- Flywheel acquisition strategically enhances Helios’
Hydraulics segment technologies with leading standard manifolds and
custom-designed precision hydraulic integrated packages
- Provides greater reach into existing markets while adding
new diversified markets
- Enhances product offering and enables horizontal product
line integration for more sophisticated system solutions
- Complements engineering capabilities building upon our
talent and expertise
Helios Technologies, Inc. (NYSE: HLIO) (“Helios” or the
“Company”), a global leader in highly engineered motion control and
electronic controls technology for diverse end markets, has entered
into a definitive agreement to acquire the assets of Daman Products
Company “Daman”. Founded in 1976, Daman is headquartered in
Mishawaka, Indiana and is a recognized leader in complex manifold
design and manufacturing for precision hydraulic manifolds and
related fluid conveyance products. Daman products are used in
numerous hydraulics applications for industrial and mobile markets
including applications in the oil and gas, railroad, construction,
agriculture, forestry, mining, material handling, machine tool,
robotics, and entertainment industries. Daman is a highly
recognized brand with a quality reputation, has leading market
share in the standard manifold niche market segment, as well as in
custom designed integrated solutions. Sun Hydraulics, a Helios
company, and Daman have collaborated for years to create solutions
that address customers’ fluid power challenges.
Josef Matosevic, Helios’ President and Chief Executive Officer,
commented, “Adding Daman onto our pure play Hydraulics platform is
a clear demonstration of the continued progress we are making with
our flywheel acquisition strategy. Daman has established, long-term
relationships with a diversified customer base serving multiple end
markets. They bring a differentiated value proposition through
sophisticated inventory programs that reduce supply chain delays
and enable rapid delivery. They also leverage a strong engineering
team that works closely with customers and distributors to design
custom tailored solutions for a breadth of applications as well as
standard manifold designs. Daman is a critical supply channel
partner that provides a notable combination of high-quality
products with value-added engineering, inventory management, rapid
prototyping, and assembly services. With over 300 years of combined
experience resident in-house, we expect this acquisition to enhance
Helios’ technologies through product integration, enabling further
system sale opportunities, and diversification of end markets.”
Helios expects to close the transaction in the fourth quarter of
2022 or as soon as practicable, subject to customary closing
conditions. Terms of the acquisition were not disclosed.
About Daman Products
Founded in Mishawaka, IN in 1976, Daman is a leading designer
and manufacturer of standard and custom precision hydraulic
manifolds and other fluid conveyance products. Daman is centered on
a culture of innovation with new technology and new machinery, and
recognition of its highly valued employees and customers. Daman's
hydraulic manifolds help power industrial and mobile equipment
worldwide. Distributors throughout North America trust Daman’s
proven technology and innovative design to deliver standard
components, while the company has expanded its custom engineering
capabilities to become a leading, single-source, full-range
manifold supplier. For more information please visit:
https://www.daman.com/
About Helios Technologies
Helios Technologies is a global leader in highly engineered
motion control and electronic controls technology for diverse end
markets, including construction, material handling, agriculture,
energy, recreational vehicles, marine, health, and wellness. Helios
sells its products to customers in over 90 countries around the
world. Its strategy for growth is to be the leading provider in
niche markets, with premier products and solutions through
innovative product development and acquisition. The Company has
paid a cash dividend to its shareholders every quarter since
becoming a public company in 1997. For more information please
visit: www.heliostechnologies.com.
Forward Looking Information
This news release contains “forward‐looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934.
Forward‐looking statements involve risks and uncertainties, and
actual results may differ materially from those expressed or
implied by such statements. They include statements regarding
current expectations, estimates, forecasts, projections, our
beliefs, and assumptions made by Helios Technologies, Inc.
(“Helios” or the “Company”), its directors or its officers about
the Company and the industry in which it operates, and assumptions
made by management, and include among other items, (i) the
anticipated benefits from the Company’s proposed acquisition of
Daman Products, (2) the expected financial impact of the proposed
acquisition, (3) the expected timing of the closing of the proposed
acquisition and (4) the Company’s ongoing strategies regarding
growth, including its intention to develop new products and make
acquisition. In addition, we may make other written or oral
statements, which constitute forward-looking statements, from time
to time. Words such as “may,” “expects,” “projects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” variations of
such words, and similar expressions are intended to identify such
forward-looking statements. Similarly, statements that describe our
future plans, objectives or goals also are forward-looking
statements. These statements are not guaranteeing future
performance and are subject to a number of risks and uncertainties.
Our actual results may differ materially from what is expressed or
forecasted in such forward-looking statements, and undue reliance
should not be placed on such statements. All forward-looking
statements are made as of the date hereof, and we undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Factors that could cause the actual results to differ materially
from what is expressed or forecasted in such forward‐looking
statements include, but are not limited to, (i) the Company’s
ability to close the proposed acquisition of Daman Products on the
anticipated timeline, or at all, (ii) supply chain disruption and
the potential inability to procure goods; (iii) conditions in the
capital markets, including the interest rate environment and the
availability of capital; (iv) inflation (including hyperinflation)
or recession; (v) changes in the competitive marketplace that could
affect the Company’s revenue and/or cost bases, such as increased
competition, lack of qualified engineering, marketing, management
or other personnel, and increased labor and raw materials costs;
(vi) risks related to health epidemics, pandemics and similar
outbreaks and similar outbreaks, including, without limitation, the
current COVID-19 pandemic, which may among other things, adversely
affect our supply chain, material costs, and work force and may
have material adverse effects on our business, financial position,
results of operations and/or cash flows; (vii) risks related to our
international operations, including the potential impact of the
ongoing conflict between Russia and Ukraine; and (viii) new product
introductions, product sales mix and the geographic mix of sales
nationally and internationally. Further information relating to
factors that could cause actual results to differ from those
anticipated is included but not limited to information under the
heading Item 1. “Business” and Item 1A. “Risk Factors” in the
Company’s Form 10-K for the year ended January 1, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220907005287/en/
Tania Almond Vice President of Investor Relations, Corporate
Communication and Risk Management (941) 362-1333
tania.almond@HLIO.com
Deborah Pawlowski Kei Advisors LLC (716) 843-3908
dpawlowski@keiadvisors.com
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