LOGO -- HEXCEL
NEWS RELEASE
HEXCEL CORPORATION, 281 TRESSER BOULEVARD, STAMFORD, CT 06901 (203) 969-0666
CONTACTS FINANCIAL:
STEPHEN C. FORSYTH
203-969-0666 EXT. 425
[email protected]
MEDIA:
MICHAEL W. BACAL
203-969-0666 EXT. 426
[email protected]
INVESTOR GROUP LED BY GOLDMAN SACHS COMPLETES PURCHASE OF
APPROXIMATELY 14.5 MILLION SHARES OF HEXCEL COMMON STOCK OWNED
BY CIBA SPECIALTY CHEMICALS
STAMFORD, CT, December 19, 2000 - Hexcel Corporation (NYSE/PCX: HXL) today
announced that an investor group affiliated with Goldman Sachs ("Investor
Group") 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.
Under a governance agreement between Hexcel and the Investor Group, Messrs.
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.
DISCLAIMER ON FORWARD LOOKING STATEMENTS
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This press release contains statements that are forward looking, including
statements relating to the anticipated growth of most of the markets the
company serves. 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, increased competition, product mix,
and currency exchange rate changes. 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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