Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (“Spirit,” “Spirit AeroSystems” or the “Company”) announces a purchase agreement to sell Fiber Materials, Inc (“FMI”) business based in Biddeford, Maine, and Woonsocket, Rhode Island, to Tex-Tech Industries, Inc. (“Tex-Tech”) for $165,000,000 in cash, subject to customary adjustment.
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.
“Tex-Tech is excited to add FMI’s unique array of high-performance products to our existing portfolio of offerings for the rapidly growing space and defense industry,” said Scott Burkhart, Tex-Tech Chief Executive Officer. “Our customers demand world-class solutions, and the integration of FMI bolsters our ability to meet those demands.”
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.