Turkish company buys US-based composite producer
monthly basis, the index was valued at 56.5, down over one point versus the previous month, TurkStat announced. In June, the consumer confidence index rose 4.3 percent to 57.6 from 55.3 in May. In July, the index for general economic situation expectations decreased to 73.4, from 73.9 in June. The financial situation expectation of household index dropped by 1.7 percent to stand at 77 in June, versus the previous month. “The probability of saving index, which was 22 in June, decreased by 9 percent to 20 in July,” the Institute said. The employment expectation index also fell by 1.3 percent to stand at 55.6 month-on-month in July. the second half of this year.” Gur added that the inflation rate was dropping rapidly and could reach single digits in September-October. Turkish tire and construction reinforcement company Kordsa has bought the U.S.-based composite material producer Axiom Materials for $181 million. Kordsa - a subsidiary of Turkey’s leading conglomerate Sabanci Holding - said in a press release on July 24 that the latest move raised its potential for creating new products. Previously, Kordsa bought another three U.S. companies - Fabric Development, Textile Products and Advanced Honeycomb Technologies - over the last two years. Ali Caliskan, the CEO of Kordsa, said the company will start to reinforce planes’ engines after their tires, wings and bodies thanks to Axiom Materials’ technology.