Hexagon Ragasco enters Bangladesh
(Thomson Reuters ONE) -
Hexagon Composites' subsidiary Hexagon Ragasco has entered into a four-year
frame agreement with Beximco Group for sales of composite LPG cylinders into the
fast growing Bangladeshi market.
As natural gas is a limited resource in Bangladesh, the government aims to
reserve this energy source for industrial applications and power generation.
Piped natural gas for households is planned to be replaced with bottled LPG, and
it is therefore anticipated that the demand for LPG cylinders will be
significant in the coming years. The parties are targeting a volume of 1.4
million cylinders over the four-year period of the frame agreement.
The first delivery under the frame agreement will be shipped in the fourth
quarter of this year. The total value of the initial order is approximately USD
2.1 million (approximately NOK 17 million).
"We expect that this agreement is the start of a long-term collaboration with
Beximco Group," says Skjalg S. Stavheim, Managing Director of Hexagon Ragasco.
"With a premium product offering considerable advantages over steel cylinders,
we are confident that the composite LPG cylinders will help to make domestic use
of LPG in Bangladesh safer and more user-friendly."
"We are very pleased to have entered into a partnership with Hexagon Ragasco.
The lightweight LPG cylinders provide numerous advantages over traditional steel
cylinders in terms of safety, corrosion-resistance and user-friendliness, and
will give improved handling and experience for the distributors and consumers,"
says Ajmal Kabir, Group Director & CEO, Petroleum & LNG at Beximco Group. "With
our leading position, we aim to enter the LPG business in Bangladesh on a large
scale."
For more information:
Skjalg S. Stavheim, Managing Director, Hexagon Ragasco AS
Mobile: +47 977 95 565 | skjalg.stavheim(at)hexagonragasco.com
Investor Relations:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele(at)hexagon.no
Media:
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Phone: +47 906 34 977 | solveig.saether(at)hexagon.no
About Beximco Group
The Beximco Group is one of Bangladesh's largest and most diversified industrial
conglomerates with an annual turnover in excess of USD one billion and employing
65,000 people. Its main facilities are located in Gazipur, outside Dhaka in
Bangladesh. The publicly traded companies - Bangladesh Export Import Company
Limited, Beximco Pharmaceuticals Limited, Shinepukur Ceramics Limited and
Beximco Synthetics Limited - have a combined market capitalization of
approximately USD 600 million.
About Hexagon Ragasco
Hexagon Ragasco is the world's leading manufacturer of composite LPG cylinders
with more than 11 million units in commercial use. The high-volume, highly
automated production facility in Raufoss, Norway is the most advanced of its
kind world-wide. Hexagon Ragasco's products are unique and provide many
advantages over traditional steel cylinders in terms of safety and user-
friendliness.
About Hexagon Composites
Hexagon Ragasco is a wholly-owned subsidiary of Hexagon Composites ASA, a
leading global supplier of composite pressure cylinders and systems for gas
applications. Hexagon Composites ASA is a publicly listed company with its
headquarters in Aalesund, Norway.
Follow us on Twitter: (at)HexagonASA
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hexagon Composites ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2016 - 08:30 Uhr
Sprache: Deutsch
News-ID 505769
Anzahl Zeichen: 4310
contact information:
Town:
Ã…lesund
Kategorie:
Business News
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"Hexagon Ragasco enters Bangladesh"
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