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Hexagon Composites ASA completed the full acquisition of SES Composites, the alternative fuels business of Worthington Enterprises, after previously holding a 49% stake. The unit supplies high-pressure cylinders and systems for gas storage. Financial terms were not disclosed.
Worthington Enterprises signed an agreement to acquire 100 percent of Hexagon Ragasco, a maker of composite LPG cylinders in Raufoss, Norway, for approximately $98 million, with closing expected around June 3, 2024.
Hexagon Ragasco received its first order of 2021 from a long-term customer in South Asia, valued at an estimated USD 3.8 million. The composite LPG cylinders will be produced and delivered in Q2 2021 at its Raufoss, Norway facility.
Hexagon Agility and Hexagon Purus, subsidiaries of Hexagon Composites, signed a multi-year agreement with Certarus worth up to USD 85 million for CNG and hydrogen distribution modules and fuel storage systems. Initial orders are USD 18.5 million for Hexagon Agility and USD 3.2 million for Hexagon Purus.
Agility Fuel Solutions, a Hexagon business, received an order from Anheuser-Busch for over 180 new trucks equipped with ProCab 175 CNG fuel systems, with an estimated total value of over USD 8.0 million. Delivery is scheduled from mid-Q3 to mid-Q4 2020.
Agility Fuel Solutions, a Hexagon Composites business, received an order from an existing U.S. transit bus customer for compressed natural gas fuel storage systems worth an estimated USD 10.0 million. Deliveries are expected to start in July 2020.
Hexagon Composites signed an agreement to acquire the remaining 50% of Agility Fuel Solutions, valuing Agility's equity at USD 250 million on a 100% basis. Closing is expected in January 2019.
