Hexcel acquires 50% interest in Formax

Stamford, Connecticut – Hexcel Corp., an advanced composites company, has acquired 50% of Formax U.K. Ltd., a manufacturer of composite reinforcements, specializing in the production of lightweight multi-axial fabrics. Formax is located in Leicester, U.K., with 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.

 

This 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.

 

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.”

 

Formax's Managing Director, Oliver Wessely, commented: “All of us at Formax are very excited to be taking the next steps in our development with Hexcel as a partner. We believe this will open up new opportunities for us to develop our range of stitch-bonded reinforcements to the benefit of all of our customers.”