O.S.S. Capital seeks review of Hexcel

By Lisa Kerner

Charlotte, N.C., April 27 - Hexcel Corp. investors led by O.S.S. Capital Management LP said in an April 26 letter to chief executive officer David Berges they continue to believe that Hexcel is under earning, management is not addressing the issue and the shareholders are suffering as a result.

O.S.S. recommended a review of the company's prospects and strategy through a committee of independent directors and an independent investment bank, according to the schedule 13D filing with the Securities and Exchange Commission.

The reporting persons own 4,810,900 shares, or 5.1%, of the Stamford, Conn., structural materials company's stock.

A March 9 letter to the company from the investment manager expressed similar concerns, which led to a meeting between O.S.S. principals and Berges.

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