Hexagon Composites Buys Remaining Interest in PPG Devold
Hexagon Devold (previously Devold AMT) founded in 2007 is an 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 turbine blades.
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. Kåre Dybvik, Managing Director of Hexagon Devold said;
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
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.