Hexagon Composites acquires remaining interest in PPG-Devold

Hexagon Devold (previously Devold AMT) is a supplier of glass and carbon fibre multiaxial reinforcements, primarily for the wind turbine blade production.

The 50/50 joint venture was established in 2007. Hexagon Devold will continue to manufacture multiaxial and unidirectional reinforcement fabrics at PPG’s Shelby, North Carolina, fibre glass facility.

The acquisition of PPG's share takes place according to an earn-out model where future operating profit (EBIT) is divided equally between the parties until 50% of equity as of 31.12.2012 is paid to PPG. The earn-out period is limited to five years.

“PPG is a key supplier to many independent weavers and fabric manufacturers for wind turbines, including Hexagon Devold, and we look forward to continuing that relationship with them,” said Kevin McDonald, PPG general manager, US, Canada and EMEA (Europe, Middle East and Africa) fiber glass reinforcement.