Hexcel acquires license for Gurit's SPRINT technology

Hexcel will pay Gurit for the past and future use of Gurit’s SPRINT technology that is used in industrial prepregs.

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Hexcel Corp. (Stamford, Conn., USA) on Jan. 22 announced that it has entered into a non-exclusive license agreement with Gurit (Isle of Wight, U.K.) for the past and future use of Gurit’s SPRINT technology that is used in industrial prepregs. In addition to a license fee for future use, Hexcel will record a one-time charge for past use of $7.5 million in the fourth quarter of 2009 and its after-tax impact will be $5.6 million or almost $0.06 per share.

SPRINT materials were developed by Gurit's SP marine business unit and consists of a layer of fiber reinforcement either side of a precast, precatalysed resin film, with a light tack film on one face. SPRINT fibers remain dry and unimpregnated by the resin until the curing process.

Hexcel also announced that it has been awarded up to $8.1 million in New Clean Energy Manufacturing Tax Credits as part of the American Recovery and Reinvestment Act. The credit will be on qualifying expenditures incurred at its Colorado facility from February 2009 to February 2013. The company expects to record over $3 million of tax credits in the first quarter of 2010 related to qualifying expenditures already incurred.