Hexcel and UTC Aerospace Systems Extend Existing Contract Through 2030

STAMFORD, Conn., Oct. 30, 2017 (GLOBE NEWSWIRE) -- Hexcel Corporation (NYSE:HXL) announced today that its existing contract with UTC Aerospace Systems’ Aerostructures business to supply advanced composites for various commercial aerospace programs has been extended through 2030. Hexcel expects the extension to generate total sales of more than $1 billion throughout its term.

This primary supply agreement is for carbon and glass prepreg systems used on nacelle structures for the Boeing 787 Dreamliner, Airbus A350 XWB and A320neo, Bombardier C Series and Embraer E-Jet E2 programs.

Hexcel Chairman, CEO and President Nick Stanage said, “The decision to extend our contract solidifies our strong and collaborative business relationship with UTC Aerospace Systems for many more years and underscores our position as a leader in carbon fiber reinforcements in the commercial aerospace industry. We are pleased that Hexcel was selected based on our long history of outstanding delivery, quality, service and support.”

“Hexcel has been an excellent strategic partner. Extending our long-term relationship to 2030 is part of our sourcing strategy that provides us a new degree of certainty in the supply of our composite raw materials,” said Don Beverlin, Vice President of Supply Management for UTC Aerospace Systems – Aerostructures. “This is good for both parties and good for our customers as well.”