January 5, 2016 – Hexcel Corporation (NYSE:HXL) announced today that it has acquired full ownership of Formax UK Limited. Hexcel acquired a 50% interest in the privately-owned company in December 2014.
Located in Leicester, UK, Formax is a leading manufacturer of composite reinforcements, specializing in the production of lightweight carbon fiber multi-axials and highly engineered glass fiber and aramid fiber fabrics. The purchase of the remaining interest in Formax will allow Hexcel to further advance dry reinforcements technology for future aerospace applications and provide scale for growing industrial markets.
Hexcel’s Chairman, CEO and President, Nick Stanage, stated: “Our joint venture has demonstrated how well Formax technologies and products complement our product line and will help us grow our aerospace and industrial businesses. We believe that fully integrating the Formax operations into Hexcel will enable us to accelerate the synergies between our operations and enhance our abilities to provide innovative solutions to our customers. We welcome Formax to our company, and we’re looking forward to a successful future together.”
Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications such as wind turbine blades.