Hexagon Purus, a manufacturer of zero-emission mobility and infrastructure solutions, has sold off one of its subsidiaries to SpaceX for up to $15 million.
Elon Musk's rocket company is buying Hexagon Masterworks, which supplies high-pressure composite storage cylinders for aerospace and space launch applications in North America, and for hydrogen mobility applications. Hexagon said its hydrogen business is not part of the transaction perimeter, and Masterworks’ existing hydrogen customer contracts are intended to be transferred to other parts of Hexagon prior to closing.
Hexagon said its aerospace business has developed and now reached a stage where an industrial owner with a dedicated aerospace focus is deemed to best support its future. The divestment is therefore aligned with its ongoing portfolio review. The company acquired MasterWorks in Maryland in 2014, a deal it said helped it secure key technology and enhanced engineering capacity.
“I am pleased that we have found a new home for Masterworks with an owner that views our composite cylinder expertise as world-class and intends to integrate the business into its supply chain to support its long-term growth,” said Hexagon Purus CEO Morten Holum in a statement. “I want to sincerely thank the Masterworks team for their dedication and hard work in developing the business to this point. While it is never easy to part with a business that has performed well, this transaction strengthens Hexagon Purus’ financial position and allows us to focus on our core strategic priorities.”
