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Hexcel Buys 50% Stake in Formax UK
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Carbon fiber manufacturer Hexcel Corp. (Stamford, CT, US) announced on Dec. 15 that it has acquired 50% of Formax UK Ltd. (Leicester, UK), a manufacturer of composite reinforcements specializing in the production of lightweight multiaxial fabrics. Formax had estimated sales in 2014 of approximately US$45 million. Hexcel¡¯s interest is to advance knitting technology for 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, says, ¡°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, comments: ¡°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.¡±£º
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