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2016-02-15

Hexagon Composites ASA: Hexagon Composites acquires fuel systems integrator in Brazil

Hexagon Composites ASA (HEX.OL) has agreed to acquire 67 % of a Brazilian
entity to pursue fuel systems opportunities for transit buses and heavy-duty
trucks. The company, to be named Hexagon Composites Brazil Ltda, will address
market opportunities primarily in South America and Africa. The remaining 33
% will be held by Mr. Tony Bermudo. The Bermudo family, owner of a leading
Brazilian Compressed Natural Gas (CNG) integrator, will transfer all
activities concerning bus and truck systems building into Hexagon Composites
Brazil Ltda.
The global market for CNG bus systems is growing strongly due to political
priorities enhanced by stable and attractive natural gas prices, combined
with increasing concerns over environmental emissions and particulates.
Hexagon Composites is, through Hexagon Bus Systems in Norway and Hexagon
Lincoln in the US, the global leader in type 4 CNG bus fuel systems, and the
Brazilian footprint enhances this leadership position further.

"Brazil houses several of the world's leading OEMs with significant bus
building capacity. We look forward to strengthening our relationships with
customers and suppliers in the region", says Jon Erik Engeset, CEO of Hexagon
Composites ASA.

"We are very happy to become part of the Hexagon Composites Group. Access to
the leading tank technology on the market will significantly strengthen our
competitiveness and broaden our range geographically and segment wise", says
Tony Bermudo, Managing Director of Hexagon Composites Brazil Ltda.

The initial purchase price is USD 1 million (approx. NOK 8.5 million), and
Hexagon Composites will increase its ownership to 100% according to an
earn-out model at a later stage. Estimated turnover for Hexagon Composites
Brazil Ltda in 2016 is expected to be in the range of USD 2 million (approx.
NOK 17 million) with good growth opportunities thereafter.

For more information:
Tore Johan Fjell, Senior Vice President, Hexagon Composites ASA
Telephone: +47 920 33 337 | tore.fjell@hexagon.no

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether@hexagon.no

Hexagon Composites ASA is a publicly listed company with its headquarters in
Aalesund, Norway. The Group develops and produces composite pressure
cylinders and systems for storage and transportation of various gases.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hexagon Composites ASA via Globenewswire

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