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Attwater

Saertex to Acquire Hexagon Devold

21 January 2014

Hexagon Devold, a wholly-ownded subsidiary of Hexagon Composites, will be sold to the German company Saertex. The closing of the transaction will take place on the 30th of January.

Saertex states it will pay NOK 115 million for the transaction plus any net change in equity in fourth quarter 2013, for equity and internal long-term debt. The company says the total cash effect for Hexagon Composites is estimated to be approximately the same.

Tore J. Fjell, Senior Vice President of Saertex, commented "We are very satisfied that the transaction with Saertex is concluded. Saertex is one of the leading players in the multiaxial fabrics industry and the transaction will give Hexagon Devold and its employees a strong industrial owner. The transaction will enable Hexagon Composites to focus on its core business areas within the strongly growing high pressure and LPG-cylinder segments."