Sun Hydraulics Corporation, doing business as Helios Technologies ("Helios," the "Company," "we" or "our"), and its wholly-owned subsidiaries, is an industrial technology leader that develops and manufactures solutions for both the hydraulics and electronics markets. On August 6, 2018, we announced the adoption of Helios Technologies as our business name. Sun Hydraulics, LLC ("Sun Hydraulics" or "Sun") (a newly-formed Florida limited liability company that holds the historical net operating assets of the Sun Hydraulics brand entities and Custom Fluidpower Pty Ltd, "Custom Fluidpower" or "CFP"), along with Enovation Controls, LLC ("Enovation Controls") and Faster S.r.l. ("Faster"), are the three wholly-owned operating subsidiaries of Helios Technologies under the new holding company name.
We operate in two business segments, Hydraulics and Electronics. The Hydraulics segment consists of the global Sun Hydraulics companies, Faster, acquired in the second quarter of 2018, and Custom Fluidpower, acquired in the third quarter of 2018. Sun Hydraulics serves the hydraulics market as a leading manufacturer of high-performance screw-in hydraulic cartridge valves, electro-hydraulics, manifolds, and integrated package solutions for the worldwide industrial and mobile hydraulics markets. Faster is a leading global manufacturer of quick release hydraulic coupling solutions focused in the agriculture, construction equipment and industrial markets. Custom Fluidpower is a global provider of hydraulic, pneumatic, electronic and instrumentation solutions to a broad range of industries including agriculture, industrial, mining and material handling. The Electronics segment, comprised of Enovation Controls, LLC, is a global provider of innovative electronic control, display and instrumentation solutions for both recreational and off-highway vehicles, as well as stationary and power generation equipment. Our operational organization chart is presented below.
Sun Hydraulics was founded in 1970 and is a wholly owned subsidiary of Helios with its headquarters in Sarasota, Florida. The majority of Sun's manufacturing operations reside in Sarasota with additional operations in the U.K., Germany and South Korea, as well as sales offices in China, India and South America. Enovation Controls, which was acquired on December 5, 2016 and is a wholly owned subsidiary of Helios, was formed in 2009 in connection with the reorganization of Murphy Group, Inc. and EControls Group, Inc. which were founded in 1939 and 1994, respectively. Enovation Controls operates the majority of its manufacturing in Tulsa, OK with sales and engineering capabilities in Texas, the U.K., China and India. Faster, which was acquired on April 5, 2018 and is a wholly owned subsidiary of Helios, was formed in 1951. Headquartered near Milan, Italy, Faster has manufacturing operations co-located with its headquarters as well as in Ohio and India. Additionally, the company has sales offices in China, Brazil and Germany. Helios acquired Custom Fluidpower as a wholly owned subsidiary on August 1, 2018. Custom Fluidpower has eight locations throughout Australia where engineering solutions are provided, four of which operate as value-add distributors. The remaining four locations conduct repair work for hydraulics systems.