Today, Spirit AeroSystems Holdings, Inc. (NYSE: SPR) announced the sale of Fiber Materials Inc business based in Biddeford, Maine, and Woonsocket, Rhode Island, to Tex Tech Industries, Inc. for $165 million in cash.
FMI is an industry leader in high-temperature materials and reinforced composites, with a focus on Carbon / Carbon and related composites. FMI’s applications include thermal protection systems, re-entry vehicle nose tips, and rocket motor throats and nozzles. FMI’s products are installed on critical defense platforms as well as NASA programs such as Stardust, Mars Curiosity, Orion, and Mars 2020. The program employs approximately 400 engineers and production personnel.
“This transaction is in the best interest of Spirit, the FMI business and the customers it serves,” said Irene Esteves, Spirit AeroSystems Chief Financial Officer.
“The acquisition of FMI is highly complementary and strategic for Tex-Tech,” said Scott Burkhart, Tex-Tech Chief Executive Officer. “The addition of FMI adds a unique set of high-performance products to our robust portfolio of thermally protective materials. FMI’s unique capabilities will allow us to better service the rigorous material requirements in the rapidly growing space and defense industry.”
Morgan Stanley & Co. LLC is serving as lead financial advisor to Spirit. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Spirit. Lincoln International LLC is serving as financial advisor and Sheppard Mullin Richter & Hampton LLP is serving as legal advisor to Tex-Tech.
About Spirit AeroSystems Inc.
Spirit AeroSystems is one of the world’s largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. With expertise in aluminum and advanced composite manufacturing solutions, the company’s core products include fuselages, integrated wings and wing components, pylons, and nacelles. We are leveraging decades of design and manufacturing expertise to be the most innovative and reliable supplier of military aerostructures, and specialty high-temperature materials, enabling warfighters to execute complex, critical missions. Spirit also serves the aftermarket for commercial and business/regional jets. Headquartered in Wichita, Kansas, Spirit has facilities in the U.S., U.K., France, Malaysia and Morocco. More information is available at www.spiritaero.com.
About Tex-Tech Industries, Inc.
Tex-Tech Industries is a global supplier of materials science-based solutions for demanding end use markets where performance and reliability are counted upon. With global headquarters located in Kernersville, North Carolina (USA) and manufacturing, R&D and sales sites located throughout North America and Europe, Tex-Tech is able to service our partners across the globe in key markets such as aerospace, defense, medical, and industrial. www.textechindustries.com
About Fiber Materials, Inc.
FMI has served as a leading solutions provider of high-temperature materials and composites for over 50 years, catering to the Department of Defense and NASA. With facilities in Maine and Rhode Island, the focus is on multidirectional reinforced Carbon/Carbon (C/C) and Ceramic Matrix Composites (CMCs), which enable high-temperature components such as protection systems, re-entry vehicle nose tips, and rocket throats and nozzles. They specialize in textile engineering and the manufacturing of 2D woven fabrics, 3D preforms, and-reinforced composites and work with the stiffest, strongest, and lightest fibers including carbon, glass, aramid (Kevlar), and ceramic. FMI materials are employed in groundbreaking space initiatives such as the Orion Multi-Purpose Crew Vehicle and the heat shield for NASA’s Mars 2020 mission, as well as in significant missile programs, airfoils in commercial and military jet engines, and lightweight armor for U.S. military ground vehicles.
