Hexcel
{{short description|American materials company}}
{{Use mdy dates|date=July 2024}}
{{Infobox company
| name = Hexcel Corporation
| logo = Hexcel logo.svg
| type = Public
| traded_as = {{ubl|{{NYSE|HXL}}|S&P 400 component}}
| industry = Commercial aerospace, space and defense and industrial
| founded = {{Start date and age|1948}}
| founders = {{Unbulleted list |Roger C. Steele | Roscoe T. Hughes}}
| hq_location_city = Stamford, Connecticut
| hq_location_country = U.S.
| area_served = Worldwide
| key_people = Tom Gentile (Chairman and CEO)
| products = Composite materials
| num_employees = 5,894 (2024)
| revenue = {{increase}} {{US$|1.90 billion|link=yes}} (2024)
| operating_income = {{decrease}} US$186 million (2024)
| net_income = {{increase}} US$132 million (2024)
| assets = {{decrease}} US$2.73 billion (2024)
| equity = {{decrease}} US$1.53 billion (2024)
| parent =
| website = {{URL|www.hexcel.com}}
}}
Hexcel Corporation is an American public industrial materials company, based in Stamford, Connecticut. The company develops and manufactures structural materials. Hexcel was formed from the combination of California Reinforced Plastics (founded 1948), Ciba Composites (acquired 1995) and Hercules Composites Products Division (acquired 1995). The company sells its products in commercial, military and recreational markets for use in commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, sports equipment and automotive products. Hexcel works with Airbus Group, The Boeing Company, and others.{{cite web |work=Composites Manufacturing |title=Composites Will Have Big Presence at 2017 Paris Air Show |url=http://compositesmanufacturingmagazine.com/2017/06/composites-will-big-presence-2017-paris-air-show/ |date=2017-06-19 }} Since 1980, the firm has publicly traded on the New York Stock Exchange under the ticker symbol HXL.{{cite journal |journal=Polymer Engineering and Science |volume=27 |pages=33–40 |title=A comparison of the crack tip damage zone for fracture of Hexcel F185 neat resin and T6T145/F185 composite |doi=10.1002/pen.760270106 |year=1987 |last1=Chakachery |first1=E. A. |last2=Bradley |first2=W. L. }}
History
= 1948–1970s =
Hexcel, originally named the California Reinforced Plastics Company, was founded in 1948 by a group of engineers from the University of California at Berkeley.{{Citation needed |date=June 2020}} The company's first contract was for the research and development of honeycomb materials for use in radar domes on military aircraft. In 1954, the company changed its name to Hexcel Products, Inc. The name was derived from the hexagonal cell-shaped honeycomb materials manufactured by the company.{{Cite news |url=https://www.nytimes.com/1986/10/15/business/hexcel-s-honeycomb-success.html |title=Hexcel's Honeycomb Success |last=Pollack |first=Andrew |work=The New York Times |date=15 October 1986 |access-date=2018-08-30 |language=en}}
In the 1960s, Hexcel sold aluminum honeycomb and pre-impregnated fiberglass to Hubert A. Zemke and Dave McCoy for use in building skis.{{Cite news |url=https://www.theskijournal.com/issue_feature/hexcel/ |title=Hexcel |work=The Ski Journal |access-date=2018-08-30 |language=en-US}}
Hexcel expanded from military and commercial aviation to the United States space program. The landing pads on the lunar module Apollo 11 that carried men to the moon in 1969 were built from Hexcel honeycomb materials.{{Cite journal |url=http://www.esa.int/esapub/bulletin/bullet93/DOENGI.pdf |title=Lander Shock-Alleviation Techniques |last1=Doengi |first1=F. |last2=Burnage |first2=S.T. |last3=Cottard |first3=H. |last4=Roumeas |first4=R. |name-list-style=amp |date=February 1998 |website=ESA Bulletin |number=93}}{{cite news |url=https://www.pressreader.com/usa/the-republican-herald/20170928/282248075756127 |title=Hexcel |date=2017-09-28 |newspaper=The Republican Herald |access-date=2018-08-31 |url-status=dead |archive-url=https://web.archive.org/web/20180831174754/https://www.pressreader.com/usa/the-republican-herald/20170928/282248075756127 |archive-date=2018-08-31 |via=PressReader}}{{Cite news |url=https://seekingalpha.com/article/3988994-hexcel-time-friend-wonderful-company |title=Hexcel: Time Is A Friend Of This Wonderful Company |last=Stamatopoulos |first=Ioannis |date=2016-07-18 |work=Seeking Alpha |access-date=2018-08-31 |language=en-US}}
In 1970, Hexcel licensed the ski from McCoy.{{Cite web |date=2020-02-09 |title=Dave McCoy, founder of Mammoth Mountain, dies at 104 |url=https://www.ocregister.com/dave-mccoy-founder-of-mammoth-mountain-dies-at-104 |access-date=2020-06-30 |website=Orange County Register |language=en-US}} A few years later, Hexcel decided to focus on its core aerospace business and sold the ski enterprise to Hanson Boots.{{Citation needed |date=June 2020}}
= 1980s–2000 =
In the 1980s, Hexcel purchased Stevens-Genin S.A., a French company that manufactured glass-fiber and woven industrial materials.{{Cite web |url=http://www.fundinguniverse.com/company-histories/hexcel-corporation-history/ |title=History of Hexcel Corporation Universe |website=FundingUniverse.com |language=en |access-date=2018-09-10}}{{Cite book |url=https://books.google.com/books?id=tKf9CAAAQBAJ&q=hexcel+stevens+genin&pg=PA120 |title=New Advanced Materials|publisher=Springer|isbn=9783540194149|pages=120 |last1=Cohendet |first1=Patrick |last2=Ledoux |first2=Marc J. |last3=Zuscovitch |first3=Ehud |date=2012-12-06}}
In 1981, it provided materials for the nose, doors and wings of the Space Shuttle Columbia.{{Cite web |url=http://www.jeccomposites.com/knowledge/international-composites-news/hexcel-anniversary-2008-marked-investment |title=Hexcel anniversary in 2008 marked by investment |website=JEC Composites.com |language=en |access-date=2018-09-10 |date=2011-04-18}}{{Cite web |url=https://www.referenceforbusiness.com/history2/21/Hexcel-Corporation.html |title=Hexcel Corporation - Company Profile, Information, Business Description, History, Background Information |website=Reference for Business.com |access-date=2018-09-10}} In 1986, Hexcel made most of the material used in the fuselage and wings of the Rutan Voyager – the first aircraft to make a nonstop, around-the-world trip on a single tank of fuel.
= 2000–2024 =
In 2017, Hexcel was selected by Airbus to supply the composite materials for the H160 helicopter's fuselage structures and rotor blades.{{Cite web |url=https://www.insidecomposites.com/hexcel-flying-high-with-airbus-and-boeing/ |title=Hexcel flying high with Airbus and Boeing |website=Inside Composites.com |access-date=2018-09-17}} Hexcel acquired the aerospace and defense business of Oxford Performance Materials, a manufacturer of carbon fiber-reinforced 3D printed parts for commercial aerospace and space and defense applications.{{Cite web |url=https://www.compositesworld.com/news/hexcel-acquires-oxford-performance-materials |title=Hexcel acquires Oxford Performance Materials |last=Black |first=Sara |website=Composites World.com |access-date=2018-09-18}}
In March 2018, Hexcel opened its manufacturing facility at the MidParc Free Trade Zone in Casablanca, Morocco.{{Cite web |url=https://www.compositesworld.com/news/hexcel-celebrates-casablanca-facility-grand-opening |title=Hexcel celebrates Casablanca facility grand opening |last=Francis |first=Scott |website=Composites World.com |access-date=2018-10-17}} The facility oversees the transformation of lightweight honeycomb materials into engineered core parts for aircraft structures, engine nacelles and helicopter blades. Hexcel also signed a strategic alliance with Arkema in Colombes, France, to combine work in carbon fiber and PEKK.{{Cite web |url=https://www.compositesworld.com/news/hexcel-and-arkema-partner-to-develop-aerospace-thermoplastic-composites-solutions |title=Hexcel and Arkema partner to develop aerospace thermoplastic composites |last=Francis |first=Scott |website=Composites World.com |access-date=2018-10-19}} The alliance will result in a joint research and development laboratory in France. The companies aim to develop carbon fiber-reinforced thermoplastic tapes to produce lightweight parts for aircraft.{{Cite web |url=https://www.compositesworld.com/news/hexcel-and-arkema-partner-to-develop-aerospace-thermoplastic-composites-solutions |title=Hexcel and Arkema partner to develop aerospace thermoplastic composites |last=Francis |first=Scott |website=Composites World.com |access-date=2018-10-22}}
Also in 2018, Hexcel opened a carbon fiber plant at the Les Roches-Roussillon Chemicals Industry Platform in Isère, France.{{Cite web |title=Hexcel opens carbon fiber plant |url=https://www.materialstoday.com/carbon-fiber/news/hexcel-opens-carbon-fiber-plant/ |access-date=2020-06-30 |website=Materials Today}} The plant is based at the Osiris Chemicals Industry Platform.{{Cite web |url=https://www.insidecomposites.com/hexcel-opens-new-carbon-fibre-production-line/ |title=Hexcel opens new carbon fibre production line |website=Inside Composites.com |access-date=2018-10-08}} Hexcel's composite materials were used as part of a new boat design used in the Tour de France à la voile.{{Cite web |url=https://www.compositesworld.com/blog/post/flexible-cure-prepreg-finds-use-in-marine-and-wind |title=Flexible cure prepreg finds use in marine and wind |last=Black |first=Sara |website=Composites World.com |access-date=2018-10-10}}
In July 2018, Hexcel opened an integrated factory in Salaise-sur-Sanne near Lyon, manufacturing polyacrylonitrile (PAN), the carbon fiber precursor, the second after its Decatur, Alabama plant.
In December 2018, Hexcel announced the hiring of Colleen Pritchett as President - Aerospace, in America.{{Cite web |url=https://www.textileworld.com/textile-world/nonwovens-technical-textiles/2018/12/hexcel-hires-colleen-pritchett-as-president-aerospace-americas/ |title=Hexcel Hires Colleen Pritchett As President |website=Textile World |last=Borneman |first=Jim |date=6 December 2018 |language=en-US |access-date=2018-12-10}}
On May 1st, 2024, Tom Gentile was named CEO following Nick Stanage’s retirement.
Financial data
| class="wikitable"
|+Annual financials for Hexcel Corp.{{Cite web |title=Hexcel Corp. |url=https://www.marketwatch.com/investing/stock/hxl |access-date=2022-05-02 |website=Market Watch.com |language=en}} !Annual Financials !2017 !2018 !2019 !2020 !2021 |
| Sales/revenue
|1.99B |2.19B |2.37B |1.51B |1.32B |
| Cost of goods sold
|1.42B |1.61B |1.72B |1.26B |1.07B |
| Gross income
|572M |581.7M |650.5M |243.3M |248.9M |
The company provides Airbus with over 80% of the carbon fiber it needs and is the main supplier of carbon fiber for Safran, notably for the CFM LEAP fan blades.
Hexcel is creating a new R&D site in Les Avenieres, also near Lyon, focusing on out of autoclave processes, including resin-transfer molding and resin film infusion to target lower production costs for Airbus' future single-aisle family.
Using a thermoplastic resin jointly developed with chemicals specialist Arkema, as opposed to thermoset, would accelerate assembly, cut manufacturing costs and lighten structures.{{cite news |url= http://aviationweek.com/commercial-aviation/new-carbon-fiber-factory-france-key-airbus-and-safran |title= New Carbon Fiber Factory In France Key For Airbus And Safran |date= Oct 11, 2018 |author= Thierry Dubois |work= Aviation Week & Space Technology}}
Acquisitions
- 1996 – Ciba Composites{{Cite news |url=https://www.nytimes.com/1995/07/13/business/hexcel-to-combine-with-ciba-composites-unit.html |title=Hexcel to Combine With Ciba Composites Unit |last=Fisher |first=Lawrence M. |work=The New York Times |date=13 July 1995 |access-date=2018-09-14 |language=en}}
- 1996 – Hercules Composites Products Division{{Cite news |url=https://www.nytimes.com/1996/04/17/business/company-news-hexcel-bids-135-million-for-hercules-unit.html |title=Company News; Hexcel Bids $135 Million For Hercules Unit |work=The New York Times |date=17 April 1996 |access-date=2018-09-14 |language=en |last1=Jones |first1=Dow }}
- 1997 – Fiberite satellite prepreg business{{Cite news |url=https://www.nytimes.com/topic/company/hexcel-corporation |title=Hexcel Corporation |work=The New York Times |access-date=2018-09-14 |language=en}}
- 2017 – Oxford Performance Materials Aerospace & Defense Business{{Cite news |url=https://westfaironline.com/97266/hexcel-completes-oxford-performance-materials-acquisition/ |title=Hexcel completes Oxford Performance Materials acquisition |last=Zimmerman |first=Kevin |date=2017-12-19 |work=Westfair Communications |access-date=2018-09-28 |language=en-US}}
- 2017 – Structil SA{{Cite web |url=https://www.compositesworld.com/products/jec-world-2018-preview-hexcel |title=JEC World 2018 preview: Hexcel |last=Sloan |first=Jeff |website=Composites World.com |access-date=2018-09-28}}
- 2018 - ARC Technologies{{Cite web |url=https://netcomposites.com/news/2018/december/11/hexcel-to-acquire-arc-technologies/ |archive-url=https://web.archive.org/web/20190103005031/https://netcomposites.com/news/2018/december/11/hexcel-to-acquire-arc-technologies/ |url-status=usurped |archive-date=January 3, 2019 |title=Hexcel to Acquire ARC Technologies |date=2018-12-05 |website=NetComposites.com |language=en |access-date=2019-01-02}}
References
{{Reflist}}
{{S&P 400 companies}}
{{Authority control}}
Category:Manufacturing companies established in 1948
Category:Companies listed on the New York Stock Exchange
Category:Manufacturing companies based in Connecticut
Category:Companies based in Stamford, Connecticut
Category:Aerospace companies of the United States
Category:American companies established in 1948