UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

                        March 2, 2006 (February 27, 2006)
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                Date of report (Date of earliest event reported)

                               Hexcel Corporation
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               (Exact Name of Registrant as Specified in Charter)


       Delaware                       1-8472                     94-1109521
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(State of Incorporation)       (Commission File No.)            (IRS Employer
                                                             Identification No.)

                               Two Stamford Plaza
                              281 Tresser Boulevard
                        Stamford, Connecticut 06901-3238
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              (Address of Principal Executive Offices and Zip Code)


                                 (203) 969-0666
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              (Registrant's telephone number, including area code)

                                       N/A
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          (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written Communication pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
    CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))




Section 2 - Financial Information

Item 2.02 Results of Operation and Financial Condition

          On February 27, 2006, Hexcel Corporation, a Delaware corporation (the
          "Company"), issued a press release in which the Company advised of an
          increase in the benefit of the reversal of its valuation allowance as
          of December 31, 2005. A copy of the press release is being furnished
          as Exhibit 99.1 and is incorporated herein by reference.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

          The information contained in Item 2.02 of this report is incorporated
          by reference into this Item 7.01.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

     (c)  Exhibits

          99.1 Press Release issued by the Company on February 27, 2006.




                                    Signature
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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                                    HEXCEL CORPORATION

     March 2, 2006                                  /s/ STEPHEN C. FORSYTH
                                                    ----------------------------
                                                    Stephen C. Forsyth
                                                    Executive Vice President and
                                                    Chief Financial Officer




                                  Exhibit Index
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Exhibit No.            Description
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99.1                   Press Release issued by the Company on February 27, 2006.