Mishawaka-based Daman will be one of two new hydraulics Regional Operational Centers of Excellence, announced Helios, its parent company.
Helios acquired Daman in September because of its reputation and its partnership with Sun Hydraulics, a Helios company. Daman designs and manufactures precision hydraulic manifolds and other products.
“The addition of Daman to the Helios family demonstrates our ability to expand our technologies and markets through another high-quality flywheel acquisition,” said Josef Matosevic, Helios’ president and chief executive officer, in a press release. “Daman is a very strong standalone business with a healthy margin profile.”
He also said they expect to turn Daman from a successful small business into a $100 million business in the next five years.
Helios already is expanding operations in Mishawaka by 58,000 square feet in addition to the 72,000 square feet facility acquired with Daman. The company says the expansion will be complete this summer, according to a press release.
Helios said it received some tax incentives that come with infrastructure improvements and hiring local workers. It expects to hire 70 more employees. Daman already employs 140 people.
Daman works with long-time Helios partner Sun Hydraulics, which has headquarters in Sarasota, Florida. It also will mange the integrated packaging business from Ohio-based Faster Inc.
Helios will move its quick release coupling manufacturing from Maumee, Ohio, to Sarasota, its second Regional Operational Center of Excellence.
“The restructuring of our hydraulics segment in the Americas into two centers of excellence is a major step in our journey to leverage our long history in hydraulics with our acquisitions,” Matosevic said.
The Daman restructuring is expected to be complete by the third quarter of 2023.
Jack Davis, who died in 2020, founded Daman in 1976 in Mishawaka. Helios Technologies is a global company that went public in 1997. It focuses on motion and electronic controls.