OSLO, Norway, May 29, 2024 /PRNewswire/ -- Hexagon Composites
ASA (OSE: HEX.OL), announces the signing of two definitive
agreements with Worthington Enterprises (NYSE: WOR).
Sale of Hexagon Ragasco
Worthington Enterprises will acquire 100% of Hexagon Ragasco at an
enterprise value of NOK 1,050
million. Depending on the full year 2024 performance of
Hexagon Ragasco, the value may be adjusted between minus
NOK 50 million to plus NOK 100 million.
Hexagon Ragasco is the market leader in LPG composite cylinders
used for leisure, household, and industrial applications with
production in Norway and sales to
more than 100 countries worldwide. Worthington Enterprises, through
its Building Products business segment, delivers products and
solutions for heating, cooling and construction applications
worldwide and is a global leader in cylinders for LPG and
refrigerant gases.
"Hexagon Ragasco has been an important part of the Hexagon
Group' for over 20 years, and we take great pride in the position
the company has developed to date. Worthington Enterprises is a
highly respected player in our industry. This transaction will
enable Hexagon Ragasco to grow in new geographies and verticals,"
says Jon Erik Engeset, CEO Hexagon
Composites.
"Hexagon Ragasco is one of the pioneers of the composite
cylinder," said Jimmy Bowes,
president, Building Products, Worthington Enterprises. "Now for
more than 20 years, they've been bringing innovative products to
the market that are raising expectations of the performance,
quality and capabilities of an LPG cylinder. We've followed their
growth closely and believe that their composite cylinders are a
great complement to our existing cylinder business. We can't wait
to get started with the exceptional team at Hexagon Ragasco."
The sale of Hexagon Ragasco is expected to close on or around 3
June. Today's announcement concludes the strategic review initiated
by Hexagon in September 2023.
Acquisition of a non-controlling stake in Worthington's SES
business segment
Combined with the sale of Hexagon Ragasco, Hexagon Composites has
signed an agreement to acquire a 49% stake in Worthington's
Sustainable Energy Solutions (SES) business segment for an
enterprise value of USD 20 million on
a 100% basis. SES is a leading European supplier of high-pressure
cylinders and systems for storage and distribution of compressed
natural gas, hydrogen and industrial gases, and generated revenues
of EUR 127 million and adjusted
EBITDA of EUR 2.9 million in calendar
year 2023. Worthington will retain 49% of the shares, while senior
executives will hold the balance.
"Through our dialogue with Worthington on the sale of Hexagon
Ragasco, we identified an opportunity for Hexagon within
Worthington's Sustainable Energy Solutions (SES) business.
Together, these transactions support Hexagon's strategic focus on
high pressure, clean energy solutions" says Engeset.
The acquisition of a 49% stake in SES closed today.
DNB Markets and Danske Bank acted as financial advisors, and
Schjødt and Saxinger Rechtanwalts acted as legal advisors, to
Hexagon Composites on the transactions.
For more information:
Karen Romer, SVP Communications,
Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
Ingrid Aarsnes, VP Investor Relations and ESG, Hexagon
Composites ASA
Telephone: +47 950 38 364 | ingrid.aarsnes@hexagongroup.com
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and
manufacturer of market-leading brands that help enable people to
live safer, healthier and more expressive lives. The Company
operates with three business segments: Building Products, Consumer
Products and Sustainable Energy Solutions. Worthington's emphasis
on innovation and transformation extends to building products
including heating and cooling solutions, water systems,
architectural and acoustical grid ceilings and metal framing and
accessories, and consumer products in tools, outdoor living and
celebrations categories sold under brand names Balloon Time®,
Bernzomatic®, Coleman®, Garden-Weasel®, General®,
HALO™, Hawkeye™, Level5 Tools®, Mag Torch®, Pactool
International® and Well-X-Trol®. The Company serves the growing
global hydrogen ecosystem through on-board fueling systems and gas
containment solutions. Headquartered in Columbus, Ohio, Worthington Enterprises
employs approximately 5,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington
Enterprises follows a people-first Philosophy with earning money
for its shareholders as its first corporate goal. Worthington
Enterprises achieves this outcome by empowering its employees to
innovate, thrive and grow with leading brands in attractive markets
that improve everyday life. The Company engages deeply with local
communities where it has operations through volunteer efforts and
The Worthington Companies Foundation, participates actively in
workforce development programs and reports annually on its
corporate citizenship and sustainability efforts. For more
information, visit worthingtonenterprises.com.
About Hexagon Ragasco
At Hexagon Ragasco we are committed to quality, safety, and
innovation. We are the leading manufacturer of composite LPG
cylinders with an industry-leading safety record of 20+ years and
more than 20 million cylinders sold worldwide. Our products bring
unique benefits to both LPG marketers and their customers.
LPG has a significant role to play as a transitional energy
source with the potential to improve air quality and health for
billions of people who rely on highly pollutant and toxic fuels as
primary energy. We believe in cleaner air and safer LPG for
everyone, everywhere.
Learn more at www.hexagonragasco.com and follow
@Hexagon_Ragasco on X and LinkedIn.
About Hexagon Composites
Hexagon Composites (OSE: HEX.OL) is a world leader in composite
cylinder technology and related systems that delivers safe and
innovative solutions for a cleaner energy future. Our solutions
enable storage, transportation, and conversion to clean energy in a
wide range of mobility, industrial and consumer applications.
Learn more at hexagongroup.com and follow @HexagonASA on X and
LinkedIn.
This information is considered to be inside information pursuant
to the EU Market Abuse Regulation and is subject to the
disclosure requirements pursuant to Section 5-12 the Norwegian
Securities Trading Act. This stock exchange release was
published by Ingrid Aarsnes, VP IR & ESG, Hexagon Composites
ASA on 29 May 2024 at the time stamp
of this release.
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