OSS Capital's interest in Hexcel falls below 5%

By Lisa Kerner

Charlotte, N.C., May 15 - Investors led by OSS Capital Management LP sold 618,603 shares of Hexcel Corp., reducing their ownership interest in the company to 4.9%, from 5.5% on May 8.

The shares were sold between May 12 and May 14 priced from $21.39 to $21.83, according to a schedule 13D filed with the Securities and Exchange Commission.

On May 8, Hexcel said it believed its nominees to the board of directors were elected by a "substantial margin" over OSS Capital's three nominees.

The voting results were preliminary and would be finalized by IVS Associates, a Hexcel news release stated.

OSS had nominated Edward A. Blechschmidt, former chief executive officer of Novelis, Inc. and of Gentiva Health Services; Joachim V. Hirsch, vice president of special projects for Magna International; and Timothy D. Leuliette, former co-chairman and co-CEO of Asahi Tec Corp.

In a prior news release, OSS asked shareholders to withhold their votes for the re-election of current Hexcel directors Joel S. Beckman, Lynn Brubaker and David C. Hurley.

Hexcel is a structural materials company based in Stamford, Conn.

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