Hexcel Corporation (NYSE:HXL) will look at M&A. Patrick Winterlich, Chief Financial Officer said, "And as the year goes on, we will look at both M&A opportunities. We'll be disciplined, but we would love to do another sort of ARC Technologies type acquisition, high technology, good margins and integrate that into Hexcel. And going forward, we should have the capacity to look at that at least something that size or larger.

And then, yes, stock buyback, perhaps the last sort of piece of the equation as and when we have that confidence in our cash generation, I'm sure that will come on to the agenda as well".