Spirit AeroSystems sells Fiber Materials to Tex Tech Industries for $165M cash

Spirit AeroSystems (SPR) announced the sale of Fiber Materials business based in Biddeford, Maine, and Woonsocket, Rhode Island, to Tex Tech Industries for $165M 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.