Hexagon Composites Acquires SES Composites, Strengthening Worthington Enterprises in European Alternative Fuels Market
- Hexagon Composites acquires SES Composites, a division of Worthington Enterprises, to strengthen its European market presence.
- Worthington Enterprises receives significant shares in Hexagon Composites and Hexagon Purus from the acquisition transaction.
- The partnership aims to enhance sustainable energy solutions and promote alternative fuel technologies in Europe.
Hexagon Composites Solidifies European Market Position with SES Composites Acquisition
On July 14, 2025, Hexagon Composites ASA finalizes the full acquisition of SES Composites, the alternative fuels division of Sustainable Energy Solutions (SES), a subsidiary of Worthington Enterprises. This acquisition follows Hexagon's initial purchase of a 49% stake in May 2024 and is seen as a pivotal strategy to bolster Hexagon's presence in the burgeoning European market for high-pressure cylinders used in compressed gases. The move comes at a time when the demand for alternative fuels and energy-efficient solutions is surging, and Hexagon aims to capitalize on this trend by leveraging SES Composites' established manufacturing capabilities in Poland and Germany.
SES Composites, which operates its manufacturing facility in Słupsk, Poland, and a valve assembly plant in Burscheid, Germany, reported pro forma revenues of EUR 28 million with an EBITDA of EUR 700,000 in 2024. For the current fiscal year, projections indicate a revenue increase to EUR 33 million and an EBITDA rise to EUR 2 million. This upward trajectory underscores the potential for growth within SES Composites, making the acquisition strategically valuable for Hexagon as it seeks to strengthen its portfolio in the alternative fuels sector. The transaction, valued at an enterprise value of EUR 11.7 million, involves a preliminary net purchase price of EUR 6.1 million, partially settled in shares of Hexagon Composites and Hexagon Purus.
The acquisition allows Hexagon to enhance its focus on existing and emerging market segments while maintaining joint ownership of SES’s industrial gas business, which continues to manufacture steel cylinders in Kienberg, Austria. CEO Philipp Schramm emphasizes that integrating SES Composites aligns with Hexagon's overarching strategy to leverage both renewable and conventional natural gas as key components of Europe’s energy transition. This strategic alignment not only supports Hexagon's growth objectives but also positions the company as a pivotal partner to original equipment manufacturers (OEMs) in the commercial transportation sector.
In addition to the acquisition, Worthington Enterprises benefits significantly from the deal, receiving a total of 21,117,851 shares of Hexagon Composites—representing 1.0% of outstanding shares—and 19,555,225 shares of Hexagon Purus, accounting for 4.6% of outstanding shares. This transaction reflects Worthington's commitment to advancing sustainable energy solutions while enhancing shareholder value through strategic partnerships. The collaboration between Hexagon and SES Composites may set a precedent for further innovations in alternative fuel technologies, positioning both companies at the forefront of the energy transition in Europe.
As the global economy shifts toward more sustainable practices, the acquisition marks a significant step for Hexagon Composites and Worthington Enterprises, reinforcing their roles as leaders in the alternative fuels industry.
