Composite cylinder specialist Hexagon Composites has strengthened its operations after entering into an agreement with AVANCO GmbH to acquire its wholly-owned subsidiary xperion Energy & Environment.
xperion is a market leader in Type 4 high pressure cylinders designed for gas transport solutions, including light-duty vehicles and transit buses, and has production plants in Kassel in Germany and Ohio in the US.
In securing xperion’s manufacturing capacity in Germany, Hexagon Composites is expanding its position in Europe as well as strengthening its global market presence, broadening its technology portfolio and reinforcing its commitment to the alternative energy space.
The acquisition of xperion’s Ohio facility is pending and is subject to an option clause allowing Hexagon Composites to exercise until the end of year.
Holger Garbrecht, CEO of AVANCO Group, reinforced, “Hexagon Composites is one of the leading players in the composite pressure cylinder market, and the transaction will give xperion and its employees a strong industrial owner. This is a future orientated step, enabling an optimal position in terms of markets and products.”
Jon Erik Engeset, President and CEO of Hexagon Composites, added, “This acquisition represents another significant step in our growth strategy. We are confident that the acquisition will increase our competitiveness, market penetration and shareholder value and is well-timed given the current industry conditions.”