Hypertherm to acquire Washington state manufacturer
Merger adds to company’s waterjet cutting portfolio
Lebanon-based Hypertherm is nearing completion of acquiring a Washington manufacturer that it says will strengthen its position in the abrasive waterjet systems market.
Hypertherm, a maker of industrial cutting systems and software that are used in a variety of industries, said Wednesday its acquisition of OMAX Corp. will close about April 9 following the signing of a definitive merger agreement that establishes OMAX as a wholly owned subsidiary of Hypertherm.
No specific terms of the transaction were provided.
In a joint announcement, Hypertherm said OMAX’s offices and manufacturing operations in Kent, Wash., will remain in place, with no consolidations or reductions planned in the Washington company’s 367-employee workforce, in keeping with Hypertherm’s no-layoff policy.
Hypertherm also anticipates continuing both the Hypertherm and OMAX waterjet product offerings and brands, saying the companies’ technologies and business models balance each other.
Waterjet cutting applies water or a mixture of water and abrasive from a high-pressure jet system to cut materials with very high precision and to do so without high heat.
Evan Smith, Hypertherm’s president and CEO, said that “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.”