Helios Technologies Completes Acquisition of Custom Fluidpower
06 Agosto 2018 - 5:15PM
Business Wire
- Custom Fluidpower is a Leading
Australian Fluid Power Distributor and Custom-Design Solutions
Provider
- Strategically Provides Helios
Technologies Access to High Growth APAC Market
Helios Technologies (formerly known as Sun Hydraulics)
(Nasdaq: SNHY) (“Helios” or the “Company”), a global
industrial technology leader that develops and manufactures
solutions for both the hydraulics and electronics markets, today
announced that it acquired the shares of Custom Fluidpower Pty Ltd
(“CFP”) for AUD 35 million (approximately $26 million) on August 1,
2018. The acquisition was funded using cash (approximately $9.3
million) as well as shares of SNHY common stock (approximately
333,000 shares).
Custom Fluidpower is Australia’s largest independently-owned
fluid power solutions and service provider, serving a broad array
of industrial end markets, including mining, material handling,
agriculture, construction, energy/oil & gas and others.
Headquartered in Newcastle and servicing customers from its eight
branches across Australia, the company provides total engineered
solutions and value-add services, including electronics, innovative
complete system solutions, manifolds and intelligent braking
systems as well as other products.
Wolfgang Dangel, Helios Technologies' President and Chief
Executive Officer, commented, “While this is a relatively small,
‘bolt-on’ acquisition for us, it is strategically significant. CFP
is energized by an innovative culture which is an essential
component of our acquisition criteria. Geographically, the business
provides a vital stepping stone from which we can further build our
presence in the growing Asia-Pacific region and, specifically,
Southeast Asia.”
Graeme Vennell, Custom Fluidpower’s Chief Executive Officer,
noted, “We are eager to join the Helios team and see many
opportunities ahead together. Having grown to become Australia’s
largest fluid power solutions provider through differentiated
engineering, service and electro-fluidpower design capability, we
look forward to further advancing our market presence in
Asia-Pacific as part of Helios.”
Custom Fluidpower recorded sales of AUD 62 million
(approximately $46 million) and an EBITDA margin of approximately
9.7% for its fiscal year ended June 30, 2018. The acquisition is
expected to be EPS accretive in year one. Custom Fluidpower will be
reported as part of Helios’ Hydraulics Segment.
Helios Technologies’ financial advisor for the transaction was
Morgan Stanley. DLA Piper acted as legal advisor.
About Helios TechnologiesHelios Technologies is the
business name for Sun Hydraulics Corporation, a publicly-listed
company on the Nasdaq Global Stock Market (SNHY). Helios
Technologies is a global industrial technology leader that develops
and manufactures hydraulic and electronic control solutions for
diverse markets. The Company does business through its operating
subsidiaries around the world, including Sun Hydraulics, LLC,
Enovation Controls, LLC and Faster S.p.A. Through its Hydraulics
segment, the Company serves diverse markets including material
handling, construction equipment, agriculture, specialized
vehicles, energy and others through its Sun Hydraulics and Faster
Group companies, providing high-performance screw-in hydraulic
cartridge valves and manifolds as well as quick-release hydraulic
coupling solutions. Through its Electronics segment, the Company
provides electronic control solutions through Enovation Controls
for recreational and off-highway vehicles, as well as industrial
stationary and mobile power equipment. Helios Technologies and
information about its associated companies is available online at
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 the
intent, belief or current expectations, estimates, vision or
projections of Sun Hydraulics Corporation (“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 Company’s strategies
regarding growth, including its intention to develop new products
and make acquisitions; (ii) the Company’s financing plans; (iii)
the Company’s expectations regarding our sales, expenses, gross
margins and other results of operations; (iv) trends affecting the
Company’s financial condition or results of operations; (v) the
Company’s ability to continue to control costs and to meet its
liquidity and other financing needs; (vi) the declaration and
payment of dividends; (vii) the Company’s ability to respond to
changes in customer demand domestically and internationally,
including as a result of standardization; and (viii) potential
challenges relating to changes in and compliance with governmental
laws and regulations affecting our U.S. and international business.
Although the Company believes that its expectations are based on
reasonable assumptions, it can give no assurance that the
anticipated results will occur. Important factors that could cause
the actual results to differ materially from those in the
forward‐looking statements include, among other items, (i) the
economic cyclicality of the capital goods industry in general and
the hydraulics industry in particular, which directly affect
customer orders, lead times and sales volume; (ii) fluctuations in
global business conditions, including the impact of economic
recessions in the U.S. and other parts of the world, (iii)
conditions in the capital markets, including the interest rate
environment and the availability of capital; (iv) changes in the
competitive marketplace that could affect the Company’s revenue
and/or costs, such as increased competition, lack of qualified
engineering, marketing, management or other personnel, and
increased labor and raw materials costs; (v) risks related to the
integration of the businesses of the Company, Enovation Controls
and Faster Group; (vi) changes in technology or customer
requirements, such as standardization of the cavity into which
screw‐in cartridge valves must fit, which could render the
Company’s products or technologies noncompetitive or obsolete;
(vii) new product introductions, product sales mix and the
geographic mix of sales nationally and internationally; and (viii)
changes relating to the Company’s international sales, including
changes in regulatory requirements or tariffs, compliance with
anti-corruption laws and trade laws, including export and import
compliance, trade or currency restrictions, fluctuations in
exchange rates, and tax and collection issues. 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 7. “Management’s Discussion and Analysis of
Financial Conditions and Results of Operations” in the Company’s
Form 10‐Q for the quarter ended June 30, 2018, and Item 1.
“Business” and Item 1A. “Risk Factors” in the Company’s Form 10-K
for the year ended December 30, 2017. The Company disclaims any
intention or obligation to update or revise forward‐looking
statements, whether as a result of new information, future events
or otherwise.
This news release will discuss some non-GAAP financial measures,
which the Company believes are useful in evaluating our
performance. You should not consider the inclusion of this
additional information in isolation or as a substitute for results
prepared in accordance with GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20180806005531/en/
Kei Advisors LLCKaren L. Howard,
716-843-3942khoward@keiadvisors.comorDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.com
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