US-based manufacturer Worthington Enterprises has agreed to buy LPG cylinder maker Hexagon Ragasco from Norway-based Hexagon Composites, and Hexagon Composites in turn has purchased a stake in Worthington's Sustainable Energy Solutions (SES) business.
Hexagon Ragasco sells composite LPG cylinders for leisure, household and industrial applications in more than 100 countries, the companies said. The $98mn sale is expected to close on or around 3 June. Ragasco will become part of Worthington's Building Products segment that focuses on products for heating, cooling, construction and water applications. Worthington also operates the Amtrol-Alfa cylinder manufacturing facility in Portugal.
Hexagon Composites on Wednesday closed on its purchase of a 49pc stake in Worthington's SES business for $10mn, setting up a joint venture between the two companies. The venture will focus on the global clean energy transition and the storage, transportation, and distribution of hydrogen and compressed natural gas. Worthington will retain a 49pc share and SES management will own the remaining 2pc. The venture is based in Europe and has more than 500 employees across facilities in Austria, Germany, and Poland.
