Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Archer Aviation Selects Hexcel To Advance Production Capabilities

  • Archer Aviation Inc (NYSE:ACHR) and Hexcel Corp (NYSE:HXLentered into a letter of intent regarding the supply of carbon fiber material used to manufacture production aircraft.
  • As per the proposed relationship terms, Hexcel will provide Archer with high-performance carbon fiber and resin systems, also known as prepreg, needed to fabricate composite parts for Archer's production aircraft.
  • Archer expects the proposed relationship to enable it to mitigate supply chain risks as it builds the foundation for producing its all-electric aircraft.
  • "This is a terrific opportunity for Hexcel to join with an innovative leader such as Archer to bring eVTOL to market," commented Nick Stanage, Hexcel Chairman, CEO, and President.
  • Price Action: ACHR shares are trading lower by 8.65% at $4.12 and HXL lower by 0.45% at $55.48 on the last check Thursday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.