Hexagon Composites reports fourth quarter results

Hexagon Composites' sales for the 2011 fourth quarter amounted to NOK231.8, down 1% on the 2010 fourth quarter, while EBITDA was NOK11.9 million, down 50%.

Hexagon specialises in the manufacture of composite containers for the storage of high pressure gases, and the supply of multiaxial reinforcements.

Hexagon recently decided to bolster its liquid petroleum gas (LPG) and compressed natural gas (CNG) composite cylinder operations in Norway by separating the CNG passenger cars product area from Ragasco AS and merging it with Raufoss Fuel Systems AS.

Multiaxial fabric subsidiary Devold AMT decided to move the remaining production of composite reinforcements in Langevåg in Norway to its factory in Lithuania.