Ragasco AS, a wholly-owned subsidiary of Hexagon Composites ASA, has realised significant growth in recent years for the sale of its all-composite propane gas containers. In conjunction with Prime Minister Jens Stoltenberg's visit to Ragasco today at 13.00 the following mandatory information will be given:

 

Based upon new and existing customer feedback and a range of new enquiries, Ragasco AS expects to continue its strong growth from recent years. For 2009 this is expected to be around 25%. The anticipated revenue growth is contingent upon the signing of final agreements during the first half of 2009. Ragasco expect an export ratio of over 90% and will sell composite containers to customers in more than 40 different countries in 2009.

 

Production capacity will be increased in line with expected demand with a target production capacity of 1.25 million units towards the end of 2009. Increased production capacity will be realised without the need for additional large investment.

 

For further information please contact:

Erik Espeset

Group President

Hexagon Composites ASA

Tel: +47 70 11 64 45

E-mail: erik.espeset@hexagon.no