In further diversification, Hexcel Corp. has agreed to acquire certain assets and liabilities of Clark-Schwebel Inc. of Anderson, S.C., and interests in three Clark-Schwebel joint ventures.
Two transactions occurred. New York-based Vestar Capital Partners, which specializes in leveraged buyouts, sold Clark-Schwebel to a unit of Stamford Capital Group Inc. of Stamford, Conn., for $488 million. Vestar had acquired Clark-Schwebel in 1995.
Next, Stamford CS Acquisition Corp. agreed to sell Clark-Schwebel to Hexcel for $453 million in cash while retaining property, plant and equipment valued at $60 million and subject to a long-term capital lease. The details were disclosed July 26.
Clark-Schwebel makes glass fabrics used in making printed circuit boards for computers, cellular telephones, television sets and automotive components.
Hexcel also makes fabrics for printed circuit boards at facilities near Lyon, France, Joseph Shaulson, Hexcel vice president of corporate development, said in a telephone interview.
Clark-Schwebel employs 1,300 and has facilities in Anderson; Washington, Ga.; Cleveland, Ga.; and Statesville, N.C.
Clark-Schwebel had 1997 sales of $240 million and reported profit of $18.5 million, including its share from the joint ventures.
The ventures reported sales of $328 million.
One venture includes a 43.6 percent share of CS-Interglas AG in Ulm, Germany, with Interglas AG.
Hexcel has an option to increase ownership to 84 percent. The other ventures are a 43.3 percent share of Asahi-Schwebel Co. Ltd. in Japan with Asahi Chemical Industry Co. Ltd. and a 50 percent share in Anderson-based Clark-Schwebel Tech-Fab with France's Chomarat & Co.
While subject to regulatory approvals in the United States and Europe, the deal is expected to close by Sept. 30.