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SARASOTA — Sarasota-based industrial manufacturer Sun Hydraulics Corp. announced a public offering of four million shares of common stock.
In a letter to employees signed by President and CEO Wolfgang Dangel as well as CFO Tricia Fulton, the Sun executives say they will be meeting with investors to tell them about the company's Vision 2025 and other company news.
The letter also says the investors will have the opportunity to purchase new shares of SNHY stock. Their goal is to sell approximately four million new shares and raise about $250 million.
“We can use the funds to pay down outstanding debt, make acquisitions in accordance with our strategy, or for other general corporate purposes such as investments in sophisticated machinery and equipment as well as global engineering and sales initiatives,” the letter states.
Sun Hydraulics designs and makes hydraulic cartridge valves and manifolds for industrial markets.
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