Helios Technologies Closes Acquisition of Daman Products
19 September 2022 - 3:00PM
Business Wire
Flywheel acquisition strategically enhances
Helios’ Hydraulics segment technologies with leading complex
manifold design and manufacturing for precision hydraulic
manifolds
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, announced
that it has completed the acquisition of Daman Products Company
“Daman”. Daman is a recognized leader in complex manifold design
and manufacturing for precision hydraulic manifolds and related
fluid conveyance products. As a long-time partner of Sun
Hydraulics, a Helios company, Daman and Sun have developed custom
solutions that address the most challenging fluid power
requirements.
Josef Matosevic, Helios’ President and Chief Executive Officer,
commented, “We are making excellent progress with our augmented
strategy. The addition of Daman to the Helios family demonstrates
our ability to expand our technologies and markets through another
high-quality flywheel acquisition. Daman is a very strong
standalone business with a healthy margin profile. Within the
Helios Business System, we expect to be able leverage Daman from a
very successful small business to closer to a
hundred-million-dollar business over the next five years. As we
fold them into our global manufacturing and operating strategy this
provides another avenue to produce integrated package offerings
with other Helios brands over time.”
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/20220919005182/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
Helios Technologies (NYSE:HLIO)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Helios Technologies (NYSE:HLIO)
Historical Stock Chart
Von Mai 2023 bis Mai 2024