French technical textile and composites manufacturer Porcher Industries (Badinières, France) recently announced the purchase of Cordtech International (Saint-Julien-en-Saint-Alban, France) from investment company RDC15.
Formerly the French site of American group Milliken (Spartanburg, South Carolina), Cordtech International specializes in the processing and treatment of industrial fibers for the automotive industry.
Five months after its acquisition by the British investment fund Warwick Capital Partners (London, United Kingdom), Porcher says it is now acting on its goal to develop the automotive market into one of its principal markets.
The acquisition of Cordtech International—the first by the group in France since 1989—should enable Porcher to strengthen its offering through existing technical, sales, and research and development (R&D) synergies between the two companies, according to Porcher officials.
Porcher’s global activity in the automotive market generates more than $100 million of annual revenue. The company offers a range of varied products for airbags, exhaust systems, chassis, brake hoses, and transmission belts.
Through this acquisition, the group says it has the opportunity to reinforce its presence in the automotive world and confirm its unique position in transmission belt reinforcements. Both companies say they have worked within corresponding marketplaces and often with the same clients, making this partnership a natural fit.
“This acquisition is a development opportunity,” says André Genton, president of Porcher’s executive board. “We are also looking for talents for the various positions that represent the Porcher Industries group. Our group is a diamond in the rough, with huge potential in terms of innovation and market coverage. We now need to polish it, and reveal its various facets.”
Appointed to the head of Porcher Industries in early June, the 57-year-old Genton has devoted most of his career to the global composites industry. In the past, he served as president of the advanced materials division of U.S. chemicals company Huntsman (The Woodlands, Texas), where he managed revenue of $1.4 billion.