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Hexcel Corp. Message Board

  • Angst1998 Angst1998 Sep 16, 1998 9:50 AM Flag

    Inside Buys...


    You do a better job finding news
    than anyone at the company, apparently.

    based on the prices HXL employees paid (13's,14's),
    those buys seem kind of old. Don't they? If PR was at
    issue, it would have hit already. Besides, what
    difference do 20 some thousand shares make anyway? The air
    show and resulting orders from BA and Airbus could
    have mattered, but the opportunity has

    Let's face it. HXL is our little secret -- and the
    do-nothings at the company seem to like it that way.


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    • Hey! We finally see a press release-
      of Certain Clark-Schwebel Assets Completed

      STAMFORD, Conn.--(BUSINESS WIRE)--Sept. 16, 1998-- Hexcel
      Corporation (NYSE/PCX: HXL) announced today that it had
      completed its previously announced acquisition of certain
      assets of Clark-Schwebel, Inc. Hexcel said the
      acquisition positions the company as a global leader in
      supplying high-quality materials for the electronics and
      telecommunications industries.

      Assets acquired to date
      include Clark-Schwebel's wholly owned US operations as
      well as Clark-Schwebel's interests in two joint
      ventures, Asahi-Schwebel Co., Ltd. and Clark-Schwebel
      Tech-Fab. Hexcel's acquisition of Clark-Schwebel's interest
      in CS-Interglas AG is pending European regulatory
      approval and is expected to close in the fourth quarter.

      The purchase price for the entire transaction,
      including the wholly owned US operations and the three
      joint venture interests, is $463 million. In addition,
      Hexcel will lease $50 million of property, plant and
      equipment under a long term lease with purchase options.

      Clark-Schwebel is the world's sales and technology leader in the
      production of high-quality glass fiber fabrics used to make
      printed circuit boards for electronics and
      telecommunications equipment such as computers, cellular telephones,
      televisions and automotive components. Clark-Schwebel fabrics
      are also used in reinforced composite materials,
      ballistic protection and other applications that demand the
      strength, chemical resistance and other high-performance
      capabilities of glass and other specialty fibers.

      ``This is an important strategic transaction for
      Hexcel,'' said John J. Lee, the company's chairman and
      chief executive officer. ``It establishes Hexcel as a
      leading global supplier to the electronics and
      telecommunications industries, both of which have strong long term
      growth potential. This will be an excellent complement
      to Hexcel's existing leadership positions in
      commercial aerospace, space and defense. On a pro forma
      basis, the acquisition increases our
      non-commercial-aerospace sales to about 50% of total sales, from about 35%

      Mr. Lee added, ``The acquisition also
      globalizes our fabrics operations, which now will have
      worldwide leadership positions in glass, carbon and Kevlar
      reinforcement fabrics. Now that the transaction is closed, our
      objective is to build a single, global business that
      combines the best of Hexcel's and Clark-Schwebel's

      Clark-Schwebel has about 1,300 full-time
      employees and operates manufacturing facilities in
      Anderson, SC; Washington, GA; Cleveland, GA; and
      Statesville, NC. In 1997 Clark-Schwebel's wholly owned
      operations in the United States had $240 million of sales
      and $49 million of EBITDA. In addition,
      Clark-Schwebel's Asahi-Schwebel and CS Tech-Fab joint ventures had
      about $173 million in combined 1997 sales. The
      company's CS-Interglas joint venture had about $155 million
      in sales in 1997.

      With its existing
      operations in Lyon, France and Sequin, TX, Hexcel is the
      world's largest producer of carbon fiber reinforcement
      fabrics. In addition, Hexcel has attractive niche
      positions in fiberglass and other specialty fabrics. These
      products are used for a range of aerospace, electronic,
      decorative and other applications.

      The acquisition
      was funded by borrowings under a new $910 million
      global credit facility arranged by Credit Suisse First
      Boston. The new credit facility was also used to
      refinance Hexcel's existing bank debt. Donaldson, Lufkin &
      Jenrette served as Hexcel's financial advisor for the

      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. Hexcel's
      1997 revenues were

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