SAERTEX buys Devold unit of Hexagon

The German multiaxial maker pays 115 million (NOK) for the wholly-owned subsidiary of Hexagon Composites, and will keep Devold as a parallel brand.

Hexagon Composites ASA (Ålesund, Norway) agreed January 16 to sell all its shares in the wholly-owned subsidiary Hexagon Devold AS (Langevaad, Norway) to the German company SAERTEX GmbH & Co. KG (Saerbeck, Germany). The closing of the transaction will take place on January 30.

SAERTEX will pay 115 million (NOK) 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  16.8 million (NOK) will be transferred to the new owner.

SAERTEX is a significant player in multiaxial fabrics focused on wind energy, aerospace, civil engineering, automotive and shipbuilding. SAERTEX is a privately owned company with turnover of EUR 250 million. Production facilities are located in Germany, France, Portugal, U.S., Brazil, South Africa, India and China. SAERTEX will keep Devold AMT as a parallel brand and continue the present operations in Lithuania, the U.S. and Norway.

Hexagon Devold had turnover during the first three quarters of 2013 of NOK 133 million (NOK), EBIT of 4.9 million (NOK), assets of 206 million (NOK) and liabilities of 194 million (NOK). The company has 125 employees.

"We are very satisfied that the transaction with SAERTEX is concluded. SAERTEX is one of the leading companys in the multiaxial fabrics industry and the transaction will give Hexagon Devold and its employees a strong industrial owner," comments senior vice president Tore J. Fjell. "The transaction will enable Hexagon Composites to focus on its core business areas within the strongly growing high pressure and LPG-cylinder segments."