Danfoss says it’s signed an agreement to acquire privately held Hydraulik Nord Fluidtechnik, a supplier of hydraulic steering solutions based in Parchim in Germany.
Hydraulik Nord Fluidtechnik has a documented track record in serving large customers, and it represents an ideal match to Danfoss Power Solutions that will expand the product portfolio and increase manufacturing capacity, according to a Danfoss press release.
“Bringing Danfoss Power Solutions and Hydraulik Nord Fluidtechnik together will create a strong global player in the hydraulic steering market,” the company says.
“Innovative and efficient product offerings to the agriculture market is vital for tomorrow’s food supply, and this acquisition confirms our strategic focus on building leading positions in our core businesses,” says Eric Alström, president, Danfoss Power Solutions.
“With Hydraulik Nord Fluidtechnik as part of our mobile hydraulics business, we will have an even more competitive product offering from which our customers within agriculture and other segments will benefit.”
Domenico Traverso, divisional president for Danfoss Power Solutions, says Hydraulik Nord Fluidtechnik is widely recognized for excellence in hydraulic steering products.
“And by adding Hydraulik Nord Fluidtechnik to Danfoss Power Solutions,” he says, “we have an opportunity to offer more steering solutions focused on best-in-class performance.”
Adds Karl Werner, shareholder of Hydraulik Nord Fluidtechnik: “Joining forces with Danfoss is a great step for our business. Together, we will have more capacity and investment for greater innovation, and most importantly, growth, by using our increased manufacturing footprint to expand market share and this is a unique opportunity to utilize the strengths of the two companies.”
The acquisition, subject to regulatory approval, is expected to be completed during the first quarter 2019. No purchase price is being disclosed.