The Biddeford-based company Fiber Materials, Inc. (FMI) could be sold for $165 million to Tex-Tech Industries.

The company, owned by Spirit AeroSystems Holdings, currently employs 400 people and manufactures heat-resistant aerospace components. “FMI’s products are installed on critical defense platforms as well as NASA programs such as Stardust, Mars Curiosity, Orion, and Mars 2020,” according to a company statement. The sale could happen under a new plan by FMI’s parent company to raise money.

Tex-Tech, which is based in North Carolina, is a global supplier of thermal protection systems and textiles for the aerospace, defense, medical, and industrial markets. The company has operations at two Maine sites in North Monmouth and Winthrop.

A representative from Spirit AeroSystems Holdings said in a press release that the company is currently struggling with cash flow problems. The deal with Tex-Tech would alleviate this issue.

Tex-Tech CEO Scott Burkhart said in a news release onn Monday that the company is excited to add FMI’s products to Tex-Tech’s existing portfolio of offerings for the rapidly growing space and defense industry.

“Our customers demand world-class solutions, and the integration of FMI bolsters our ability to meet those demands,” Burkhart said.

The deal is still subject to adjustments and conditions, and a closing timeframe is not yet clear.