Wragges advises on international joint venture
BIRMINGHAM law firm Wragge Lawrence Graham & Co has advised Formax (UK) on its new joint venture.
Formax, a manufacturer of carbon and glass fibre composite reinforcements, has linked up with Connecticut-based advanced composites and technology firm Hexcel Corporation.
Andrew Lawton Smith, head of enterprise services at the international law firm, led the team which included partner Lee McBride (environment) and director Zoe Fatchen (tax).
Hexcel’s acquisition of its stake in Leicester-based Formax – for an undisclosed sum – follows a joint development agreement under which the two companies have been cooperating for the development and manufacture of non-crimp fabrics (NCF) for Hexcel and its multi-national aerospace customers.
Lawton Smith said: “We’ve thoroughly enjoyed working with Oliver Wessely, Formax’s managing director, and his team on this project.
“It’s a wonderful opportunity for them and Hexcel to combine technical excellence and know-how with great commercial relationships and ‘muscle’ to take Formax forward into new, technically-exacting and high growth markets such as aerospace, in particular.
“Joint ventures always require a great deal of thought and crafting, as no two are ever the same. In this case, both the Formax and Hexcel teams have clearly started to build a very open, strong, collaborative and results-focused relationship, which bodes really well for their future together.”
This is Wragge Lawrence Graham & Co’s first major instruction on behalf of Formax.
