Britax International plc reached a definitive agreement to acquire a Bellingham, Wash., unit of Hexcel Corp. for $116.9 million. The unit, which employs 325, designs and makes aftermarket interior components for commercial aircraft.
The unit has assets of $37.9 million and recorded 1999 sales of $69.1 million. Announced April 3, the deal is contingent on regulatory approvals in the United States and Germany and may close in May.
Britax already is in the aircraft-interior-systems market. Recently, Britax disclosed it has a full-service contract to refurbish cabin interiors of British Airways' fleet of supersonic Concorde aircraft. Britax will supply seats, galleys, lavatories and other equipment.
Hexcel has been reviewing alternatives for the Bellingham unit and an aircraft structures unit in Kent, Wash., since September. The two engineered-product businesses are more downstream than most vertically integrated structural materials units within Hexcel. The Kent unit remains an active part of the company while a review of business operations continues.
Warwick, England-based Britax reported 1999 sales of 623.9 million ($1 billion), including aircraft interior systems' 213 million (344.3 million). Other segments include automotive exterior mirrors, child safety seats and specialized vehicle systems.
Stamford, Conn.-based Hexcel reported a loss of $23.3 million on 1999 sales of $1.15 billion. Hexcel focuses mostly on high-performance reinforcement products and polymer matrix composite materials for commercial aerospace, space and defense, electronics, industrial and recreation applications.
