OSLO, Norway, July 14, 2025/ PRNewswire/– Referral is made to the stock market release dated Might 29, 2024, where Hexagon Composites ASA (” Hexagon”) revealed the acquisition of a 49% stake in Sustainable Energy Solutions (” SES”), a subsidiary of Worthington Enterprises, in connection with the sale of Hexagon Ragasco.
Today, Hexagon reveals the complete acquisition of the alternative fuels company of SES (hereinafter “SES Composites”), a deal that will drive synergies and even more reinforce Hexagon’s European footprint.
About SES
SES is a prominent European provider of high-pressure cylinders and systems for the storage and circulation of compressed gases. Its alternative fuels company, SES Composites, produces composite cylinders and systems in Słupsk, Poland, and runs a valve assembly center in Burscheid, Germany
The commercial gas company, which produces steel cylinders from SES’ center in Kienberg, Austria, will stay in joint ownership. The carve-out and acquisition of SES Composites by Hexagon will produce a more concentrated commercial gas company and make it possible for increased tactical concentrate on worth production in existing and emerging sections.
Enhancing our European footprint
” We are thrilled to invite the SES Composites company into the Hexagon Composites household,” states Philipp Schramm, CEO of Hexagon Composites. “This acquisition brings complimentary abilities to our portfolio and can recognize more synergies throughout our production and supply chain. As acknowledged by European OEMs, gas, whether sustainable or standard, will stay an essential part of the European energy shift for the foreseeable future, and this acquisition reinforces our position as a relied on partner to OEMs in the business transport sector.”
Comparable to Hexagon, SES Composites is a significant provider of CNG fuel systems to European transit bus OEMs. In 2024, SES Composites produced earnings of EUR 28 million and an EBITDA of EUR 700 000 on a pro-forma basis. Based upon the existing order stockpile and company outlook, 2025 earnings and EBITDA are anticipated to be EUR 33 million and EUR 2 million, respectively.
Deal information
The deal is valued at a Business Worth (” EV”) of EUR 11.7 million (100% basis), with an initial net purchase rate of EUR 6.1 million The purchase rate will be settled partially in Hexagon Composites shares and partially in Hexagon Purus shares. Based upon the initial purchase rate and 30-day volume weighted typical share costs, Worthington will get the following variety of shares:
- 2,117,851 Hexagon Composites shares, representing 1.0% of shares exceptional. These shares are covered by treasury balance, and no brand-new shares will be provided as part of the deal.
- 19,555,225 Hexagon Purus shares, representing 4.6% of shares exceptional. As a result, Hexagon’s post-transaction ownership in Hexagon Purus will be 33.8%.
The deal will undergo popular conclusion accounts modifications and is anticipated to nearby completion of Q3 2025 following an Austrian demerger treatment.
Worthington has actually accepted participate in 30-day lock-up arrangements associated with both the Hexagon Composites shares and the Hexagon Purus shares working from closing.
To find out more:
Financier queries:
David Bandele, CFO, Hexagon Composites
Telephone +47 920 91 483 I david.bandele@hexagongroup.com
Media queries:
Berit-Cathrin Høyvik, Senior Citizen Director, Communications, Hexagon Composites
Telephone: +47 988 92 161|berit-cathrin.hoyvik@hexagongroup.com
About Hexagon Composites
Hexagon provides safe and ingenious options for a cleaner energy future. Our options make it possible for storage, transport and conversion to tidy energy in a wide variety of movement and commercial applications. Find out more at hexagongroup.com and follow Hexagon Composites on LinkedIn.
About Worthington Enterprises
Worthington Enterprises WOR is a designer and producer of market-leading brand names that enhance daily life by raising areas and experiences. The Business runs with 2 main company sections: Structure Products and Customer Products. The Structure Products section consists of cooking, heating, cooling and water options, architectural and acoustical grid ceilings and metal framing and devices. The Customer Products section supplies options for the tools, outside living and events classifications. Headquartered in Columbus, Ohio, Worthington Enterprises utilizes around 6,000 individuals throughout The United States And Canada and Europe
This info is thought about to be details pursuant to the EU Market Abuse Policy and undergoes the disclosure requirements pursuant to Area 5-12 the Norwegian Securities Trading Act. This stock market release was released by Emily Cherry, Communications Supervisor, Hexagon Composites ASA on 14 July 2025 at the time stamp of this release.
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https://news.cision.com/hexagon-composites-asa/r/hexagon-composites-acquires-worthington-s-sustainable-energy-solutions-alternative-fuels-business,c4206972
SOURCE Hexagon Composites ASA