Technological revolution in motion
Ålesund natt.jpg


Flakk Group became the largest owner of publicly listed Norwegian Applied Technology ASA of which Comrod (composite antennas) was a central member. The Flakk Group was already the largest owner of Devold AMT AS, a world leader in multiaxial glass and carbon fibre reinforcements and saw the opportunities for growth in the composite industry.


Norwegian Applied Technology ASA was merged with Devold AMT AS. The Group changed its name to Hexagon Composites, and the headquarters moved from Stavanger, Norway to Aalesund, Norway. The aim was to achieve a listed group which had the strength to make further acquisitions of industrial companies with composites expertise and global potential within niche markets.


The Group acquired Ragasco AS, a leading manufacturer of composite LPG cylinders based in Raufoss, Norway. Enviromech (U.S.) was founded as a supplier of fuel storage solutions for natural gas and hydrogen. 


The Group acquired Raufoss Fuel Systems from Raufoss ASA, a leading supplier of high-pressure cylinders for gas-powered buses with a market focus in Europe. 


Hexagon acquired Lincoln Composites from General Dynamics, both located in Nebraska, USA. This company operated in the same business area as Raufoss Fuel Systems, with its main focus on the American and Asian markets.


Comrod acquired Eltek Defence from and Lerc to extend its product portfolio. Devold AMT established new production facilities in Lithuania and the U.S. to exploit the growth in Devold AMT's most important market segment, the wind power industry.


The business area for composite antennas was demerged and listed separately as Comrod Communication ASA.


A new facility with two production lines for high-pressure cylinders opened in Nebraska, USA. 


Ragasco's new production line for LPG cylinders opened in Raufoss. Hexagon acquired Composite Scandinavia, a Swedish company that develops and produced LPG cylinders.


FAB Industries and Enviromech merged and formed Agility Fuel Systems, becoming a leading supplier of alternative fuel systems for heavy-duty trucks and buses. 


Remaining production of composite reinforcements in Norway was relocated to the company's factory in Lithuania. The CNG passenger car division was demerged from Ragasco and merged with Raufoss Fuel Systems. Production of LPG cylinders at Composite Scandinavia in Sweden was closed down and the production volume was transferred to Raufoss.


Hexagon Composites performed a re-branding and implemented a uniform profile throughout the Group. 


Hexagon Devold was sold to Saertex GmbH & Co. KG so the Group could focus on further development of the pressure cylinder business. A capacity expansion program in Nebraska was initiated. The company acquired MasterWorks in Maryland, USA, securing key technology and enhanced engineering capacity.


Hexagon Raufoss restructured its operating model to achieve profitable operations. The company was operationally integrated with Hexagon Ragasco to take advantage of synergies. 


Mitsui & Co., Ltd. acquired 25.01% and a strategic alliance agreement was signed. The CNG Automotive Products Division was merged with Agility Fuel Solutions (50/50 owned). xperion Energy & Environment in Germany, one of the leading Type 4 cylinder manufacturers, was acquired. 


xperion was successfully integrated to the organization and the Group repositioned itself for further growth. Hyon AS was launched, a joint venture with NEL ASA and PowerCell Sweden AB, focused on hydrogen projects.