JPS Industries, Inc. to Acquire Reinforcements Business of Hexcel Corp.

Name	Symbol	Market	Type
JP Morgan Ultra Short Income ETF	AMEX:JPST	AMEX	Exchange Traded Fund

Name

Symbol

Market

Type

JP Morgan Ultra Short Income ETF

AMEX:JPST

AMEX

Exchange Traded Fund

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.0104	0.02%	50.5704	50.60	50.55	50.57	6,415,374	01:00:00

Price Change

% Change

Price

High Price

Low Price

Open Price

Traded

Last Trade

0.0104

0.02%

50.5704

50.60

50.55

50.57

6,415,374

01:00:00

JPS Industries, Inc. to Acquire Reinforcements Business of Hexcel Corp.

22/06/2007 12:28am

PR Newswire (US)

JP Morgan Ultra Short In... (AMEX:JPST)
Historical Stock Chart

From Apr 2020 to Apr 2025

Click Here for more JP Morgan Ultra Short In... Charts.

GREENVILLE, S.C., June 21 /PRNewswire-FirstCall/ -- JPS Industries, Inc. (JPST.PK) announced today that it has entered into a definitive agreement to acquire the assets comprising the Anderson, South Carolina and Statesville, North Carolina operations of Hexcel Corporation. 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. Upon consummation of the transaction, JPS will acquire Hexcel's fiberglass based electronics and specialty industrial substrates businesses in addition to their aramid based ballistics substrates business. "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 fiberglass substrates for security and transportation applications, and, importantly, ballistics materials used in soft body armor 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 acquisition is subject to customary closing conditions, including termination of waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and JPS's ability to obtain financing sufficient to consummate the acquisition. The acquisition is expected to be completed in the third quarter of 2007. About JPS JPS Industries, Inc. is a major U.S. manufacturer of extruded urethanes, polypropylenes and mechanically formed glass substrates for specialty industrial applications. JPS specialty industrial products are used in a wide range of applications, including: printed electronic circuit boards; advanced composite materials; aerospace components; filtration and insulation products; surf boards; construction substrates; high performance glass laminates for security and transportation applications; plasma display screens; athletic shoes; commercial and institutional roofing; reservoir covers; and medical, automotive and industrial components. Headquartered in Greenville, South Carolina, the Company operates manufacturing locations in Slater, South Carolina; Westfield, North Carolina; and Easthampton, Massachusetts. This press release contains forward-looking statements regarding future events. These statements are only predictions and there are a number of important factors that could cause future events to differ materially from those expressed in any such forward-looking statements. These factors include, without limitation, the general economic and business conditions affecting the Company's industries, actions of competitors, changes in demand in certain markets, the Company's ability to meet its debt service and pension plan obligations (including its ability to meet the financial obligations in its Credit Agreement), the Company's ability to realize its deferred tax asset, the seasonality of the Company's sales, the volatility of the Company's raw material, claims and energy costs, the Company's dependence on key personnel and certain large customers and other risk factors. The Company assumes no responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise. JPS Industries, Inc. is not responsible for changes made to this document by wire services or Internet Services. CONTACT: Charles R. Tutterow Executive Vice President and Chief Financial Officer 864/239-3915 DATASOURCE: JPS Industries, Inc. CONTACT: Charles R. Tutterow, Executive Vice President and Chief Financial Officer of JPS Industries, Inc., +1-864-239-3915

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

JPST JP Morgan Ultra Short Income ETF