Spirit Announces Purchase Agreement with Tex Tech Industries for Intended Sale of FMI
November 19, 2024 | Spirit AeroSystems, Inc.Estimated reading time: Less than a minute
Spirit AeroSystems Holdings, Inc. announces a purchase agreement to sell Fiber Materials, Inc (FMI) business based in Biddeford, Maine, and Woonsocket, Rhode Island, to Tex-Tech Industries, Inc. 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."
Suggested Items
Incap India Enhances Share of Renewable Energy by Installing Solar Panels
01/10/2025 | IncapIncap India has completed the solar power project at its facilities in Tumkur, where 1,257 panels are fully installed, connected to the grid, and put into operation.
Global Semiconductor Sales Increase 20.7% Year-to-Year in November
01/08/2025 | SIAThe Semiconductor Industry Association (SIA) announced global semiconductor sales hit $57.8 billion during the month of November 2024, an increase of 20.7% compared to the November 2023 total of $47.9 billion and 1.6% more than the October 2024 total of $56.9 billion. Monthly sales are compiled by the World Semiconductor.
Martin Heinz Named New CEO of iTAC Software AG
01/08/2025 | iTAC Software AGMES/MOM provider iTAC Software AG has a new CEO: Martin Heinz will take over the position of Chief Executive Officer (CEO) with effect from January 1, 2025.
The Government Circuit: How IPC Drove Industry Progress Through Public Policy Advocacy in 2024
01/07/2025 | Chris Mitchell -- Column: The Government CircuitIn 2024, IPC Government Relations continued to shift the narrative about electronics manufacturing in the halls of government, overcoming decades of policymaker indifference in Washington and Brussels. In Asia, where several governments have taken significant strides to foster their domestic electronics ecosystems, IPC broadened its government relations efforts.
L3Harris Completes Sale of Specialized Materials Business to BWXT for Approx $100M
01/06/2025 | L3Harris TechnologiesL3Harris Technologies has completed the sale of its specialized materials business, Aerojet Ordnance Tennessee, Inc. (A.O.T.), to BWX Technologies, Inc. for approximately $100 million.