Worthington to acquire Hexagon Ragasco for ~$98M; forms JV with Hexagon Composites for SES segment

WORTHINGTON ENTERPRISES, INC.

Acquisition of Hexagon Ragasco for ~$98M (plus earnout up to $9M or down to $5M); expected close June 3, 2024.
Ragasco had adjusted 2023 sales of ~$64M and EBITDA of $12.7M; ~130 employees in Norway.
Joint venture: Hexagon acquires 49% of Worthington's SES segment for ~$10M; Worthington holds 49%, management 2%.
One-time pre-tax loss estimated over $50M from JV formation; SES employs ~500 in Europe.
Transactions expand Worthington's cylinder manufacturing and clean energy positioning globally.

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