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For further details see our joint press release.
JPS Industries has agreed to acquire Hexcel’s fibreglass based electronics and specialty industrial substrates businesses in addition to their aramid based ballistics substrates business.
The assets comprise the Anderson, South Carolina and Statesville, North Carolina operations of Hexcel.
“”This transaction represents a landmark event in the history of JPS Industries and an opportunity to provide significant value to JPS, its customers and its stockholders,”” said Michael L. Fulbright, Chairman and CEO of JPS, adding, “”We believe that Hexcel’s employees, facilities, and product lines complement our existing operations quite well and adding these resources into our existing business will create a much stronger operating entity. This combination provides our JPS Composite Materials business, led by M. Gary Wallace, President, with significant resources to grow and better serve our existing markets and customers with larger, more flexible manufacturing capabilities, stronger R&D efforts across all product lines and, importantly, gives us entry to several new markets. The customers and markets of the new JPS Composites will span many industries and specialty applications including, but not limited to: electronics applications including printed circuit boards, communication devices and internet infrastructure components, advanced composite materials for aerospace components in military and commercial applications, specialty substrates for commercial and residential construction, industrial filtration, and insulation products, high performance fibreglass substrates for security and transportation applications, and, importantly, ballistics materials used in soft body armour for civilian and military applications.””
Charles R. “”Chuck”” Tutterow, EVP and CFO of JPS Industries and President of Stevens Urethane added, “”The acquisition will be financed with a new $105 million senior and second lien credit facility arranged by Wachovia. After closing, we anticipate that the new JPS Industries will have annual sales in excess of $325 million originating from five manufacturing facilities in our three main business units: Composite Materials, Stevens Roofing and Stevens Urethane.
Commenting further, Mr. Fulbright stated, “”This represents the first of several planned growth objectives involving each of our three business units in the form of organic growth, product line extensions and potentially other acquisition opportunities.””
The consideration includes a cash purchase price of $62.5 million, plus a contingent earn-out payment of up to $12.5 million based on revenues generated from sales of ballistics products from those facilities over the 36-month period following consummation of the acquisition.
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