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Hexagon Composites subsidiary Composite Scandinavia is initiating a process with the employee representatives

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Hexagon Composites' subsidiary Composite Scandinavia AB, has decided to initiate a process with the employee representatives in Composite Scandinavia, with the intention to discontinue the production of composite LPG cylinders in Piteå, Sweden.

Due to weaker market for LPG cylinders and available capacity at its subsidiary Ragasco, Hexagon Composites aims to concentrate the production of LPG-cylinders to one factory. This will increase the capacity utilization at Ragasco in Norway and lead to improved production efficiency of the Groups LPG-cylinders. Cost-effective production is essential to meet the market challenges.

Composite Scandinavia will remain as a company managing the licences, service and support.

For further information:
Erik Espeset, Group President, Hexagon Composites ASA
Mobile: +47 905 20 033 | E-mail: erik.espeset@hexagon.no

Solveig D Saether, Communications Manager, Hexagon Composites ASA
Mobile: +47 906 34 977 | E-mail: solveig.saether@hexagon.no

Göran Svahn, CEO, Composite Scandinavia AB
Mobile: +46 70 663 99 03 | E-mail: goran.svahn@compositescandinavia.se

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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