsa Turkey local GAAP (VUK) or
Kordsa Consolidated TFRS (IFRS) net income
• in the form of cash and/or bonus shares
• subject to general assembly approval
Dividend
The distribution decision is agreed taking into consideration
policy the sizable fixed asset purchases, acquisitions, covenants of
current liabilities and the Company’s mid and long term
strategies, national and global economic conditions

Reoccurring
Creep Capex USD 23 million

External 26
Appendix
2016 – 2019 Financial Trend (MTL)
2016 2017 2018 2018 1Q 2019 1Q

511

233 261
197
120
292.46 93.03
Revenue 143.08 165.10
61.04
EBITDA

Net Income (parent)

3,947

2,485
1,908
1,265
713

Confidential 28
Kordsa in Brief
Q 1 2 0 1 9 Reven u e Sp lit

Asia EMEA TCF & Yarn

%26 %31 %84.8

SA By Region By Product
%11
NA Other Composite
%32 %3.1 %12.0

Q1 2018 Revenue Split

Asia EMEA TCF & Yarn

%29 %39 %99.1

By Region By Product

SA NA Other
%13 %17 %0.7
Composite
%0.2
External 29
FX Rates
F X Rat es as o f Mar , 1 9

Monthly Avr 1Q'19 1Q'18 2018 YE

$/TRY 5.36 3.81 4.81
EUR/$ 1.14 1.23 1.18

$/BRL 3.77 3.24 3.65

$/IDR 14,136 13,576 14,237
$/THB 31.61 31.54 32.31

Month End 1Q'19 1Q'18 2018 YE

$/TRY 5.63 3.95 5.26
EUR/$ 1.12 1.23 1.15

$/BRL 3.90 3.32 3.87

$/IDR 14,244 13,756 14,481
$/THB 31.81 31.23 32.45

External 30
Overview of The Construction Reinforcement Value
Chain
Raw materials Manufacturing Process Reinforced Concrete Structures

NY66 and
Polymerisation PP
Spinning
Fibers

Oil Derivative
Ingredients

Twisting
For NY66 Fibers:
• Hexamethylenediamine
(HMD)
• Adipic Acid
• NY66 Salt
• NY66 Flake
Major • Screed concrete
Cutting Pucking Dipping applications:
For PP Fibers: • Concrete roads
• Polypropylene Chips • Tunneling
• Shotcrete
• Slab on ground
concretes

Ko rd s a ’ s Krat o s F ib e r R e i n f o rce me n t are ap p l i e d i n S u p e rs t ruc ture & I n f ras tru cture S o l u tio ns

Confidential 31
Growth Opportunities: Construction
C o n s t ruc tion R e i n f o rce me n t

Samsun 2nd and 3rd 3rd Bosphorus Bridge

Stage Light Railway Toll Booths and
Track Slab Electronic Pass Areas Asyaport
(Non- Conductivity (Non-Conductivity Tekirdağ Port
Concrete Concrete KraTos Macro
Reinforcement) Reinforcement) Reinforcement
KraTos Macro KraTos Macro
Reinforcement Reinforcement

• KraTos Macro & Micro Synthetic Fibers are approved and applied in over 50
significant superstructure, industrial and infrastructure reference projects.
• Non-conductivity concrete reinforcement applications with KraTos Synthetic Fiber
Current Reinforcements are approved in significant government-funded infrastructure
projects.
Status • Kordsa İzmit Plant, R&D Concrete Lab technical and test equipment capabilities
have increased. Technical Project Report service will be available for infrastructure
projects.

Confidential 32