Ohio-based Worthington Enterprises has signed two definitive agreements with Hexagon Composites, one an acquisition and the other a sale, which will see the formation of a joint venture.
Notably, the double signing will see Worthington sell a 49% stake in its Sustainability Energy Solutions (SES) business segment to Hexagon Composites for $20m, forming a joint venture.
Worthington’s SES business is a European supplier of high-pressure cylinders and systems for the storage and distribution of compressed natural gas, hydrogen, and industrial gases.
In 2023, the business generated revenues of €127m ($137m) and adjusted EBITDA of €2.9m ($3.1m).
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