Cerha Hempel has advised Worthington Enterprises subsidiary Worthington Cylinders on the sale of its alternative fuels business to Norway-based Hexagon Composites. Baker McKenzie advised Worthington Enterprises. Saxinger advised Hexagon.
According to Cerha Hempel, the deal involved the transfer of SES assets to Worthington’s Polish subsidiary via an asset deal, a corporate restructuring via spin-off to a newly formed holding company, and the sale of the holding company’s shares to Hexagon, resulting in 100% ownership of SES Composites. The SES business, including facilities in Poland and Germany, specializes in composite cylinders and systems for CNG fuel systems used by European OEMs in the transit bus sector. In 2024, SES reported revenues of EUR 28 million and an EBITDA of EUR 700,000, with both figures projected to increase in 2025.
The Cerha Hempel team included Partners Albert Birkner and Nadine Leitner, Senior Associate Jakob Weber, and Associates Lela Ghoreishi and Ana Gudadze.
The Baker McKenzie team included Partner Claudia Fochtmann-Tischler, Counsels Edmund Schuster and Philipp Stanek, Senior Associates Sophie Schubert, Ladislav Bulajcsik, and Nina Lenhard, and Associate Jakob Jaritz.
The Saxinger team included Partners Immanuel Gerstner and Lukas Leitner and Attorneys at Law Stefan Foidl, Raziye Taskiran, and Gregor Haidenthaler.
