Helios Technologies Provides Update on Hurricane Milton's Impact
SARASOTA, Fla. – Helios Technologies, Inc. (NYSE: HLIO), a leading force in the motion control and electronic controls technology industry, announced a preliminary update regarding their status following Hurricane Milton.
Commitment to Safety and Recovery
In light of the recent hurricane, the immediate concern for Helios is the safety and welfare of their employees, their families, and residents of the impacted communities. Sean Bagan, the Interim President, CEO, and CFO of Helios, emphasized this commitment by stating, "Our immediate concern is for the safety and well-being of our colleagues, their families, and the residents of the communities throughout the region affected by this devastating storm."
The hurricane directly struck Sarasota, where Helios maintains its worldwide corporate headquarters and operates Sun Hydraulics, a critical component of their Hydraulics segment. Helios is currently assessing the extent of the storm’s damage to their Florida facilities and is actively working to evaluate how Hurricane Milton has impacted their manufacturing operations.
Financial Impact and Recovery Efforts
Helios Technologies is collaborating with their insurance partners to mitigate the financial repercussions from physical losses sustained. Their main goal is to restore the functionality of affected locations swiftly. The company’s readiness to recover and assess damage illustrates its resilience in the face of challenges.
Once the damage assessment is complete, Helios plans to disclose additional updates regarding the hurricane's potential impact on their financial results and overall operations. This transparency is aimed at keeping stakeholders informed during these uncertain times.
About Helios Technologies
Helios Technologies stands as a global leader in highly engineered motion control and electronic controls technology, catering to a variety of end markets such as construction, material handling, agriculture, energy, recreational vehicles, marine, and health and wellness. Their products reach customers in over 90 countries, further establishing their presence worldwide.
Helios has a robust strategy for growth, focusing on becoming the primary provider in niche markets, complemented by premier products and innovative solutions. The company prides itself on continually developing new products and pursuing strategic acquisitions that bolster its market position.
Since going public in 1997, Helios has maintained a strong commitment to its shareholders, providing a cash dividend every quarter, which reflects its dedication to financial health and stakeholder value.
Frequently Asked Questions
1. What is the status of Helios Technologies after Hurricane Milton?
Helios Technologies is currently assessing the impact of Hurricane Milton on their facilities and operations while prioritizing the safety of their employees.
2. How is Helios Technologies ensuring employee safety?
The company has expressed a strong commitment to the safety and welfare of its employees and their families during this challenging time.
3. What kind of markets does Helios Technologies serve?
Helios provides motion control and electronic controls technology across diverse sectors, including construction, agriculture, and health and wellness.
4. How does Helios plan to update stakeholders after the hurricane?
Helios intends to release further updates about the effects of Hurricane Milton on its operations and financial results after completing their assessments.
5. What is Helios Technologies' dividend history?
Helios has been consistent in providing cash dividends to its shareholders every quarter since becoming a public entity in 1997.
