SAERTEX
Acquisition of Norwegian producer of multiaxial reinforcements nears completion / Distribution deal sealed with Hacotech
For roughly EUR 14m German Saertex (Saerbeck; www.saertex.com), a producer of multiaxial fabrics for the wind energy, aerospace, civil engineering automotive and shipbuilding industries, has purchased Hexagon Devold (Langevag / Norway; www.hexagondevold.com), with the closing of the transaction to be completed by the end of January.
The Norwegian entity's parent company, composite specialist Hexagon Composites ASA (Ålesund / Norway; www.hexagon.no), has decided to focus on its core competencies within the growing high-pressure and LPC cylinder segments – see Plasteurope.com of 10.06.2013. Commenting on the sale of the subsidiary to the Germans, Tore J. Fjell, senior vice president, said, "Saertex is one of the leading players in the multiaxial facbrics industry and the transaction gives Hexagon Devold and its employees a strong industrial owner."
As one of the leaders in the production of unidirectional, bidirectional and multiaxial stich-bonded constructions ("NCFs" or non-crimp fabrics), the privately owned Saertex says it plans to keep "Devold AMT" as a parallel brand and will continue operations at the Norwegian's production sites in Lithuania, the US and Norway.
Hexagon Devold, a maker of stitched multiaxial fibreglass reinforcements, is active in industries such as wind energy, high-speed civilian and military marine vehicles as well as construction. Its primary market is wind energy, representing more than 80% of its turnover. With 125 employees, Devold recorded revenues of EUR 16m in the first three quarters of 2013 and had and EBIT of nearly EUR 600,000.
As it was closing the deal with Hexagon, Saertex also was in the process of signing an exclusive distribution agreement with fellow German Hacotech (Hamburg; www.hacotech.com). Going forward, the Hamburg-based company will be responsible for the small-scale customer segment within Germany for the sale of multiaxial fabrics made from glass and carbon fibres as well as the self-adhesive fabrics under the "Saerfix" brand. The agreement covers all industries excluding aerospace and wind energy.
The Norwegian entity's parent company, composite specialist Hexagon Composites ASA (Ålesund / Norway; www.hexagon.no), has decided to focus on its core competencies within the growing high-pressure and LPC cylinder segments – see Plasteurope.com of 10.06.2013. Commenting on the sale of the subsidiary to the Germans, Tore J. Fjell, senior vice president, said, "Saertex is one of the leading players in the multiaxial facbrics industry and the transaction gives Hexagon Devold and its employees a strong industrial owner."
As one of the leaders in the production of unidirectional, bidirectional and multiaxial stich-bonded constructions ("NCFs" or non-crimp fabrics), the privately owned Saertex says it plans to keep "Devold AMT" as a parallel brand and will continue operations at the Norwegian's production sites in Lithuania, the US and Norway.
Hexagon Devold, a maker of stitched multiaxial fibreglass reinforcements, is active in industries such as wind energy, high-speed civilian and military marine vehicles as well as construction. Its primary market is wind energy, representing more than 80% of its turnover. With 125 employees, Devold recorded revenues of EUR 16m in the first three quarters of 2013 and had and EBIT of nearly EUR 600,000.
As it was closing the deal with Hexagon, Saertex also was in the process of signing an exclusive distribution agreement with fellow German Hacotech (Hamburg; www.hacotech.com). Going forward, the Hamburg-based company will be responsible for the small-scale customer segment within Germany for the sale of multiaxial fabrics made from glass and carbon fibres as well as the self-adhesive fabrics under the "Saerfix" brand. The agreement covers all industries excluding aerospace and wind energy.
27.01.2014 Plasteurope.com [227239-0]
Published on 27.01.2014
German version of this article...