Cylinder technology specialist Hexagon Composites ASA has acquired a 49% stake in Sustainable Energy Solutions (SES), the alternative fuels subsidiary of Ohio-based industrial manufacturing company Worthington Enterprises.
The transaction was valued at around €11.7m for the whole company, with Hexagon paying about €6.1m for its 49% stake.
SES Composites manufactures composite cylinders in Słupsk, Poland, and operates a valve assembly facility in Burscheid, Germany.
The remaining part of the SES business – its industrial gas division, which produces steel cylinders in Kienberg, Austria – will continue under joint ownership.
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