Omax to Become Subsidiary of Hypertherm
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.
This family-owned job shop has developed an integrated fabrication and machine shop in order to satisfy customers' changing needs. In doing so it has become an example that other shops might want to imitate.
Contributed by Hypertherm (West Lebanon, New Hampshire). The company designs and manufactures plasma cutting systems for use in a variety of industries such as shipbuilding, manufacturing, and automotive repair. Its product line includes handheld and mechanized plasma systems and consumables, as well as CNC motion and height controls.
Hunt and Hunt’s president says adopting turn/mill machines was one of the most challenging endeavors his 55-year-old shop ever undertook. He also says it’s the best thing the shop could have done to become more efficient at contract work.