Hexagon Composites Strengthens European Presence with Full Acquisition of SES Composites

In a strategic move, Hexagon Composites ASA (“Hexagon”), based in Oslo, Norway, has announced the complete acquisition of the alternative fuels division of Sustainable Energy Solutions (SES), a subsidiary of Worthington Enterprises. This acquisition, which was referenced in a previous stock exchange release in May 2024, involves taking full ownership of SES Composites, a major supplier in the European market of CNG fuel systems, particularly to transit bus OEMs. SES Composites operates manufacturing facilities in Poland and Germany, focusing on high-pressure cylinders and systems for compressed gases. The deal will be a significant step in strengthening Hexagon's footprint in Europe, bringing complementary capabilities to Hexagon's portfolio and realizing synergies in production and supply chain operations. The acquisition aligns with the expectations that natural gas will remain integral to Europe's energy transition. Financial details of the transaction highlight an Enterprise Value of EUR 11.7 million, with a preliminary purchase price of EUR 6.1 million, to be partially settled with shares of Hexagon Composites and Hexagon Purus. Revenue for SES Composites in 2024 was EUR 28 million with expectations to increase to EUR 33 million in 2025. The transaction is expected to conclude by the end of Q3 2025, following an Austrian demerger procedure. This strategic acquisition is poised to improve value creation and strategic focus in emerging segments.