Hexagon Composites Extends Long-Term Agreement with New Flyer Industries
25.02.2016 | STOCK EXCHANGE RELEASE
Hexagon Composites’ wholly owned subsidiary Hexagon Lincoln continues its prominent position in the North American transit bus market by signing a long-term agreement with one of its key customers, New Flyer Industries.
The overwhelming majority of CNG (Compressed Natural Gas) transit buses in North America use Type 4 fuel tanks produced by Hexagon Composites. Demand for these vehicles continues to grow as they play an important role in lowering emissions and particulates in urban areas. This agreement affirms the Company’s position as the leading supplier of fuel tanks to this market.
“Our companies have a 20 year history of working together. We are pleased to have Hexagon Composites as our preferred supplier for CNG tanks and ancillary products. We are working together to implement new technologies to improve the value proposition for our customers,” says Raul Ramirez, Director of Strategic Sourcing, New Flyer Industries.
“Our team is providing valuable support to help engineer a more efficient system with new product offerings for these vehicles,” says Chet Dawes, Vice President of CNG Automotive Products, Hexagon Composites. “This agreement is a reflection of the dedication and long-term collaboration between our companies.”
The multiyear agreement presents an estimated overall delivery value of USD 45 million (approximately NOK 380 million).