Hexagon Composites closes Digital Wave transaction
Hexagon Composits has announced the completion of the acquisition of Digital Wave. Reference is made to stock exchange release dated October 26 related to the announced acquisition of Digital Wave Corporation.
With this acquisition, Hexagon Composites will fully integrate capabilities for testing and requalification of high-pressure cylinders. The business will operate as a wholly owned subsidiary of Hexagon’s U.S. affiliate and will continue to research and develop new products and services in this field.
“Hexagon has worked successfully with Digital Wave for three years to apply Modal Acoustic Emissions (MAE) technology to test Type 4 cylinders. With this acquisition we take control of the unique testing process, which effectively reduces the operators’ down time, while ensuring an approved, safe and reliable requalification method. We are further enhancing our leadership position by obtaining the most advanced capabilities and technology currently available,” said Jack Schimenti, Executive Vice President of Hexagon Composites Group. “We believe that this technology has the potential of fulfilling the holy grail of real-time health monitoring of composite cylinders.”
Digital Wave, located in Denver, Colorado, is a leading provider of modal acoustic emission (MAE) requalification and ultrasonic examination (UE) testing of pressure vessels. MAE is a relatively new and unique process that uses sound waves to measure structural integrity in composite structures. It greatly improves both routine re-qualifications and post-accident inspections. Operators of gas transportation modules in North America are required to requalify their cylinders every five years. MAE testing collects data from cylinders under pressure and provides a comprehensive evaluation of the composite structure of each cylinder. UE is an efficient alternative to the traditional hydro-testing of all-metal cylinders.
The agreed transaction value of Digital Wave is $7.5m. The signing of a definitive agreement took place on October 26.
For more information visit www.hexagon.no
3rd December 2018