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Hexcel Corp. Message Board

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  • winmore_98 winmore_98 Sep 16, 1998 3:54 PM Flag

    Inside Buys...

    Hey! We finally see a press release-
    Purchase
    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%
    currently.''

    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
    capabilities.''

    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
    transaction.

    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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