Hexcel Corp. (Stamford, CT, US) reported on Jan. 7 that it has acquired full ownership of Formax UK Ltd. (Leicester, UK). Hexcel acquired a 50% interest in the privately-owned company in December 2014.
Formax is a leading manufacturer of composite reinforcements, specializing in the production of light-weight 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, says, "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."
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