SARASOTA, Fla.– 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 Schultes Precision Manufacturing, Inc (or “Schultes”.) Schultes is a highly trusted specialist in manufacturing precision machined components and assemblies for customers requiring very tight tolerances, superior quality, and exceptional value-added manufacturing processes. Currently serving the Hydraulic, Aerospace, Communication, Food Services, Medical Device, and Dental industries, Schultes brings the manufacturing quality, reliability, and responsiveness critical to its customers’ success.
With approximately $30 million in full-year revenue for 2022, third-generation owned Schultes was founded in 1946. Located in Buffalo Grove, Illinois, a suburb of Chicago, the company evolved and grew over the years because of its dedication to unparalleled customer service, and commitment to investing in the best machining technologies. The company currently operates in a newly expanded 110,000 square foot facility situated on seven acres that includes approximately 20,000 square feet of additional room for future capacity growth. Schultes serves its customers rapid growth applications from prototype through full rate production.
Josef Matosevic, Helios’ President and Chief Executive Officer, commented, “Schultes is an excellent bolt-on flywheel acquisition to add to our Hydraulics segment. It brings process technology and know-how that advances our ability to serve our customers with a broader product and solutions portfolio. It also expands and diversifies our markets and continues to optimize our manufacturing and operating footprint. Schultes is yet another strong standalone business with a healthy margin profile that fits perfectly into our Hydraulics business. This transaction is another milestone that further validates that we are making great progress against our augmented strategy and long-term goals.”
Helios expects to close the transaction in the first quarter of 2023, subject to customary closing conditions. Terms of the acquisition were not disclosed.
