September 15, 2008 / 9:49 PM / 10 years ago

UPDATE 1-Hexcel cuts production, withdraws FY forecast

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Sept 15 (Reuters) - Hexcel Corp (HXL.N), a maker of structural materials, said it cut production volumes on certain aero structures and composite materials produced in its U.S. facilities and is withdrawing its earnings outlook for the year, due to the machinists’ union strike against Boeing Co (BA.N).

Earlier this month, almost 27,000 Boeing workers walked off the job after the International Association of Machinists and Aerospace Workers failed to reach agreement on a new contract with Boeing. The company has stopped plane production at its massive Seattle-area plants.

Hexcel, which supplies composite material to Boeing, said it would provide an update on its short-term outlook when it announces third-quarter results.

Shares of Hexcel closed at $18.02 Monday on the New York Stock Exchange. (Reporting by Amulya Nagaraj in Bangalore; Editing by Deepak Kannan)

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