21 June 2016
21 June 2016
Hexagon Composites and Agility Fuel System will merge Hexagon Composites' CNG Automotive Products Division, which includes medium- and heavy-duty vehicle composite cylinder manufacturing operations and its bus systems business unit, with Agility to form Agility Fuel Solutions.
The new entity will be owned equally by Hexagon Composites and Agility's current investors. Agility Fuel Solutions will continue to transform the global medium- and heavy-duty vehicle industry with clean fuel technologies.
According to Hexagon, the merger is uniquely positioned to drive innovation in the industry, while better serving the global market and expanding its product offerings worldwide. The strategic integration of fuel systems and cylinders will provide value by reducing up-front costs for clean technology, accelerating commercialisation of new product ideas, and driving faster returns on investments. The combined company will have production sites in the US, Norway, and Brazil, with technical centers located in Lincoln, Nebraska and Kelowna, British Columbia. Agility Fuel Solutions will manufacture cylinders for use in its systems, as well as for direct sale with offices in the US, Canada, Latin America, Norway, India, and Southeast Asia.
"This merger combines two market leaders with strong backgrounds in engineering creativity, profitable growth and operational excellence," said Kathleen Ligocki, named CEO of the newly merged company, Agility Fuel Solutions. "Agility is proud of our successful relationship with Hexagon, and together we will target driving adoption of clean natural gas systems in commercial vehicle markets around the world."
"This transaction is a natural progression of our existing joint venture arrangement and will expand our ability to create unique value for our customers by deepening our technical capabilities and expanding our reach globally," stated Sam Gabbita, General Partner at Element Partners, the Lead Investor for Agility Fuel Systems. "Natural gas is a key component of the global green shift, and we remain committed to providing the industry with the highest quality products to optimise its use," said Jon Erik Engeset, President and CEO of Hexagon Composites ASA.
Hexagon's Mobile Pipeline, Hydrogen Products and Light-Duty Vehicles divisions will continue to operate as Hexagon Composites. The transaction is expected to close in the 3rd quarter of 2016.
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