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 6, 2000(April 3, 2000)
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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 April 3, 2000 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 April 3, 2000.
<PAGE>
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: April 6, 2000
HEXCEL CORPORATION
By: /s/ Kirk G. Forbeck
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Name: Kirk G. Forbeck
Title: Chief Accounting Officer
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued by the Company on April 3, 2000
EXHIBIT 99.1
NEWS RELEASE
Hexcel Corporation, 281 Tresser Boulevard, Stamford, CT 06901 (203) 969-0666
Contact: Investors:
Stephen C. Forsyth
203-969-0666 ext. 425
[email protected]
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Media:
Michael W. Bacal
203-969-0666 ext. 426
[email protected]
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HEXCEL ENTERS INTO AN AGREEMENT TO SELL ITS BELLINGHAM INTERIORS BUSINESS
TO BRITAX INTERNATIONAL PLC
STAMFORD, CT, April 3, 2000 - Hexcel Corporation (NYSE/PCX: HXL) and Britax
International plc today announced that they have entered into a definitive
agreement whereby Britax will purchase Hexcel's Bellingham aircraft interiors
business for $116.9 million. The purchase price will be paid in cash. This
transaction has resulted from Hexcel's previously announced strategic review of
its Engineered Products business.
Mr. John J. Lee, Hexcel's Chairman & CEO commented: "This transaction is part of
our ongoing efforts to optimize our business portfolio, and focus on Hexcel's
advanced materials technologies. The net proceeds from the transaction will be
used to further reduce the company's debt. We continue to evaluate strategic
alternatives for the Kent business within our Engineered Products business
segment. The sale of the Bellingham business is subject to customary closing
conditions and is expected to be completed in the second quarter."
Hexcel's Bellingham business is a leader in the design, engineering and
manufacture of commercial aircraft interior components and systems for OEM and
airline refurbishment applications. Its products include the innovative stowage
bin shelf extension kit that increases passenger carry-on luggage capacity on
existing aircraft and consequently speeds gate operations for airlines. The
Bellingham business had 1999 revenues of $69.1 million and EBITDA of $8.5
million.
Hexcel acquired the Bellingham business as part of its 1996 acquisition of Ciba
Geigy's worldwide composites business. The business employs approximately 325
people. Credit Suisse First Boston acted as Hexcel's financial advisor on the
transaction. Lazard acted as financial advisors to Britax International, plc.
* * *
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, and industrial applications.
Britax International plc is a design led manufacturing and marketing company
with worldwide interests in aircraft interior systems, rear vision systems,
child care safety systems and specialized vehicle systems.
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DISCLAIMER ON FORWARD LOOKING STATEMENTS
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This press release contains statements that are forward looking, including
statements relating to Hexcel's mix of application markets and product
technologies, and its plans and timing of a strategic review of the options for
its engineered products business. 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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