Florida-based Helios Technologies Inc. (NYSE: HLIO), a developer of motion control and electronic controls technology, has entered into an agreement to acquire Daman Products Co. in Mishawaka. Financial terms of the deal were not disclosed.
Daman specializes in the design and manufacture of hydraulic valve manifolds and related products for industrial and mobile markets such as the oil and gas, railroad, and construction industries. According to Helios, Daman has leading market share in the standard manifold niche market segment, as well as in custom designed integrated solutions.
“Adding Daman onto our pure play Hydraulics platform is a clear demonstration of the continued progress we are making with our flywheel acquisition strategy,” said Helios’ Chief Executive Officer Josef Matosevic. “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.”
According to Matosevic, Helios expects the acquisition to enhance its technologies through product integration and diversification of end markets.
“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,” said Matosevic.
Helios expects the acquisition to be complete later this year.