Hexcel has announced that it’s acquired 50% of Formax UK Limited, a manufacturer of composite reinforcements, specialising in the production of lightweight multi-axial fabrics.
Formax, located in Leicester, UK has estimated sales in 2014 of approximately $45 million. Hexcel’s interest is to advance knitting technology for future Aerospace applications and provide scale for growing Industrial markets.
Hexcel’s Chairman, CEO and President, Nick Stanage, stated:
This partnership demonstrates our commitment to growing our business, expanding our technologies and strengthening Hexcel’s position as a global leader in advanced composites.
The new announcement follows a Joint Development Agreement under which the two companies have been cooperating for the development and manufacture of certain non-crimp fabrics (NCF) for Hexcel and its Aerospace customers.