Hexagon Devold, a subsidiary of Hexagon Composites, has acquired PPG Industries' 50% share of the joint venture company PPG-Devold in North Carolina, USA. Hexagon Devold (previously Devold AMT) is a supplier of glass and carbon fibre multiaxial reinforcements, primarily for the wind turbine blade production. The 50/50 joint venture was established in 2007. Hexagon Devold will continue to manufacture multiaxial and unidirectional reinforcement fabrics at PPG’s Shelby, North Carolina, fibre glass facility.

The acquisition of PPG's share takes place according to an earn-out model where future operating profit (EBIT) is divided equally between the parties until 50% of equity as of 31.12.2012 is paid to PPG. The earn-out period is limited to five years.