US composites manufacturer Hexcel has acquired the remaining 50% stake in Formax UK, gaining full ownership of the Leicester-based firm.

Formax UK makes composite reinforcements and specializes in lightweight carbon fiber multi-axials and highly engineered glass fiber and aramid fiber fabrics.

Hexcel said the purchase would help grow its aerospace and industrial businesses by allowing it to further advance dry reinforcements technology for future aerospace applications and provide scale for expanding industrial markets.

The company bought a 50% share in Formax UK in December 2014. Nick Stanage, Hexcel’s chairman and CEO, said the joint venture had demonstrated how well Formax technologies and products complemented its product line.