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.
“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.”
-Josef Matosevic, President and Chief Executive Officer, Helios.
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.
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.