Hexcel Corp. has taken full ownership of of a United Kingdom-based composites company it first invested in more than a year ago.
Stamford, Conn.-based Hexcel bought a 50-percent stake in Formax UK Ltd. of Leicester in December 2014. It announced Jan. 5 that it has now acquired the remaining 50 percent. The purchase will allow the company to advance its work on reinforcement technology for future aerospace applications.
Hexcel chairman Nick Stanage, said: “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."
Formax specializes in the production of lightweight carbon fiber multi-axials and highly engineered glass fiber and aramid fiber fabrics.