OSS prepares for proxy contest with Hexcel

By Lisa Kerner

Charlotte, N.C., Feb. 25 - OSS Capital Management said it will bring its board nominees to Hexcel Corp.'s shareholders by way of a proxy contest after the company agreed to nominate only one of OSS' three nominees to its board of directors.

Hexcel met with the shareholder in December to discuss the nominations of Edward A. Blechschmidt, Timothy D. Leuliette and J.V. Hirsch.

The company did not respond to OSS until Feb. 19, according to a schedule 13D filing with the Securities and Exchange Commission.

In a Feb. 25 letter to Hexcel director Sandra L. Derickson, OSS said its nominees "possess the skills to help Hexcel better execute in its cost-cutting initiatives, the growth of its international footprint, and its core industrial manufacturing capabilities."

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

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