Financial terms of the deal were not released, and CRG said its operations in Miamisburg will not see any significant changes.
The Miamisburg company will continue to research and test the resins, with an associated joint venture company, Mach 5 Materials, LLC, winding down, CRG said.
The joint venture had been recently launched by CRG sister company Rushlight Ventures.
“The remainder of CRG’s work across its extensive technology portfolio will remain unchanged,” the local business said.
“The marriage of Karman’s broad array of space and defense products and the depth of their production capabilities is a perfect match for CRG’s expertise in developing novel, purpose-driven materials,” said Patrick Hood, CRG’s CEO. “Not only will both companies be well-served by this new relationship, but more importantly, our customers will have access to MG Resin technology on a timeline and scale that serve our nation’s strategic interests.”
Rick Hreha, the inventor of the material, will continue working with CRG, the company said.
“We are thrilled with the outcome of our discussions with Karman,” said Andy Cothrel, pesident of Rushlight Ventures. “The structure of this deal not only optimizes our collective ability to meet customer needs, but it also validates the commercialization approach we put in motion when we formed Rushlight Ventures.”
“Acquiring MG Resins from CRG aligns perfectly with Karman’s strategy of being a premiere supplier of complex systems to the aerospace and defense industries,” said Tony Koblinski, CEO of Karman Space & Defense.
And the partnership is expected to continue beyond this initial deal, Koblinski added.
“In addition, the prospect of being able to continue to leverage CRG’s development capabilities can help us maintain our edge in being the best in the business,” he said.
Karman supplies metallic and composite flight hardware and sub-assemblies for the space, missile, and hypersonic markets.
Monument Capital Partners advised CRG in the transaction.
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