Buys Assets of MasterWorks & Helman for $1.7 Million
Hexagon Lincoln has invested $1.7 million to acquire the principal assets of the MasterWorks family of businesses: MasterWorks Machining, MasterWorks Composite Solutions, and Helman Tensioners, the company said Monday.
The 29-employee, Maryland-based businesses were already supporting Hexagon Lincoln’s filament-winding of carbon fiber for production of its all-composite Tuffshell brand compressed natural gas fuel cylinders, says Hexagon Lincoln president Jack Schimenti.
Bringing them in-house, he says, will help Hexagon Lincoln move to more automated processes as part of a $26 million capacity expansion in Lincoln, Neb.
“It fits into our long-term strategy,” he told F&F. The MasterWorks knowhow will also support Hexagon Lincoln’s new joint venture with Agility Fuel Systems, which is to see Type IV tank and CNG cylinder assembly production at a new location (F&F, May 6).
The MasterWorks entities are to operate under a newly formed entity, MasterWorks, Inc., as a wholly owned subsidiary of Hexagon Lincoln, and will continue offering “world class services and products to the composites industry,” states the acquisition announcement.
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Source: Hexagon Lincoln with Fleets & Fuels follow-up