Hexagon Composites ASA, a leader in composite cylinder technology, has finalized two key strategic deals with Worthington Enterprises. Hexagon is selling its LPG composite cylinder business, Hexagon Ragasco, to Worthington for an enterprise value of NOK 1,050 million, with potential adjustments based on 2024 performance. The deal allows Hexagon Ragasco, which has a significant global footprint, to expand its market reach. Concurrently, Hexagon is acquiring a 49% stake in Worthington’s Sustainable Energy Solutions (SES) segment for USD 20 million on a 100% basis. SES specializes in high-pressure cylinders for storing and distributing clean energy gases like hydrogen. This acquisition aligns with Hexagon’s strategic objectives of focusing on high-pressure, clean energy solutions. The transactions are supported by financial advisors DNB Markets and Danske Bank, and legal advisors Schjødt and Saxinger Rechtanwalts. Both deals are poised to close imminently, with the sale of Hexagon Ragasco expected to conclude around June 3, 2024.

Energy, Manufacturing, Financial Services,Norway, United States, Europe