Agility and Hexagon Composites to Merge to Create Agility Fuel Solutions
Hexagon Composites and Agility Fuel Systems announced that the companies will merge Hexagon Composites’ CNG Automotive Products Division, which includes medium and heavy duty vehicle composite cylinder manufacturing operations and its bus systems business unit, with Agility to form Agility Fuel Solutions. The new entity will be owned equally by Hexagon Composites and Agility’s current investors.
The companies say the merger is positioned to drive innovation in the industry, while better serving the global market and expanding its product offerings worldwide. The strategic integration of fuel systems and cylinders will provide value by reducing up-front costs, accelerating commercialization of new product ideas and driving faster returns on investments. The combined company will have production sites in the US, Norway and Brazil, with technical centers located in Lincoln, Nebraska and Kelowna, British Columbia. Agility Fuel Solutions will manufacture cylinders for use in its systems, as well as for direct sale.
“This merger combines two market leaders with strong backgrounds in engineering creativity, profitable growth and operational excellence” said Kathleen Ligocki, named CEO of the newly merged company, Agility Fuel Solutions. “Agility is proud of our successful relationship with Hexagon, and together we will target driving adoption of clean natural gas systems in commercial vehicle markets around the world.”
Hexagon’s Mobile Pipeline, Hydrogen Products and Light Duty Vehicles divisions will continue to operate as Hexagon Composites. The transaction is expected to close in the 3rd quarter of 2016.