Danfoss has signed an agreement to acquire privately held Hydraulik Nord Fluidtechnik, a well-established 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. Bringing Danfoss Power Solutions and Hydraulik Nord Fluidtechnik together will create a strong global player in the hydraulic steering market.
“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. 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,” says Eric Alström, President, Danfoss Power Solutions.
Hydraulik Nord Fluidtechnik and Danfoss Power Solutions are both high-performing companies and combined, the two businesses will be a significant player in the market with an excellent global footprint and engineering capabilities.
“Hydraulik Nord Fluidtechnik is widely recognized for their excellence in hydraulic steering products, and by adding Hydraulik Nord Fluidtechnik to Danfoss Power Solutions, we have an opportunity to offer more steering solutions focused on best-in-class performance. I’m looking forward to welcoming the team in Parchim to the Danfoss family. Together, we will build on the Hydraulik Nord Fluidtechnik knowhow and maintain a strong relationship with the community and the local university,” says Domenico Traverso, Divisional President in Danfoss Power Solutions.
Dr. Karl Werner, shareholder of Hydraulik Nord Fluidtechnik, adds, “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 is subject to necessary approvals by relevant authorities and is expected to be fully completed during the first quarter 2019. The parties have not disclosed the purchase price or other conditions of the acquisition.