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Hexagon Announces Financial Adjustments Related To Business Operations In Russia And The Acquisition Of Etq

Apr 01, 2022•over 3 years ago

Acquiring Company

Hexagon Composites

Acquired Company

ETQ

ÅlesundRenewable EnergyEnergyManufacturing

Description

Hexagon AB, a global leader in digital reality solutions combining sensor, software and autonomous technologies, today announced financial adjustments related to a decision to freeze business operations in Russia and the completion of the acquisition of ETQ. Hexagon will take a one-off charge of approximately 63 MEUR which will impact the first quarter 2022.The majority relates to the freezing of operations in Russia, which includes both a write-off of assets in the balance sheet and personnel costs.

Company Information

Company

Hexagon Composites

Location

Ålesund, Møre og Romsdal, Norway

About

Hexagon Composites delivers safe and innovative solutions for a cleaner energy future. Their solutions enable storage, transportation and conversion to clean energy in various mobility and industrial applications. They have a significant presence in the alternative fuels market and aim to strengthen their European footprint through strategic acquisitions.

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