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Solvay Denies Bid for Hexcel (HXL)

November 11, 2020 10:07 AM EST

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(Updated - November 11, 2020 11:15 AM EST)

Solvay S.A is not in talks to acquire Hexcel Corp. (NYSE: HXL) and did not make a bid, according to a statement from a representative of Solvay. The denial follows an earlier report from StreetInsider, citing a source, that Solvay S.A did in fact make a bid and was in talks on a potential deal.

“While it is our policy not to comment on rumors or speculation, it is important to note that we have not made an offer, nor are we in talks, to acquire Hexcel." Solvay said in a statement to StreetInsider.com.

In January, Hexcel agreed to a merger of equals with Woodward, Inc. (NASDAQ: WWD). However, the deal was terminated in April due to the market disruptions caused by the COVID-19 pandemic.

Hexcel develops, manufactures and markets lightweight, high-performance structural materials including carbon fibers, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered core and composite structures for use in commercial aerospace, space and defense and industrial applications.

In response to a question about the potential deal with Solvay, Hexcel said it doesn’t comment on speculation.



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