Hexagon to Fully Acquire Agility Fuel Solutions
Hexagon Composites has signed an agreement to acquire the remaining 50 percent of Agility Fuel Solutions. Hexagon says this investment strengthens its position as the globally leading gas fuel solutions provider.
“We are really happy to have reached this milestone”, says Jon Erik Engeset, CEO and President of Hexagon. “We believe the timing to be optimal. Fuel price spreads are back at attractive levels, payback times are favorable, and the global focus on the environment has never been stronger. Our combined solutions portfolio and expert teams represent a unique value proposition to the markets.”
Agility Fuel Systems and Hexagon’s medium and heavy duty CNG automotive businesses merged in 2016 to create Agility, resulting in Hexagon owning 50 percent of Agility. The companies have delivered more than half a million cylinders and over forty thousand fuel systems to customers around the globe.
Agility has production facilities in Salisbury, North Carolina, Lincoln, Nebraska, Fontana, California and Raufoss, Norway with technology centers in Lincoln, Nebraska, Wixom, Michigan and Kelowna, British Columbia. Agility maintains sales offices in North America, South America, India, the United Kingdom and Norway. The Company will report Agility’s financial results as a separate business area, fully consolidated into Hexagon’s accounts.
The agreement took place on November 8, and the deal is expected to close in January 2019.