STAMFORD, Conn., Feb. 09, 2017 (GLOBE NEWSWIRE) -- Hexcel Corporation (NYSE:HXL), today announced that the Company’s Board of Directors authorized the repurchase of an additional $300 million of the Company’s stock. Under the program, the Company may purchase its common stock from time to time in the open market or in privately negotiated transactions. The repurchases will be funded from cash from operating activities and, if needed, existing borrowings. The amount and timing of the purchases will depend on a number of factors including the price and availability of shares of common stock, trading volume and general market conditions. As of December 31, 2016, there was $93 million remaining under the authorized share repurchase program.
Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications such as wind turbine blades.
Disclaimer on Forward Looking Statements
This news release contains statements that are forward looking, including, but not limited to, statements that relate to the timing and execution of the Company's share repurchase program and the amount of shares to be repurchased (if any). The forward looking statements in this news release are based on current expectations and assumptions that are subject to risks and uncertainties, and actual results may differ materially from the results anticipated in the forward looking statements. Additional risk factors are described in our filings with the SEC. We do not undertake an obligation to update our forward looking statements to reflect future events.