JPS Industries Completes Acquisition of Reinforcement Manufacturer

JPS Industries, Inc. announced today that it has successfully completed the acquisition of the assets comprising the Anderson, South Carolina and Statesville, North Carolina operations of Hexcel Reinforcements Corp., a wholly owned subsidiary of Hexcel Corporation.

Michael L. Fulbright, JPS's chairman, president and chief executive officer, stated, "When we announced this acquisition in late June, our message centered on the opportunity this would provide in terms of delivering significant value to our Company, our customers, and our shareholders. We are even more confident in our initial assessment and are excited to begin this new chapter of JPS Industries. We welcome our new employees to the JPS Composite Materials team and look forward to their participation and dedication to our commitment of realizing the full potential our future holds."