Sun Hydraulics Corp. announced it has completed its acquisition of Faster Group. First announced in February, Sun acquired Faster for €430 million (approximately $530 million) in a deal that was finalized April 5.
“The completion of this acquisition brings us another step closer to the realization of our Vision 2025,” said Wolfgang Dangel, Sun’s president and chief executive officer. “We seek to gain critical mass as a global technology leader in the industrial goods sector while maintaining superior profitability and financial strength. Faster fits this strategy well and upholds a strongly innovative culture, driving new product development and market leadership.
“From a consolidated standpoint, the addition of Faster further broadens our end market reach, increasing our presence in the growing agriculture market. Collectively, our teams embrace the opportunities for synergy to strengthen our respective brands globally.”
Faster is a global manufacturer of quick-release hydraulic coupling solutions. Its primary markets include agriculture, construction equipment and general industrial applications. Headquartered in Milan, Italy, Faster has manufacturing operations co-located with its headquarters as well as in Toledo, Ohio and Pune, India. Additionally, the company has sales offices in Shanghai, China; São Paulo, Brazil; and Langenfeld, Germany.