Hexcel Corp founded in 1946, was incorporated in California in 1948, and reincorporated in Delaware in 1983. The Company and its subsidiaries are an advanced composites company. It develops, manufactures, and markets lightweight, high-performance composites, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, for use in Commercial Aerospace, Space and Defense and Industrial Applications. Its products are used in end applications, such as commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, automotive, bikes, skis and other industrial applications. The Company serves international markets through manufacturing facilities, sales offices and representatives located in the Americas, Asia Pacific and Europe. It is also an investor in a joint venture in Malaysia, which manufactures composite structures for Commercial Aerospace applications. Hexcel presently reports two segments, Composite Materials and Engineered Products. The Composite Materials segment manufactures and markets carbon fibers, fabrics and specialty reinforcements, prepregs, structural adhesives, honeycomb, composite panels, molding compounds, polyurethane systems and laminates that are incorporated into many applications, including military and commercial aircraft, wind turbine blades, recreational products and other industrial applications. It produces honeycomb from a number of metallic and non-metallic materials. The Company sells honeycomb as standard blocks and in slices cut from a block. The Engineered Products segment manufactures and markets composite structures and precision machined honeycomb parts for use in the aerospace industry. Composite structures are manufactured from composite and other materials, including prepregs, honeycomb, structural adhesives and advanced molding materials, using such manufacturing processes as autoclave processing, multi-axis numerically controlled machining, heat forming, compression molding and other composite manufacturing techniques. It manufactures high performance carbon fiber from polyacrylonitrile precursor ('PAN'). The raw material for PAN is acrylonitrile. The Company competes with a number of U.S. and international companies on a worldwide basis. It is subject to federal, state, local and foreign laws and regulations designed to protect the environment and to regulate the discharge of materials into the environment.