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Article: Goldman to invest $160 million in Hexcel.
- Article from:
- Plastics News
- Article date:
- October 23, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. 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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A Goldman Sachs Group Inc. investor group intends to replace Ciba Specialty Chemicals Holding Inc. as the largest owner of Hexcel Corp. common stock.
Ciba agreed to sell about 14.5 million of its more than 18 million shares of Hexcel stock to a Goldman Sachs group at $11 each, Ciba and Hexcel said. The acquired portion represents about 39 percent of Hexcel's outstanding shares; Ciba currently owns 49.3 percent.
Contingent on lender and regulatory approvals, the $160 million deal is scheduled to close this year.
"The price being paid by the investor group reflects the relative illiquidity of Ciba's share holding" in Hexcel, John J. Lee, chairman ...