Hexagon Composites to explore strategic options for its LPG cylinder subsidiary

OSLO, NORWAY: Hexagon Composites, a Norwegian company that specializes in composite solutions for various applications, announced today that it is conducting a strategic review of its wholly owned subsidiary, Hexagon Ragasco.

Hexagon Ragasco is the global market leader in composite cylinders for liquid petroleum gas (LPG), with more than 22 million cylinders sold to over 100 countries worldwide.

The strategic review aims to evaluate whether Hexagon Ragasco’s growth potential can best be realized inside or outside the Hexagon Group, according to a press release from Hexagon Composites. The company said it will consider various structural strategic moves, such as partnerships, joint ventures, mergers, acquisitions, or spin-offs.

Hexagon Ragasco is currently developing the next generation composite LPG cylinder concept, which involves a sensor-based digital ecosystem that can improve data insights and unlock new business opportunities for LPG distributors. The company is also pursuing substantial growth opportunities outside its core market in Europe, especially in developing markets where LPG is expected to play a key role in the energy transition and improving air quality and health.

“We take tremendous pride in the position Hexagon Ragasco has developed to date and we intend to secure the company the best possible conditions for continued success,” said Jon Erik Engeset, CEO of Hexagon Group.

Hexagon Composites has retained DNB Markets and Danske Bank Norwegian Branch as financial advisors for the strategic review.

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