Helios Technologies completes the acquisition of Daman Products


SARASOTA, Florida–(BUSINESS WIRE)–Helios TechnologiesInc. (NYSE: HLIO) (“Helios” or the “Company”), a global leader in motion control technology and engineered electronic controls for various end markets, announced that it has completed the acquisition of Daman Products Company “Daman”. Daman is a recognized leader in the design and manufacture of complex manifolds for precision hydraulic manifolds and related fluid conveying products. As a long-time partner of Sun Hydraulicsa company Helios, Daman and Sun have developed custom solutions that meet the most demanding hydraulic power requirements.

Josef Matosevic, President and CEO of Helios, said: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 stand-alone business with a healthy margin profile. Within the Helios trading system, we expect to be able to grow Daman from a very successful small business to something closer to a hundred million dollars in the next five years. As we integrate these into our global manufacturing and operations strategy, this provides another opportunity 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 handling products. Daman is centered on a culture of innovation with new technology and machinery, and recognition of its highly valued employees and customers. Daman’s hydraulic manifolds help power industrial and mobile equipment around the world. Distributors across North America trust Daman’s proven technology and innovative design to supply standard components, while the company has expanded its custom engineering capabilities to become a leading supplier of single-source manifolds and full range. For more information, please visit: https://www.daman.com/

About Helios Technologies

Helios Technologies is a global leader in highly sophisticated motion control and electronic control technologies for a variety of end markets including construction, material handling, agriculture, energy, recreational vehicles, marine, health and well-being. Helios sells its products to customers in over 90 countries around the world. Its growth strategy is to be the leading supplier in niche markets, with best-in-class products and solutions through the development and acquisition of innovative products. The Company has paid a cash dividend to its shareholders every quarter since going public in 1997. For more information, please visit: www.heliostechnologies.com.

Forward-looking information

This press 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 these 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 officers regarding the Company and the industry in which it operates, and assumptions made by management, and include, among others, (i) the expected benefits of 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 current growth strategies, including its intention to develop new products and make acquisitions. Additionally, we may make other written or oral statements, which constitute forward-looking statements, from time to time. Words such as “may”, “expect”, “plan”, “anticipate”, “intend”, “plan”, “believe”, “seek”, “estimate”, variations of these words and similar expressions are intended to identify these forward-looking statements. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks and uncertainties. Our actual results may differ materially from what is expressed or anticipated in these 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 actual results to differ materially from what is expressed or anticipated in such forward-looking statements include, but are not limited to, (i) the Company’s ability to complete the proposed acquisition of Daman Products timely, or at all, (ii) supply chain disruption and potential inability to source goods; (iii) capital market conditions, including the interest rate environment and the availability of capital; (iv) inflation (including hyperinflation) or recession; (v) changes in the competitive market 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 material costs; (vi) risks relating to health epidemics, pandemics and similar epidemics and similar epidemics, including without limitation the current COVID-19 pandemic, which may, among other things, adversely affect our supply chain. procurement, material and labor costs and may have a material adverse effect on our business, financial condition, 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 launches, product sales mix, and geographic mix of domestic and international sales. Further information relating to factors that could cause actual results to differ from those anticipated is included, but not limited to, under Item 1. “Business” and Item 1A. “Risk Factors” in the Company’s Form 10-K for the fiscal year ended January 1, 2022.

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