11:48 AM EDT, 05/29/2024 (MT Newswires) -- Worthington Industries (WOR) said Wednesday it signed two agreements with Norway's Hexagon Composites, including a deal to acquire 100% of Hexagon Ragasco, a maker customizable LPG composite cylinders, for about $98 million and a potential earn out based on its financial performance.

Worthington said Hexagon Ragasco will become part of its building products segment after the deal closes around June 3.

In the other agreement, Hexagon Composites acquired 49% of Worthington's sustainability energy solutions business segment for about $10 million to form a joint venture to capitalize on the global clean energy transition specific to storing, transporting and distributing hydrogen and compressed natural gas, Worthington said.

Worthington will keep a 49% stake in the business, with the current executives holding the remaining 2%, the company said.

The creation of the joint venture was completed Wednesday.

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