Hexagon Composites receives new orders to several markets outside Europe

PRESS RELEASE

Hexagon Composites wholly owned subsidiary Hexagon Ragasco has recently been awarded several new orders for delivery of composite LPG cylinders to markets outside Europe. The total value of the orders is approximately EUR 4.5 million (NOK 37 million).

Hexagon Ragasco's main market for LPG cylinders has traditionally been the seasonal European leisure market. To further expand sales and secure high capacity utilization also in the autumn, Hexagon Ragasco has been working on developing selected markets in Africa, Asia, Central and South America as well as in the Middle East.

"In these markets, LPG is a primary energy source for many households, and their increased focus on safety and user-friendliness has made our composite cylinders the preferred choice for some leading gas distributors" says Frédéric Gaussen, Global Sales and Marketing Director. "We believe these regions offer significant potential and foresee that they will drive our growth in the coming years".

According to confidentiality agreement with the customers, Hexagon Composites will not announce the names of the companies.

Hexagon Ragasco is the world's leading producer of composite LPG cylinders with around 8 million units in use. The high-volume highly automated production facility in Raufoss, Norway is the most advanced of its kind world-wide. Hexagon Ragasco's products are unique and provide many advantages over traditional steel cylinders in terms of safety and user-friendliness.

Hexagon Composites ASA is a publicly listed company with its head office in Aalesund, Norway. The Group develops and supplies composite cylinders for storage and transport of gases under pressure and multiaxial composite reinforcements.

For more information:
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Mobile: +47 906 34 977 | solveig.saether@hexagon.no

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