Hexagon Composites acquires 49% stake in Worthington’s SES business

Cylinder technology specialist Hexagon Composites ASA has acquired a 49% stake in Sustainable Energy Solutions (SES), the alternative fuels subsidiary of Ohio-based industrial manufacturing company Worthington Enterprises.

The transaction was valued at around €11.7m for the whole company, with Hexagon paying about €6.1m for its 49% stake.

SES Composites manufactures composite cylinders in Słupsk, Poland, and operates a valve assembly facility in Burscheid, Germany.

The remaining part of the SES business – its industrial gas division, which produces steel cylinders in Kienberg, Austria – will continue under joint ownership.

In 2024, SES Composites generated revenues of €28m and an EBITDA of €700,000.

Philipp Schramm, CEO of Hexagon Composites, said, “This acquisition brings complementary capabilities to our portfolio and can realise further synergies across our production and supply chain.”

The deal was first announced in May 2024, when Worthington Enterprises also signed a deal to acquire 100% of Hexagon Ragasco for NOK 1,050 million ($99,260). That sale has been finalised.

Based in Norway, Hexagon Ragasco has manufactured composite liquefied petroleum gas cylinders for leisure, household, and industrial applications for more than 100 countries worldwide.

Hexagon Ragasco has been part of the Hexagon Group for over 20 years.