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Article: HEXCEL AND CIBA COMPOSITES TRANSACTION CLOSES; Combination Creates Composite Materials and Structures Company with over US $675 Million in Worldwide Sales; Management and New Company Structure Confirmed.
- Article from:
- Business Wire
- Article date:
- February 29, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PLEASANTON, Calif. and BASLE, Switzerland--(BUSINESS WIRE)-- February 29, 1996--Hexcel Corporation (NYSE/PSE: "HXL") and Ciba-Geigy Limited ("Ciba") jointly announced today that Hexcel has completed its combination with Ciba Composites.
In exchange for Ciba's Composites business, which includes prepregs, honeycomb, structures, film adhesives, panels and interiors, Ciba received approximately 18 million newly issued shares of Hexcel's common stock, representing 49.9 percent of Hexcel's common equity, and $25 million in cash. Following completion of a closing date audit, Hexcel will deliver to Ciba approximately $43 million in senior subordinated notes, subject to ...