Hexcel – Restructuring Actions
Reshaping Hexcel For Market Realities
- Announced proactive plan in November 2001
- Targeted $60 million reduction (20%) in cash fixed costs
- Focus on lowering headcount - 40/35/20% (Exec/Corp/Sal)
- Key R&T growth programs, sales and customer service well funded
- Primary actions taken in Fourth Quarter, 2001 and First Quarter, 2002
- Completed announced closure of 2 U.S. Composites Plants
- Total employment down by almost 25% since 9/01
Reviewed balance sheet for impairment in Q4 2001
$60 million in annualized savings achieved in First Half 2002