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
August 11, 1998 (August 5, 1998)
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Date of report (Date of earliest event reported)
Hexcel Corporation
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-8472 94-1109521
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(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
Two Stamford Plaza
281 Tresser Boulevard
Stamford, Connecticut 06901-3238
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(Address of Principal Executive Offices and Zip Code)
(203) 969-0666
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
A copy of the press release issued by Hexcel Corporation, a
Delaware corporation (the "Company") on August 5, 1998 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 the Company on August 5, 1998.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: August 11, 1998
HEXCEL CORPORATION
By: /s/ Ira J. Krakower
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Name: Ira J. Krakower
Title: Senior Vice President,
General Counsel and Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release issued by the Company on August 5, 1998
Exhibit 99.1
Contacts Investors:
Stephen C. Forsyth
203-969-0666 ext. 425
[email protected]
Media:
Ronald S. Ziemba
203-969-0666 ext. 405
[email protected]
HEXCEL ANNOUNCES STOCK BUYBACK PLAN
STAMFORD, CT, August 5, 1998 Hexcel Corporation (NYSE/PCX: HXL)
announced today that its board of directors has authorized the company to
repurchase up to $10 million of its common stock. The board of directors
may also approve additional stock buybacks from time to time subject to the
terms of its credit agreements. The purchases will be made in the open
market at prevailing prices or in privately negotiated transactions at then
prevailing prices. The company has approximately 36,922,000 shares
outstanding with two large stockholders holding about 59% of these shares.
John J. Lee, the company's chairman & chief executive officer stated:
"At current market prices, an investment in our common stock is one of the
most attractive investments available today. While we expect shortly to
complete the previously announced Clark-Schwebel transaction and we will
continue also to undertake capital investment projects, it is hard to find
a better investment for a portion of our operating cash flow than the
purchase of our own shares."
Hexcel Corporation is the world's leading advanced structural
materials company. It manufactures lightweight, high performance carbon
fibers, structural fabrics, composite materials and engineered products for
use in commercial aerospace, space and defense, recreation and general
industrial applications.
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DISCLAIMER ON FORWARD LOOKING STATEMENTS
This press release contains statements that are forward looking,
including statements relating to strategic acquisitions, sales, gross
margin percentage, backlog, currency, income taxes and diluted earnings per
share. These statements are not projections or assured results. Actual
results may differ materially from the results anticipated in the forward
looking statements due to a variety of factors, including but not limited
to, changing market conditions, particularly in Asia, increased
competition, product mix and currency. Additional risk factors are
described in the company's filings with the SEC. The company does not
undertake an obligation to update its forward looking statements to reflect
future events or circumstances.
