– JPS Industries
announced it will acquire certain assets of Hexcel Corp.
for $62.5 million in cash plus a contingent payment of up to $12.5 million. The deal is expected to close in the third quarter and is subject to customary closing conditions.
Under the agreement, JPS will acquire Hexcel's fiberglass-based electronics and specialty industrial substrates businesses, as well as its aramid-based ballistics substrates business.
The deal includes Hexcel's operations in Anderson, SC, and Statesville, NC.
The contingency payment is based on revenues generated from sales of ballistics products over a 36-month period.