SOUTH WINDSOR, Conn., Dec. 08, 2017 (GLOBE NEWSWIRE) -- Oxford Performance Materials, Inc. (OPM), a leader in advanced materials science and high performance additive manufacturing (HPAM™), today announced that it has finalized terms for sale of its Aerospace & Defense business to advanced composites leader Hexcel Corporation. The transaction allows OPM to monetize its success as an early provider of qualified 3D printed OXFAB® structures in commercial aerospace, space and defense and advance the company’s position as a biomedical OEM, industrial parts manufacturer and developer of a range of PEKK-based materials technology.
Hexcel had recognized OPM as the first company to successfully apply and qualify additive manufacturing technology to the high performance polymer PEKK for aerospace applications and made equity investments in the Company totaling $25 million in 2016 and 2017. OPM CEO Scott DeFelice commented on the current transaction, saying “Our focus has been on developing leading material, process and application technologies, then advancing from development to commercialization. As a result, OPM’s technology has a growing customer base in aerospace and defense,” DeFelice stated. “Hexcel is a global leader in advanced composites, and we are confident that their skills, reach, and scale will result in global adoption of this technology.”
OPM’s OXFAB® technology has undergone extensive testing and validation, and has been incorporated by a number of aerospace, satellite and defense OEMs. Most notably, OPM was selected by Boeing to supply over 600 3D-printed structural production parts for the CST-100 Starliner as a result of the company’s demonstrated ability to produce highly specified parts that consistently perform in demanding environments. OPM’s additive structures deliver significant reductions in weight, cost and lead times and replace traditional metallic and composite parts in a range of industrial markets, including the semiconductor, automotive and energy sectors.
In addition to the asset acquisition announced today, the companies will continue important joint development activities, and Hexcel will retain a portion of its original equity stake in OPM along with its seat on OPM’s board of directors. The acquisition is subject to customary conditions and is expected to close in the next few weeks.
About Oxford Performance Materials, Inc.
A recognized leader in advanced materials science, Oxford Performance Materials Inc. (OPM) was founded in 2000 to exploit and commercialize the world’s highest performing thermoplastics, with a focus on poly-ether-ketone-ketone (PEKK). OPM develops proprietary material, process, and application technologies and applies high performance additive manufacturing (HPAM™) to produce fully functional, end-use structural parts. OPM Biomedical is a pioneer in personalized medicine, 3D printing OsteoFab® cranial and facial implants as an OEM, and additional products on a contract manufacturing basis. OPM Biomedical is the first and only company to receive FDA 510(k) clearance to manufacture 3D printed patient-specific polymeric implants, and has a total of four 510(k) clearances in its portfolio. The OPM Materials business unit develops proprietary OXPEKK® thermoplastic products and other materials for biomedical, aerospace, defense, and industrial applications. For more information, please visit: www.oxfordpm.com
Oxford Performance Materials
Source: Oxford Performance Materials