Hexcel Corporation (NYSE:HXL) is looking for M&A. Patrick Winterlich, Chief Financial Officer said, "We're always going to look after our organic growth, but we're doing that comfortably now. We should be under that 100 level of CapEx, as we've called out for a few years now. M&A is definitely on our agenda.

We're staying focused and disciplined for opportunities. We see that as part of our growth. But in the meantime, we announced what we believe is a very positive dividend increase, the 25% from $0.10 to $0.125.

And yes, so stock repurchase will come on to our agenda as the cash starts to come in. This year, next year, the next 2 or 3 years, we are going to generate a lot of cash, it's going to start to flow. And undoubtedly, I would expect stock repurchase to emerge at some point.

But M&A, we're staying disciplined, increasing dividend and then balance it with some stock repurchases, how I would look at it".