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.
About Daman Products:
“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.”
-Josef Matosevic, Helios’ President and Chief Executive Officer.
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.