Hexagon Composites ASA : Hexagon Composites acquires remaining interest in
PPG-Devold based on future earnings of the company
Hexagon Devold, a wholly owned subsidiary of Hexagon Composites, acquires PPG
Industries' 50% share of the joint venture company PPG-Devold LLC in North
Carolina, USA. The company was established in 2007 and has been profitable
every year. The acquisition is due to PPG's desire to streamline its profile
as a supplier of fibreglass.
The acquisition of PPG's share takes place according to an earn-out model
where future operating profit (EBIT) is divided equally between the parties
until 50% of equity as of 31.12.2012 is paid to PPG. The earn-out period is
limited to five years.
Hexagon Devold will continue to produce composite reinforcements at the
factory in the U.S. to supply the U.S. market.
"The acquisition will fully consolidate the company in Hexagon Devold's
strategies and plans. We will also increasingly be in a position to exploit
synergies and resources between companies and act as one unit under the
company name Hexagon Devold," says Kåre Dybvik, Managing Director of Hexagon
Managing Director of the joint venture company, Herb Elder, will continue as
head of the wholly owned subsidiary. At the same time, the company changes its
name to Hexagon Devold USA.
Hexagon Devold (previously Devold AMT) is a leading international supplier of
stitched, multiaxial composite reinforcements of glass and carbon fibre. The
majority of the volume goes to the wind industry and the production of wind
For further information:
Kåre Dybvik, Managing Director, Hexagon Devold AS
Phone: + 47 916 25 725 | E-mail: firstname.lastname@example.org
Solveig D Sæther, Communications Manager, Hexagon Composites ASA
Phone: +47 906 34 977 | E-post: email@example.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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applicable laws; and
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information contained therein.
Source: Hexagon Composites ASA via Thomson Reuters ONE
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