Hexagon Composites ASA announced 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 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, Poland, and operates a valve assembly facility in Burscheid, Germany.
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The industrial gas business, which produces steel cylinders from SES’ facility in Kienberg, Austria, will remain in joint ownership. The carve-out and acquisition of SES Composites by Hexagon will create a more focused industrial gas business and enable increased strategic focus on value creation in existing and emerging segments.
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 EUR 28 million and an EBITDA of EUR 700 000 on a pro-forma basis. Based on the existing order backlog and business outlook, 2025 revenue and EBITDA are expected to be EUR 33 million and EUR 2 million, respectively.
SOURCE: PRNewswire