Spirit sells off Fiber Materials Inc. business to Tex-Tech Industries
Purchase agreement of high-temperature materials business will be added to Tex-Tech’s specialty textiles and fabrics portfolio following customary approvals.
Source | Getty Images
On Nov. 18, Spirit AeroSystems Holdings Inc. (Wichita, Kan., U.S.) announced a purchase agreement to sell its Fiber Materials Inc. (FMI) business based in Biddeford, Maine, and Woonsocket, Rhode Island, to Tex-Tech Industries Inc. (Kernersville, N.C., U.S.) for $165,000,000 in cash, subject to customary adjustment. Spirit previously acquired FMI on Jan. 10, 2024 to expand its defense capabilities.
FMI offers high-temperature materials and reinforced composites, with a focus on carbon/carbon (C/C) and related composites. FMI’s applications include thermal protection systems (TPS), re-entry vehicle nose tips, and rocket motor throats and nozzles. Its 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.
“Tex-Tech is excited to add FMI’s array of high-performance products to our existing portfolio of offerings for the rapidly growing space and defense industry,” says Scott Burkhart, Tex-Tech CEO. “Our customers demand world-class solutions, and the integration of FMI bolsters our ability to meet those demands.”
For related content, read “Spirit Q3 financial results raise concern of business viability.”
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