Mr. Lee: Hexcel today is the global leader in the development, manufacture and sale of advanced structural materials. These are engineered, advanced materials that make structures lighter, stronger, that travel more quickly and are more impact resistant than traditional materials. They encompass advanced composite materials such as carbon fiber reinforced epoxy prepregs and honeycombs. These materials first found applications in aerospace over 50 years ago. Today approximately half our revenues are derived from providing materials to build modern commercial passenger aircraft, be they produced by Boeing or Airbus, or be they for regional aircraft producers or the general aviation market. Those same products are behind modern military aircraft, rockets and launchers. To give you some historical perspective, when the United States landed on the Moon in 1969, the first part of the Eagle lander that touched the Moon was made from a Hexcel product. We made the feet for the lunar lander module from impact absorbing honeycomb that today is used to build headliners for certain automobiles to protect passengers in a collision. In more recent years, we have developed products for a diverse array of markets and applications. We are the largest provider of the reinforcement for printed circuit boards in the world. Our glass fabrics are the substrate of printed circuit boards. Our materials energy absorption properties are also being used to improve occupant safety in automobiles and they are used in the fabrication of the blades of modern wind turbines, a source of renewable green energy. Hexcel is in origin a California company that started over 50 years ago. A couple of guys who retired from the Navy after the Second World War were engineers and they wanted to develop new materials. We’ve grown from a California basement to be a company of global reach. Back in the late-1990s, we consolidated our industry, which gave us our commanding global market position today. We have approximately 45% of our revenues in Europe, just over 50% in the United States. Our people, assets and manufacturing facilities are located globally wherever our customers need us. Our customers are from all corners of the world. In each market application, we supply the leaders in that field. Be it the leading suppliers to Airbus and Boeing, the producers of advanced military aircraft and launch systems such as Lockheed Martin, EADS or Saab, manufacturers of printed wiring board laminate such as Isola or Nelco, or sporting good producers such as Head, Salomon, and Taylor Made. In terms of my own background, I’ve been with the company now just under eight years. Initially we extricated Hexcel from some financial problems and then led the consolidation of the advanced materials industry. Prior to joining the company I had a long career in the merchant banking business and was involved with turning around a number of companies including most recently Tosco Corporation and Xtra Corporation.
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