Exhibit 99.1

News Release

Hexcel Corporation, 281 Tresser Boulevard, Stamford, CT 06901 (203) 969-0666

HEXCEL ANNOUNCES PLAN TO CALL $150 MILLION OF SENIOR SUBORDINATED NOTES

STAMFORD, CT. — December 13, 2010 — Hexcel Corporation (NYSE: HXL) announced today that it plans to redeem $150 million of its $225 million 6.75% senior subordinated notes on February 1, 2011 at a call premium of 2.25%.  The senior subordinated notes are due on February 1, 2015.  The redemption will primarily be funded by an add-on to Hexcel’s senior secured credit facility that was just completed. The add-on increased the Company’s $150 million revolving loan facility to $285 million.

There are no changes to the terms and conditions of the senior secured credit facility (which includes the revolving loan and a $98 million term loan) that is due July 2015.  The interest rate for the senior secured credit facility can decrease to LIBOR + 2% depending upon the leverage ratio.  Interest rate for 2011 is not expected to exceed LIBOR + 2.25%.

The total transaction costs, including the 2.25% call premium and the costs for the add-on to the revolving loan, will be approximately $4.8 million and interest costs will decrease in the first year by more than $5 million.  As a result of the redemption, Hexcel expects to accelerate the unamortized financing costs of the senior subordinated notes being redeemed and expense the call

premium incurring a pretax charge of $4.9 million (estimated after tax of $0.03 per diluted share) in the first quarter of 2011.

Additionally, during October and November, the Company entered into interest rate swaps totaling approximately $98 million that expire by March 2014.  These interest rate swaps are designated as cash flow hedges to our term loan.  The interest rate swaps trade the LIBOR rate for a fixed rate at an average rate of 1.03%.  As a result, we expect the interest rate for the term loan in 2011 not to exceed 1.03% plus 2.25%, or 3.28%.

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Hexcel Corporation is a leading advanced composites company.  It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements for composites, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications.

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