Ciba Specialty Chemicals closes on the sale of shares in Hexcel

BASEL, Switzerland, Dec. 19, 2000 (BUSINESS WIRE)—Ciba Specialty Chemicals announced today that it has closed on the sale of its approximately 14.5 million shares of Hexcel Corporation to an investor group led by Goldman Sachs.

Ciba will continue to hold about 3.5 million shares of Hexcel, representing slightly less than 10% of the outstanding shares of the company. The total value of the sale is about $160 million.

Ciba's continuing operations in 120 countries generated sales of CHF 7.2 billion in 1999 and spent some CHF 250 million on R&D to foster innovation across the company.

For more information, visit www.cibasc.com.