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Article: Hoechst and Sabanci Intend to Form Joint Venture for Tire Cord in Turkey
- Article from:
- PR Newswire
- Article date:
- September 25, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ISTANBUL, Turkey, Sept. 25 /PRNewswire/ -- Hoechst's polyester and cellulose acetate business (called Trevira) and the tire cord division of Sabanci Holding of Turkey announced today their intention to form a joint venture (planned to be called HOECHSTSA) for the manufacture of polyester tire cord fabric. In total, approximately DM 145 million ($100 million) will be invested in new production capacity. The joint venture, with 50 percent ownership by each partner, will begin commercial production in early 1999.
The foundation of the HOECHSTSA joint venture is a response by both partners to the rapidly increasing demand for high modulus, low shrinkage ...