28 January 2005
28 January 2005
The Norweigan Hexagon Composites Group has completed its acquisition of General Dynamics Armament and Technical Products (GDATP) formerly known as Lincoln Composites.
The acquired business will be renamed Lincoln Composites, Inc. and is the manufacturer of the all-composite pressure vessel known as TUFFSHELL used primarily for commercial markets. The purchase price for the net assets is 9.4 million USD.
Hexagon Composites has a prominent position in the European market for composite high pressure vessels through its subsidiary Raufoss Alternative Fuel Systems (RAFS). With the acquisition of Lincoln Composites, it will improve its position in the American market, as well as established customer relationships in the Asian market.
Lincoln Composites also manufactures other composite high pressure vessels for the offshore oil industry, vessels for other automotive applications, and integrated modular fuel storage systems for the bus and truck markets.
Erik Espeset, Managing Director of Hexagon Composites, is satisfied with the strategic position represented by the new business in the US market. The patented technology of Lincoln Composites will also be utilized in the European market and add to the competitive position of Hexagon Composites. Espeset noted that the acquisition improves the strategic stake of Hexagon Composites in the future hydrogen storage market.
Espeset emphasizes the significant synergies between Lincoln Composites and RAFS in the areas of technology, marketing, development and supply. RAFS and Lincoln Composites will be coordinated to capitalize on these synergies. We believe that we have now formed the strongest player globally for development and cost-effective production of T4 type composite pressure vessels (polymer liner with filament wound composite structure), both for high pressure applications with RAFS and Lincoln, and for low pressure applications with Ragasco.
In 2003, Hexagon, a publicly traded company on the Oslo Stock Exchange, had total assets valued over $50 million (US), with sales of $47.4 million. Hexagon Composites ASA is a Norwegian corporation principally owned by the Spilka Group. Lincoln Composites will be joining the Hexagon family of companies that includes four other subsidiaries: Raufoss Alternative Fuel Systems AS, Comrod AS, Ragasco AS, and Devold AMT AS.
With Lincoln Composites as part of Hexagon Composites, RAGASCO will have a strategic technology partner in the US where it is considering expansion following the US approval of its propane composite container. Comrod and Devold AMT will also benefit from Hexagon’s presence in the US, which may facilitate future business in the US defense and aerospace market.
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