Ciba Specialty Chemicals agrees to sell majority of its ownership in Hexcel
Ciba specialty chemicals announced today that it has agreed to sell the majority of its approximately 49 percent stake in Hexcel Corporation to an investor group led by Goldman Sachs. Under terms of the agreement Ciba will sell approximately 14.5 million shares of Hexcel common stock in a transaction valued at $11.00 per share. The total value of the sale is about $160 million. The agreement is subject to customary regulatory approvals and closing conditions.
"We're building a compact portfolio of businesses with synergies in shared technologies and markets, and, are specifically strengthening our high potential areas," said Rolf A. Meyer, Ciba's chairman and chief executive officer. "Today's sale reflects Ciba's ongoing strategy of exiting non-strategic businesses that have little in common with our key operations. This sale completes Ciba's major, planned divestment program."
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