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|Hexcel-Boeing Joint Ventures to Produce Aerospace Structures in China and Malaysia Formally Open; Production Already Underway|
STAMFORD, Conn., Sep 16, 2002 (BUSINESS WIRE) -- Hexcel Corporation (NYSE/PCX: HXL) today announced that BHA Aero Composites Parts Co. Ltd in Tianjin, China, and Asian Composites Manufacturing Sdn. Bhd. in Bukit Kayu Hitam, Malaysia, formally opened for business.
Executives from Hexcel and Boeing were present at both ceremonies, also present in Malaysia was Dato' Seri Dr. Mahathir bin Mohamad, Prime Minister, while Zu Yue Li former President of CAAC and current Delegate of Peoples Congress was on hand for the ceremonies in China. Both facilities have already begun to manufacture composite parts for secondary structures and interior applications for commercial aircraft.
Hexcel formed BHA Aero Composite parts with Boeing and Aviation Industries of China (formally known as China Aviation Industry Corporation) in 1999 to manufacture composite parts for secondary structures and interior applications for commercial aircraft. Hexcel has a 33% equity ownership interest in this joint venture.
Also in 1999, Hexcel formed Asian Composites Manufacturing with Boeing, Sime Darby Sdn. Bhd., and Naluri Berhad (formally Malaysian Helicopter Services) to manufacture composite parts for secondary structures for commercial aircraft. Hexcel has a 25% equity ownership interest in this joint venture.
Hexcel accounts for both joint ventures for on an equity basis.
Hexcel Corporation is the world's leading advanced structural materials company. It develops, manufactures and markets lightweight, high-performance reinforcement products, composite materials and composite structures for use in commercial aerospace, space and defense, electronics, and industrial applications.
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