Sun Hydraulics Corporation today announced the adoption of Helios Technologies as its new business name. The use of a new name for the parent holding company is in alignment with the company’s progress toward its Vision 2025 strategy, which is to achieve global technology leadership in the industrial goods sector by 2025 with critical mass exceeding $1 billion in sales while maintaining superior profitability and financial strength.
The use of the new name reflects the fact that the company now has several operating companies under its umbrella, one of which will remain Sun Hydraulics. The Sun Hydraulics business has joined the previously acquired Enovation Controls and Faster Group companies as wholly-owned subsidiaries of Helios Technologies, under the new holding company structure. Shares of Helios Technologies will continue to trade on Nasdaq using the Company’s existing ticker symbol, SNHY.
“An integral part of our Vision 2025 is to recognize that the parent company is evolving and needs to remain independent from its operating brands,” said Helios Technologies’ President and Chief Executive Officer, Wolfgang Dangel. “The new name reflects a progression of the Company’s corporate strategy, which encompasses a solid foundation of multiple brands committed to becoming a leading designer and manufacturer of intelligent systems and controls.
“In addition to our organic growth initiatives, a key component of our Vision 2025 is the smart acquisition of aligned companies to broaden our end market coverage in both hydraulics and electronics, and eventually with technologies that link those applications,” added Dangel.
Along with the use of a new name, the company is also launching its new corporate website and domain at www.heliostechnologies.com.
Additionally, the company also announced that it completed the acquisition of Custom Fluidpower Pty Ltd. for AUD 35 million (approximately $26 million) on August 1.
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 and 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.
According to Dangel, “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.”
Custom Fluidpower recorded sales of AUD 62 million (approximately $46 million) for its fiscal year ended June 30, 2018. Custom Fluidpower will be reported as part of Helios’ Hydraulics Segment.