NYSE listed, Hexcel Corporation said it has acquired 50 per cent of Formax UK Limited, a leading manufacturer of composite reinforcements, specializing in the production of lightweight multi-axial fabrics.

According to Hexcel, its interest in Formax, which has estimated sales in 2014 of approximately $45 million, is to advance knitting technology for future aerospace applications and provide scale for growing industrial markets.

Earlier the two companies had signed an agreement under which both had been cooperating for the development and manufacture of certain non-crimp fabrics (NCF) for Hexcel and its aerospace customers.

Hexcel chairman, Nick Stanage said, “This partnership demonstrates our commitment to growing our business, expanding our technologies and strengthening Hexcel’s position as a global leader in advanced composites.”

“All of us at Formax are very excited to be taking the next steps in our development with Hexcel as a partner as it will open up new opportunities for us to develop our range of stitch-bonded reinforcements,” Formax MD, Oliver Wessely said.

Hexcel markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures.

These are mainly used in commercial aerospace, space and defense and industrial applications such as wind turbine blades. (AR)