Hexcel Corp. (HXL) said that it had entered into a non-exclusive license agreement with Gurit for the past and future use of Gurit's Sprint technology that is utilized 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.
Further, Hexcel said 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 the company's 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.
For comments and feedback: editorial@rttnews.com