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Balboa, an operating company for Sarasota-based hydraulic cartridge valve manufacturer Helios Technologies, celebrated a significant expansion of a factory in Tijuana, Mexico, earlier this week.
Balboa, according to a 2020 statement from Helios, when it acquired the company, makes “electronic controls for the health and wellness industry with proprietary and patented technology that enables end-to-end electronic control systems for therapy bath and spas.” Helios acquired Balboa, then operating as Balboa Water Group, for $218.5 million in late 2020.
Helios announced the factory expansion in a Tuesday press release, saying it added 68,000 square feet to its existing 198,000 square foot facility “in response to the growth opportunities for products from its Electronics segment.” Officials from both the company and Tijuana were present at a ribbon-cutting ceremony for the expansion.
The expansion announcement comes less than a week after Helios, with nearly $900 million in annual revenue, moved “quick release coupling order fulfillment” previously done in Maumee, Ohio, to a building on its Sarasota campus, a move impacting some 30 employees.
The expanded facility, say company officials, supports future growth of the Balboa business along with Helios’ overall electronics segment, which includes Enovation Controls and i3 Product Development. Several Enovation products are already being manufactured at Balboa, the release states “and this capacity expansion will enable further room for growth as Helios continues to become a global integrated operating company.”
"We have made methodical investments in the expansion of our global facilities, as it reflects the growth and opportunities we see before us," Helios President and CEO Josef Matosevic says in the release. "This expansion marks a crucial step in the company's commitment to meeting the evolving needs of its customers and broadening its presence in both the electronics industry as well as supporting the company’s strategic entry into selling integrated system solutions."
Helios shares are traded on the NYSE under the symbol HLIO. The company, with $885.4 million in revenue in 2022, sells products in a host of markets including construction, material handling, agriculture, energy, recreational vehicles, marine and health and wellness. It sells its products to customers in over 90 countries.
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