The Swiss chemical company Ciba-Geigy (CH-4002 Basel) intends to transfer its composite business to the American Hexcel Corp (Pleasanton, California / USA). The statement of intent, signed by both companies, foresees that the joint venture, 49.9% owned by Ciba, will continue to use the Hexcel Corp. name and will be traded on the US stock exchanges. Hexcel, a leading manufacturer of honeycomb structures, advanced composites and technical textiles will be able to extend its worldwide leadership in advanced materials for the aerospace industries as well as other industries. Hexcel's turnover will be almost doubled to $ 600m.

According to Ciba, before this partnership can be concluded at the end of 1995, a number of things have to be checked and the agreement of the Hexcel shareholders must be secured. Additionally the US Antitrust Authorities must give their approval. Heini Lippuner, Chairman of the Ciba Board commented on the desired transaction as follows: "The fusion of two companies, both with a significant position in the composites market, is a pragmatic solution in view of the structural changes, experienced by this market over the last few years". The partnership gives Ciba an additional way of improving their value to shareholders, through a process of active portfolio-management.