Spirit announces sale of Fiber Materials Inc. (FMI) to Tex Tech Industries

Today, Spirit AeroSystems Holdings, Inc. announced the sale of Fiber Materials Inc ("FMI") 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."