NYSE Euronext welcomes NYSE-listed Hexcel Corporation to its European market
Leading advanced composites company uses Fast Path procedure to cross-list in Europe
Paris - 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.
Background about Cross-Listing on NYSE Euronext European markets
• NYSE Euronext is the first and only exchange group to offer a truly global cross-market listing, trading and visibility platform, providing cost-effective, convenient access to investors and business partners in the US and in Europe.
• NYSE Euronext is the first exchange group to offer companies the ability to trade and raise capital in € and $ and reach investors and constituents directly across continents and multiple time zones, regions and countries.
• Valuable for any company looking to enhance its global profile, support an international business or expand its non-US investor base, a Fast Path listing provides an easy, cost-effective way to gain a European trading presence. Euronext regulators accept documentation, previously filed with the SEC, to satisfy the EU Prospectus Directive. With Fast Path, a company avoids the need to draft and translate a separate prospectus in order to be admitted to trading. Documents filed with the SEC serve as the primary component to obtain approval from the competent Euronext regulator. The SEC documentation is combined with a summary “wrapper”, addressing any additional European and local requirements, forming the company’s European prospectus.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company’s exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext’s equities markets - the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca - represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world’s second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more information, please visit: http://www.nyx.com
About Hexcel Corporation
Hexcel Corporation (HXL) 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.
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