ParkOhio(PKOH)2025-03-06 21:36Financial Performance - For the year ended December 31, 2024, net sales were 398.7 million for Assembly Components, and 775.8 million, Assembly Components were 481.7 million[15] Customer Base - Approximately 57% of Supply Technologies' net sales were to domestic customers, while 66% of Assembly Components' net sales were also domestic[16][20] - The five largest customers of Supply Technologies accounted for approximately 34% of its sales in 2024, while the same for Assembly Components was about 55%[16][20] - The average tenure of service for the top 50 Supply Technologies clients exceeds ten years, indicating strong customer relationships[16] - Approximately 66% of Assembly Components' net sales were to domestic customers, with the five largest customers accounting for approximately 55% of segment sales[20] - Engineered Products segment net sales to domestic customers were approximately 54% for the year ended December 31, 2024[24] Operations and Facilities - Supply Technologies operates approximately 80 logistics service centers globally, including in the U.S., Mexico, Canada, and several European and Asian countries[16] - Engineered Products operates 13 domestic and 19 international facilities, serving various industries including automotive, construction, and oil and gas[22][24] - The company operates 13 domestic facilities and 19 international facilities across various countries, enhancing its manufacturing capabilities[22] Employee and Human Resources - The company employed approximately 6,300 employees globally as of December 31, 2024, with 2,500 in the United States and 3,800 in other countries[33] - The company employs approximately 6,300 employees globally, with about 33% covered by collective bargaining agreements[33] - The company’s human resource programs are designed to attract, retain, and develop employees through competitive compensation and comprehensive benefits[34] - The company’s compensation policy aligns short-term and long-term incentives with strategic objectives, offering competitive benefits[37] Product and Service Offerings - Assembly Components manufactures products focused on fuel efficiency and vehicle electrification, including high-pressure direct fuel injection fuel rails[18] - Assembly Components focuses on manufacturing products that enhance fuel efficiency and reduce emissions, including high-pressure direct fuel injection fuel rails[18] - Approximately 48% of Engineered Products' revenues from induction heating and melting systems are derived from the sale of replacement parts and field service[23] - Approximately 48% of revenues from the induction heating and melting systems segment are derived from the sale of replacement parts and field service for the installed base of products[23] - The company’s engineering and manufacturing capabilities include precision cold-formed and cold-extruded fasteners used in high-vibration applications[16] Strategic Approach - Supply Technologies competes on the basis of its Total Supply Management approach, which includes engineering support and just-in-time delivery[17] - The company’s Total Supply Management approach distinguishes it from traditional distributors, providing customized supply chain management solutions[16] Environmental and Safety Commitment - The company is committed to employee health and safety, with global health and safety programs tailored to various jurisdictions and operating hazards[35] - The company is committed to health and safety, with global programs tailored to address specific operating hazards and regulatory compliance[35] - The company is actively involved in environmental compliance and has not experienced material adverse effects from such regulations in the past[30] Supply Chain and Sourcing - The company is dependent on third-party suppliers for production components, with a significant portion sourced from foreign countries[27] - The company has multiple sources for raw materials, which are primarily commodity products available from several domestic suppliers[27] Discontinued Operations - The Company completed the sale of its Aluminum Products business to Angstrom Automotive Group on December 29, 2023, classifying it as a discontinued operation[15] - The company completed the sale of its Aluminum Products business to Angstrom Automotive Group on December 29, 2023, classifying it as a discontinued operation[15]