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Hexcel Corporation (ticker symbol: HXL), a leading global supplier of advanced materials, celebrated its Fast Path cross-listing on NYSE Euronext in Paris today, making it the twelfth1 NYSE-listed company to take advantage of this streamlined, cost-effective process since it was made available by NYSE Euronext in 2008.
The Fast Path listing enables US-listed, non-EU companies to use their existing filings with the Securities and Exchange Commission (SEC) for a listing on NYSE Euronext's European market. This listing process can be used in connection with various transactions, including initial public offerings, follow-on capital raisings, spin-offs and direct listings without capital raising.
Hexcel Corporation 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.
Hexcel Corporation' Common Stock was admitted to listing and trading on NYSE Euronext by direct listing of the existing 100,034,444 shares making up the company's capital stock. The admission price of the company' shares was set at €13.99 each, i.e. the closing price of its shares on 17 June 2011 converted into Euros on the basis of the European Central Bank EUR/USD exchange rate of the same trading day. Hexcel Corporation's market capitalization on the day of admission amounted to €1.4 billion.
"We are delighted that Hexcel Corporation has decided to list on NYSE Euronext in Paris, in addition to its listing on NYSE in the US. Such operation will further strengthen their commitment to European operations and reinforce their global identity", said Ronald Kent, Group Executive Vice President and Head of International Listings at NYSE Euronext. "This is the fourth global company to list on our combined European markets within the space of a month and we hope to welcome many more in the near future."
"We are very pleased about our cross-listing in Paris. With about 2,000 employees and over 40% of our sales in the region, European investors can now treat us like the European company that we are. We are excited that the Paris listing will provide greater liquidity to all investors and greater access to European institutional investors who are required to invest in Euro-zone securities," added David E. Berges, Chairman and CEO of Hexcel Corporation.
A total of 49 companies are currently cross-listed on both NYSE and NYSE Euronext.
