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Investor Group Completes Purchase of Hexcel Common Stock

  • Thursday, 21st December 2000
  • Reading time: about 2 minutes

Hexcel Corporation announced that an investor group affiliated with Goldman Sachs has completed its previously announced purchase of 14,525,000 shares of Hexcel common stock from Ciba Specialty Chemicals. The acquired shares represent approximately 39% of Hexcel’s outstanding common stock. James J. Gaffney, Sanjeev K. Mehra and Peter M. Sacerdote have been designated by the Investor Group to serve as directors on Hexcel’s ten-member board. Mr. H. Arthur Bellows, Jr., an independent director, was also elected to the board. Ciba still holds approximately 3.5 million shares of Hexcel common stock but no longer designates any Hexcel directors. Mr. John J. Lee, Chairman and CEO commented: “We are very excited to have the Goldman Sachs led investor group become a major shareholder in our company at a time when the Company feels it is well positioned to take advantage of growth opportunities in the major markets it serves. We appreciate the support Ciba has provided the company since we formed the world’s largest producer of advanced structural materials through the merger of our composite businesses in 1996. I would like to especially thank the Ciba directors for their service to the company and we wish them success in their future endeavors. I look forward to working with the board to maintain Hexcel as a global leader in advanced materials.” Hexcel Corporation is the world’s leading advanced structural materials company. It designs, manufactures and markets lightweight, high reinforcement products, composite materials and engineered products for use in commercial aerospace, space and defense, electronics, general industrial, and recreation applications.

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