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Hexagon Composites' wholly owned subsidiary Hexagon Lincoln has closed on a transaction acquiring the main assets of MasterWorks family of businesses: MasterWorks Machining, MasterWorks Composite Solutions and Helman Tensioners.
MasterWorks and Helman Tensioners specialize in providing innovative design and manufacturing solutions for the composites industry. This acquisition enhances Hexagon Composites' technology and manufacturing robustness, which will strengthen the Group's position as the global leader in the industry, and will provide additional capabilities for further expansions.The agreed transaction value is USD 1.7 million. The transaction has effect as of 10 October 2014.Located in Maryland on the US East Coast, MasterWorks has 29 employees.The business will operate under a newly formed entity, MasterWorks, Inc., as a wholly owned subsidiary of Hexagon Lincoln, and will continue its offering of world class services and products to the composites industry.More information: www.hexagon.no