Hexagon Composites consider strategic options

Hexagon Composites' wholly-owned subsidiary Hexagon Devold, which manages the Composite Reinforcements business area, has in recent years carried out significant cost-cutting measures. This has essentially been done by the closure of operations in Norway, the development of low-cost capacity in Lithuania and the United States and increased focus on procurement. These measures have improved the company's competitiveness and increased its market share. Deficits have been turned to a profit in the first half of 2013.

The composite reinforcements sector is facing structural changes and consolidations, and Hexagon Devold wants to take a leading role in this development. It has therefore been decided to consider strategic options for the company, including strategic cooperation, mergers or full or partial disposal.

"Hexagon Composites wants to find a good industrial solution for the business area and thereby contribute to continued high competitiveness and stable jobs," says CEO Jon Erik Engeset.

"We see significant economies of scale in the industry, and as part of a consolidated structure we will be in a position to achieve further profitable growth," comments Managing Director Kåre Dybvik.

For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | E-mail: jon.erik.engeset@hexagon.no

Kåre Dybvik, Managing Director, Hexagon Devold AS
Telephone + 47 916 25 725 | E-mail: kare.dybvik@hexagondevold.com

Solveig D Sæther, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | E-mail: solveig.saether@hexagon.no