SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 29, 1997 (April 21, 1997)
________________________________________________
Date of report (Date of earliest event reported)
Hexcel Corporation
______________________________________________________
(Exact Name of Registrant as Specified in Charter)
Delaware 1-8472 94-1109521
______________ _____________________ __________________
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
Two Stamford Plaza
281 Tresser Boulevard
Stamford, Connecticut 06901-3238
____________________________________________________________
(Address of Principal Executive Offices and Zip Code)
(203) 969-0666
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(Registrant's telephone number, including area code)
N/A
_____________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
A copy of the press release issued by Hexcel
Corporation on April 21, 1997 is filed as Exhibit 99.1 to
this Current Report and is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits.
(c) Exhibits
99.1 Press Release issued by
Hexcel Corporation on April
21, 1997
Signatures
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: April 29, 1997
HEXCEL CORPORATION
By: /s/ Ira J. Krakower
Name: Ira J. Krakower
Title: Senior Vice President,
General Counsel and
Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release issued by Hexcel
Corporation on April 21, 1997
Exhibit 99.1
[HEXCEL LOGO]
NEWS RELEASE
Hexcel Corporation, 281 Tresser Boulevard
Stamford, CT 06901 (203) 969-0666
CONTACT: Ronald S. Ziemba
Hexcel Corporation
203-969-0666 ext. 405
HEXCEL CORPORATION AGREES TO ACQUIRE
SELECTED ASSETS AND BUSINESSES OF FIBERITE, INC.
STAMFORD, CT, April 21, 1997 - Hexcel
Corporation (NYSE/PSE:HXL) announced today that it has
entered into an agreement to acquire selected assets and
businesses of Fiberite, Inc. for about $300 million in
cash and certain assumed liabilities.
Fiberite, headquartered in Tempe, AZ, is a
supplier of advanced composite materials for aerospace,
industrial and recreational applications. The lines of
business to be acquired by Hexcel include certain prepreg
operations, as well as Fiberite's ablatives, carbon-
carbon, molding compound and engineered components
businesses.
These lines of business, which had sales of
about $200 million for 1996, are located in Tempe, AZ;
Newark, DE; Winona, MN; Delano, PA, and Greenville, TX
with a small facility in Courcelles-les-Lens, France.
Fiberite's operations in Orange, CA and Oestringen,
Germany will not be included in the acquisition.
"We at Hexcel are very excited about this
transaction," said John J. Lee, the company's chairman and
chief executive officer. "It is consistent with our
strategic growth objectives, and it positions Hexcel
strongly for the year 2000 and beyond. The business lines
we are acquiring will expand our portfolio of product
offerings into areas where Hexcel does not now operate or
has a relatively minor market presence. For example, we
see significant potential in broadening Hexcel's
participation in future space and defense programs,
including the space shuttle, public and private space
satellites and military aircraft," he added.
"Acquiring these Fiberite operations also will
allow us to diversify our commercial aerospace business
into new areas, such as materials and parts for jet
engines and aircraft brake linings," Mr. Lee said. "The
net result will be a better balance between our commercial
aerospace business, where Hexcel has historically been
well known, and other attractive aerospace markets, such
as space and defense. The acquisition also will enable us
to expand and diversify our product offerings for general
industrial applications," he added.
"Fiberite's manufacturing and research
facilities and its customer service and technical support
functions will broaden our own capabilities in these
important areas. And Fiberite has a complement of
talented managers and employees who will enhance Hexcel's
know-how and expertise in many other ways," Mr. Lee said.
The assets of Fiberite to be acquired by Hexcel
are to be purchased from Stamford FHI Acquisition Corp., a
financial buyer that has agreed to purchase the
outstanding stock of Fiberite's parent company, Fiberite
Holdings, Inc., from its previous owners, including DLJ
Merchant Banking, Inc.
The transaction is expected to be completed
during the third quarter of 1997, subject to customary
conditions of closing and required regulatory approvals.
Hexcel Corporation manufactures lightweight,
high performance carbon fibers, structural fabrics,
composite materials and engineered parts and structures.
It sells these products to customers in the commercial
aerospace, space and defense, recreation and general
industrial markets. Hexcel's 1996 revenues were $695
million.
