OSS II to nominate three to Hexcel board of directors

By Lisa Kerner

Charlotte, N.C., Nov. 27 - Oscar S. Schafer & Partners II LP (OSS II) notified Hexcel Corp. of its plan to nominate three candidates for election to the company's board of directors at Hexcel's 2008 annual meeting.

The nominees are Edward A. Blechschmidt, Timothy D. Leuliette and J.V. Hirsch, according to a schedule 13D filing with the Securities and Exchange Commission.

In addition, OSS II demanded to inspect Hexcel's shareholder list and related materials under section 220 of the Delaware General Corporations Law.

In July, it was reported that OSS II affiliate O.S.S. Capital Management LP sent a letter to Hexcel's chairman and chief executive officer David Berges reiterating its view that Hexcel is under-earning, that management is failing to address the earnings shortfall and that shareholders are "suffering as a result." Similar letters were sent by O.S.S Capital Management to Berges on April 26, 2007 and March 9, 2007.

The reporting persons beneficially own 5,285,900 shares, or 5.53%, of the Stamford, Conn., structural materials company's stock.

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