Hypertherm in Lebanon, a manufacturer of industrial cutting systems and software, is set to acquire OMAX Corporation, a Washington state-based manufacturer of abrasive waterjet systems, following the signing of a definitive merger agreement that establishes OMAX as a wholly-owned subsidiary of Hypertherm.
According to a statement, upon the closing of the transaction, expected on or around April 9, OMAX’s industry leading direct drive pumps, software, and applications technologies will combine with Hypertherm’s complementary portfolio of intensifier-based pumps and abrasive recycling systems, to form the industry’s leading waterjet technology offering.
“Hypertherm is excited to welcome OMAX to our family and to bring together the leading waterjet R&D and engineering team in the world with our hardworking and talented waterjet team in Minnesota,” says Hypertherm president and CEO Evan Smith. “We are confident the combination of OMAX’s cutting-edge technology and solutions, innovation focus, strong brand name, commitment to customers, and excellent culture is a perfect complement to Hypertherm’s waterjet offerings and plasma cutting industry leadership position. It enhances our strategy of delivering cutting solutions that put customer needs first.”
“When the late Dr. Olsen and I founded OMAX 25 years ago, our goal was to combine new motion control technology with software to create an abrasive waterjet system unlike anything else on the market. We more than succeeded, creating one of the world’s top waterjet manufacturers,” says John Cheung, co-founder and CEO of OMAX. “Together, we have been planning for the future of OMAX for some time. In planning for this future, we wanted to partner with a company that shared our values and vision. We wanted a company that would protect our culture, provide stability for our employees, and give our customers products and services consistent with our mission statement. Though Dr. Olsen is sadly not here for today’s announcement, I am comforted knowing he completely supported and wanted this for OMAX.”
Hypertherm does not plan to make significant changes to OMAX’s operations, management structure, or distribution channels, according to the statement. The company’s current offices and manufacturing operations in Kent, Washington, where the majority of its 367 associates are located, will remain intact, with no consolidations or reductions planned, in keeping with Hypertherm’s no-layoff philosophy. Hypertherm also anticipates continuing both the Hypertherm and OMAX waterjet product offerings and brands, as the companies’ technologies and business models balance each other.