Spirit AeroSystems has announced a deal to sell its Fiber Materials, Inc. (FMI) business to Tex Tech Industries (Tex Tech) for US$165 million in cash, subject to customary adjustments. The transaction involves FMI’s operations in Biddeford, Maine, and Woonsocket, Rhode Island, which employ approximately 400 engineers and production staff.
FMI is a leader in high-temperature materials and reinforced composites, specialising in Carbon/Carbon products used in critical aerospace and defence applications. These include thermal protection systems, re-entry vehicle nose tips, and rocket motor nozzles, with customers including NASA programmes such as Stardust, Mars Curiosity and Mars 2020.
“Tex Tech is excited to add FMI’s unique array of high-performance products to our existing portfolio for the rapidly growing space and defence industry,” said Tex Tech CEO Scott Burkhart. “The integration of FMI strengthens our ability to provide world-class solutions to our customers.”
The sale comes as Spirit AeroSystems continues to face financial pressures and operational challenges. Best known for its role as a major supplier of fuselage sections for Boeing aircraft, the company has struggled with production disruptions caused by supply chain shortages and labour strikes. A machinists’ union strike earlier this year forced Spirit to temporarily halt operations, exacerbating delays in its commitments to Boeing and other customers.
The divestment of FMI reflects Spirit’s strategy to streamline operations and focus on its core competencies in commercial aerospace manufacturing. By offloading non-core assets, the company aims to stabilise its financial position and regain the confidence of key partners like Boeing.
