Hexagon Composites has agreed to sell all its shares in the wholly-owned subsidiary Hexagon Devold AS to the German company Saertex. The closing of the transaction will take place later this week.
Saertex will pay NOK 115 million for the transaction plus any net change in equity in fourth quarter 2013, for equity and internal long-term debt. The total cash effect for Hexagon Composites is estimated to be approximately the same. The transaction is estimated to give a small profit (from book value) after transaction costs. A long-term external debt in Hexagon Devold’s subsidiary in Lithuania of NOK 16.8 million will be transferred to the new owner.
Saertex is a market leader in multiaxial fabrics with main markets in wind energy, aerospace, civil engineering, automotive and shipbuilding. The company is privately owned with a turnover of EUR 250 million. Their head-quarters are located in Saerbeck, Germany, with production facilities in Germany, France, Portugal, US, Brazil, South Africa, India and China. SAERTEX will keep Devold AMT as a parallel brand and continue present operations in Lithuania, US and Norway.
Senior Vice President Tore J. Fjell said on the deal;
We are very satisfied that the transaction with Saertex is concluded. Saertex is one of the leading players in the multiaxial fabrics industry and the transaction will give Hexagon Devold and its employees a strong industrial owner. The transaction will enable Hexagon Composites to focus on its core business areas within the strongly growing high pressure and LPG-cylinder segments.
Hexagon Devold had turnover during the first three quarters of 2013 of NOK 133 million, EBIT of NOK 4.9 million, assets of NOK 206 million and liabilities of NOK 194 million. The company has 125 employees.