Hexagon Composites acquires Worthington's Sustainable Energy Solutions alternative fuels business
Hexagon Composites ASA has announced the complete acquisition of Sustainable Energy Solutions (SES) Composites, the alternative fuels business unit from Worthington Enterprises (NYSE:WOR). This strategic move follows Hexagon's previous acquisition of a 49% stake in SES announced on May 29, 2024, which was connected to the sale of Hexagon Ragasco.
The acquisition is expected to generate synergies and enhance Hexagon's presence in the European market, particularly in the alternative fuels sector.
Hexagon Composites ASA ha annunciato l'acquisizione completa di Sustainable Energy Solutions (SES) Composites, l'unità di business dedicata ai carburanti alternativi di Worthington Enterprises (NYSE:WOR). Questa mossa strategica segue l'acquisizione del 49% delle quote di SES da parte di Hexagon, comunicata il 29 maggio 2024, collegata alla vendita di Hexagon Ragasco.
L'acquisizione dovrebbe generare sinergie e rafforzare la presenza di Hexagon nel mercato europeo, in particolare nel settore dei carburanti alternativi.
Hexagon Composites ASA ha anunciado la adquisición completa de Sustainable Energy Solutions (SES) Composites, la unidad de negocios de combustibles alternativos de Worthington Enterprises (NYSE:WOR). Este movimiento estratégico sigue a la adquisición previa del 49% de participación en SES por parte de Hexagon, anunciada el 29 de mayo de 2024, vinculada a la venta de Hexagon Ragasco.
Se espera que la adquisición genere sinergias y fortalezca la presencia de Hexagon en el mercado europeo, especialmente en el sector de combustibles alternativos.
Hexagon Composites ASA는 Worthington Enterprises (NYSE:WOR)의 대체 연료 사업부인 Sustainable Energy Solutions (SES) Composites를 완전히 인수했다고 발표했습니다. 이 전략적 조치는 2024년 5월 29일에 발표된 Hexagon의 SES 지분 49% 인수에 이어진 것으로, Hexagon Ragasco 매각과 연관되어 있습니다.
이번 인수는 시너지를 창출하고 특히 대체 연료 분야에서 유럽 시장에서 Hexagon의 입지를 강화할 것으로 기대됩니다.
Hexagon Composites ASA a annoncé l'acquisition complète de Sustainable Energy Solutions (SES) Composites, l'unité commerciale des carburants alternatifs de Worthington Enterprises (NYSE:WOR). Cette démarche stratégique fait suite à l'acquisition par Hexagon de 49 % des parts de SES, annoncée le 29 mai 2024, liée à la vente de Hexagon Ragasco.
Cette acquisition devrait générer des synergies et renforcer la présence d'Hexagon sur le marché européen, notamment dans le secteur des carburants alternatifs.
Hexagon Composites ASA hat die vollständige Übernahme von Sustainable Energy Solutions (SES) Composites, der alternativen Kraftstoffgeschäftseinheit von Worthington Enterprises (NYSE:WOR), bekannt gegeben. Dieser strategische Schritt folgt auf den zuvor am 29. Mai 2024 angekündigten Erwerb eines 49%-Anteils an SES, der im Zusammenhang mit dem Verkauf von Hexagon Ragasco stand.
Die Übernahme soll Synergien schaffen und die Präsenz von Hexagon auf dem europäischen Markt, insbesondere im Bereich der alternativen Kraftstoffe, stärken.
- Full ownership acquisition provides complete control over SES Composites operations
- Expected synergies from the integration of operations
- Strengthening of European market presence in alternative fuels sector
- Financial terms and acquisition costs not disclosed
- Integration challenges may arise from full ownership transition
Today, Hexagon announces the full acquisition of the alternative fuels business of SES (hereinafter "SES Composites"), a transaction that will drive synergies and further strengthen Hexagon's European footprint.
About SES
SES is a leading European supplier of high-pressure cylinders and systems for the storage and distribution of compressed gases. Its alternative fuels business, SES Composites, manufactures composite cylinders and systems in Słupsk,
The industrial gas business, which produces steel cylinders from SES' facility in Kienberg,
Strengthening our European footprint
"We are delighted to welcome the SES Composites business into the Hexagon Composites family," says Philipp Schramm, CEO of Hexagon Composites. "This acquisition brings complimentary capabilities to our portfolio and can realize further synergies across our production and supply chain. As recognized by European OEMs, natural gas, whether renewable or conventional, will remain a key part of the European energy transition for the foreseeable future, and this acquisition strengthens our position as a trusted partner to OEMs in the commercial transportation sector."
Similar to Hexagon, SES Composites is a major supplier of CNG fuel systems to European transit bus OEMs. In 2024, SES Composites generated revenue of
Transaction details
The transaction is valued at an Enterprise Value ("EV") of
- 2,117,851 Hexagon Composites shares, corresponding to
1.0% of shares outstanding. These shares are covered by treasury balance, and no new shares will be issued as part of the transaction. - 19,555,225 Hexagon Purus shares, corresponding to
4.6% of shares outstanding. Consequently, Hexagon's post-transaction ownership in Hexagon Purus will be33.8% .
The transaction will be subject to customary completion accounts adjustments and is expected to close by the end of Q3 2025 following an Austrian demerger procedure.
Worthington has agreed to enter into 30-day lock-up agreements related to both the Hexagon Composites shares and the Hexagon Purus shares taking effect from closing.
For more information:
Investor enquiries:
David Bandele, CFO, Hexagon Composites
Telephone +47 920 91 483 I david.bandele@hexagongroup.com
Media enquiries:
Berit-Cathrin Høyvik, Senior Director, Communications, Hexagon Composites
Telephone: +47 988 92 161 | berit-cathrin.hoyvik@hexagongroup.com
About Hexagon Composites
Hexagon 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 and industrial applications. Learn more at hexagongroup.com and follow Hexagon Composites on LinkedIn.
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The Company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Headquartered in
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 Emily Cherry, Communications Manager, Hexagon Composites ASA on 14 July 2025 at the time stamp of this release.
This information was brought to you by Cision http://news.cision.com
View original content:https://www.prnewswire.com/news-releases/hexagon-composites-acquires-worthingtons-sustainable-energy-solutions-alternative-fuels-business-302504507.html
SOURCE Hexagon Composites ASA
FAQ
What is Worthington's (NYSE:WOR) latest acquisition deal with Hexagon Composites?
How does the SES Composites acquisition affect Hexagon's European presence?
What was Hexagon's previous ownership in SES before this acquisition?
What are the financial terms of Worthington's SES Composites sale to Hexagon?
How does this sale align with Worthington's (WOR) business strategy?
