Formax is located in Leicester, UK with estimated sales in 2014 of approximately US$45 million.
With the acquisition, Hexcel plans to develop knitting technology for future aerospace applications and provide scale for its growing industrial markets.
This announcement follows a Joint Development Agreement under which the two companies jointly develop non-crimp fabrics (NCF) for Hexcel and its aerospace customers.
“This partnership demonstrates our commitment to growing our business, expanding our technologies and strengthening Hexcel’s position as a global leader in advanced composites,” said Hexcel’s chairman, CEO and president, Nick Stanage,
“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,” said Formax's MD, Oliver Wessely.