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
January 17, 1999 (January 16, 1999)
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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 March 16, 1999 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.
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(c) Exhibits
99.1 Press Release issued by the
Company on March 16, 1999.
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: March 17, 1999
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
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99.1 Press Release issued by the
Company on March 16, 1999
Exhibit 99.1
Contacts Investors:
Bruce D. Herman
203-969-0666 ext. 407
[email protected]
Media:
Ronald S. Ziemba
203-969-0666 ext. 405
[email protected]
HEXCEL CORPORATION ANNOUNCES CLOSING OF
ITS CLEVELAND, GEORGIA FACILITY
Decision Reflects Market Conditions, Efforts to Consolidate Operations
STAMFORD, CT, March 16, 1999 -- Hexcel Corporation (NYSE/PCX: HXL)
announced today that the company's Hexcel Schwebel global business unit
will close its Cleveland, GA manufacturing facility. The plant closing is
due to be completed by July 1, 1999.
The facility, opened in 1980, currently employs 100 people and produces
fabrics used to make rigid, single-sided and double-sided printed wiring
boards. Production equipment from the Cleveland facility will be moved to
the Hexcel Schwebel facility
in Anderson, SC.
"The decision to close our Cleveland facility is a direct result of
continuing efforts to consolidate our operations, reduce operating costs
and respond to competitive market conditions," said William D. Bennison,
president of Hexcel Schwebel. "The market for products made in Cleveland
was affected by inventory adjustments in 1998, and currently is under
intense pressure from Asian and Eastern European competitors," he added.
"Notwithstanding these factors, we believe that strong consumer demand for
cellular telephones, computers and other personal electronic devices,
combined with Hexcel Schwebel's leading market position in lightweight
fabrics for high-tech multilayer printed wiring boards, offer attractive
potential for the future," Mr. Bennison said.
Hexcel Schwebel was formed in late 1998, when Hexcel Corporation, based in
Stamford, CT, acquired the business of Clark-Schwebel, Inc., of Anderson,
SC. Hexcel is the world's leading advanced structural materials company,
with pro forma 1998 sales of $1.235 billion.
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Disclaimer on Forward Looking Statements
This press release contains statements that are forward looking, including
statements relating to market conditions, the impact of pricing pressures
from competitors and the recovery of the electronics market. 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, the
integration by Hexcel of the acquired Clark-Schwebel business without
disruption to operations; changing market conditions, particularly in
Europe and Asia; increased competition; and changes in current pricing
levels. 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.
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