BRIEF-Hexagon Composites acquires fuel systems integrator in Brazil

lunes 15 de febrero de 2016 03:56 GYT

Feb 15 (Reuters) - Hexagon Composites ASA :

* Hexagon Composites ASA has agreed to acquire 67 pct 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

* Remaining 33 pct will be held by Tony Bermudo

* Initial purchase price is $1 million (about 8.5 million Norwegian crowns), and Hexagon Composites will increase its ownership to 100 pct 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 $2 million Source text for Eikon:

Further company coverage: (Gdynia Newsroom)