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The Stamford firm’s first-quarter financial results found net sales drop to $541 million from $609.9 million in the first quarter of 2019. Quarterly net income plummeted to $42.4 million from $72.2 million year-over-year.
Neither company will be required to pay the other a termination fee as a result of their mutual decision.
The company said the project has resulted in more than 100,000 square feet of new deals at the property, which consists of the 15-story, 249,000-square-foot 3 Stamford Plaza and the 15-story, 263,000-square-foot 4 Stamford Plaza.
Stamford-based Hexcel said the acquisition strengthens its existing advanced materials portfolio in structural composites and thermoplastics and provides new opportunities for growth and market penetration.
Shanghai Future Aerospace Hexcel Commercial Composite Testing Ltd. will offer testing services to commercial aerospace industries in China and the Asia Pacific region.
As part of the partnership, a joint research and development laboratory will be established in France.
The acquisition includes equipment, intellectual property and manufacturing process technology related to OPM's business operations in aerospace and defense.
The asset acquisition includes equipment, intellectual property and manufacturing process technology.
Hexcel recently released its third-quarter financial results, which listed revenue at $491.5 million.
Structil SA is a producer and supplier of high-performance composites to the aerospace, defense and industrial markets.
Patrick Winterlich will replace Wayne Pensky effective Sept. 1.
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