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Print Edition StoriesMonday, July 21, 2008
Hexcel sells ownership share of Chinese aerospace firm
By Mass High Tech Staff
Hexcel Corp. reports it has sold its share in a Chinese company to the Boeing Co. for $22.3 million.
Under the deal, Chicago-based Boeing (NYSE:BA) becomes the majority owner in BHA Aero Composites Parts Co. Ltd., a joint venture between Boeing and China’s Aviation Industry Corp., specializing in composite secondary structures and interior parts for the aerospace industry.
In May, Hexcel (NYSE: HXL) landed a contract that could be worth $5 billion to provide Airbus SAS with aircraft materials. Under the contract, Hexcel provides carbon fiber composite materials for the primary structures of the Airbus long-range wide-body A350 XWB aircraft, which is still in the design process.
Stamford, Conn.-based Hexcel reported a 2007 net income of $61.3 million on revenue of $1.2 billion.
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