Japan’s Sekisui Chemical has agreed to buy AIM Aerospace Group for $510 million from US private equity group Liberty Hall Capital Partners, which originally bought the business in February 2016 for $220 million.

AIM Aerospace makes and sells carbon fiber reinforced plastic (CFRP) for aircraft, drones and other composite mold materials. It has two plants in Seattle, Washington, and another in Orange City, Iowa. The company employs around 1,100 people and generated sales of $178.5 million for the year ended Dec. 2018.

“Over the past three years through our partnership with AIM Aerospace, the company has expanded its capabilities, diversified its customer base and extended its geographic reach.  AIM Aerospace is now leading the way in the implementation of advanced thermoplastics and intelligent automation for aerospace in North America,” said Liberty Hall’s founding and managing partner Rowan Taylor. “As demand for composite components continues to increase, we are pleased that AIM Aerospace is well-positioned to deliver a new generation of complex products to the industry.

The transaction is expected to close in the second half of 2019, subject to the usual conditions.

Sekisui said the purchase is an “important stepping stone” toward its long-term growth aims. The Tokyo-headquartered group hopes to leverage AIM’s technology and presence in the aircraft industry to expand its business in the automotive and transportation sectors, which it regards as strategic areas. Sekisui expects both the aircraft and automotive materials markets to see steady growth going forward.