Omax to Become Subsidiary of Hypertherm
Hypertherm does not plan to make significant changes to Omax’s operations, management structure or distribution channels.
Omax Corp., a manufacturer of abrasive waterjet systems, has signed a merger agreement to become a wholly owned subsidiary of Hypertherm. The acquisition is expected to be completed on or around April 9, 2019.
Hypertherm will add Omax’s competencies to its portfolio of intensifier-based pumps and abrasive recycling systems.
“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,” said John Cheung, co-founder and CEO of Omax, on the occasion of the signing. “Together, we had 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.”
“We are confident the combination of Omax’s cutting-edge technology and solutions, innovation focus, strong brand name, commitment to customers, and excellent culture are a perfect complement to Hypertherm’s waterjet offerings and plasma cutting industry leadership position,” says Hypertherm President and CEO Evan Smith.Hypertherm does not plan to make significant changes to Omax’s operations, management structure or distribution channels. The company’s current offices and manufacturing operations in Kent, Washington, where the majority of its 367 employees 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.
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