Hexcel Corp (HXL) will suspend its quarterly dividend in 2020 because of the COVID-19 pandemic. The composites company raised its quarterly dividend by 13.3 percent to $0.17 per share in 2019, marking the 4th consecutive year of dividend increases.

In the company's press release announcing 2020 first quarter results Hexcel also provided a COVID-19 update. Hexcel will suspend its dividend and pauses its stock buyback program. The company states that both decisions will be reviewed quarterly.

Hexcel Corporation is a composites company. The company develops, manufactures, and markets lightweight, structural materials, including carbon fibers, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered honeycomb and structures, for use in Commercial Aerospace, Space and Defense and Industrial markets. Hexcel products are used in a wide variety of end applications, such as commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, automotive, recreational products and other industrial applications. Hexcel Corporation, founded in 1946, was incorporated in California in 1948, and reincorporated in Delaware in 1983. On January 12, 2020, we entered into a definitive merger agreement with Woodward, Inc. to combine in an all stock merger of equals.