MATERIALS SPECIALIST Hexcel is to consolidate operations following the acquisition of Ciba-Geigy's composites business, reducing its worldwide workforce by 8%. The consolidation programme is expected to cost almost $50 million and take three years to complete.
Hexcel, which has been through Chapter 11 bankruptcy protection, achieved nearly 50% growth in first-quarter sales, to more than $126 million, with the bulk of the growth coming from the Ciba-Geigy acquisition in February. The group also showed a net profit of $1.8 million, turning round a $2.5 million loss a year ago.
Chairman John Lee says that the improvement comes from a combination of rallying markets and three years of group restructuring, completed in 1995.
Source: Flight International