- Archer Aviation Inc ACHR and Hexcel Corp HXL entered 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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