RAGASCO TO AQUIRE COMPOSITE SCANDINAVIA AB
Ragasco AS, Hexagons fully own daughter company, world leading producer of LPG-containers in composite, is in the process of acquiring the Swedish company Composite Scandinavia AB, a producer of LPG- containers in composite. The Swedish company is using a different technology than Ragasco. The company has 20 employees. The acquisition strengthens Ragasco's position as marked leader. The turnover of Ragasco in 2009 was 451 MNOK, and the company made an operating result of 81 MNOK.
Composite Scandinavia AB main figures for 2009 (2008); turnover 75.8 MSEK (67.6 MSEK), operating result 1.2 MSEK (- 1.1 MSEK), and profit before taxes 0.1 MSEK (-3.1 MSEK). The company expects higher turnover and profit for 2010.
Main figures from the balance sheet 31.12.09:
| Machinery | 22.6 MSEK | Equity | 15.4 MSEK |
| Other | 7.0 MSEK | Long term debt | 18.1 MSEK |
| Inventory | 5.5 MSEK | Short term debt | 12.6 MSEK |
| Acc. payable | 10.8 MSEK |
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| Cash | 0.6 MSEK |
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| Total | 46.5 MSEK | Total | 46.5 MSEK |
Ragasco will pay 28 MSEK for the company. In addition, another 8 MSEK will be paid if a cooperation regarding license to Vietnam is successful.
For further information:
Erik Espeset
President
Hexagon Composites ASA
Phone: +47 70 11 64 45
Cell: +47 90 52 00 33