Ciba Specialty Chemicals has agreed to sell most of its 49 per cent stake in United States aerospace fabrics maker, Hexcel, to an investor group led by Goldman Sachs.
Announcing the deal on Thursday, Ciba said it would sell approximately 14.5 million shares of Hexcel common stock in a transaction valued at $11.00 per share (SFr18), or about $160 million (SFr278 million) in total.
"We're building a compact portfolio of businesses with synergies in shared technologies and markets, and, are specifically strengthening our high potential areas," said Rolf Meyer, Ciba's chairman and chief executive officer.
He added that the deal completes Ciba's divestment programme, aimed at selling off "non-strategic businesses that have little in common with key operations".
The agreement is subject to customary regulatory approvals and closing conditions.
swissinfo with agencies