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Business Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Operating Results and Other Financial Data | Segment operating results and other financial data for the quarters and six months ended September 30, 2025 and 2024, with 2024 recast to reflect the revised segment reporting requirements, were as follows:
| Quarter Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 178.2 |  |  | $ | 108.4 |  |  | $ | 286.6 |
Intersegment sales | — |  |  | 0.1 |  |  | 0.1 |
| 178.2 |  |  | 108.5 |  |  | 286.7 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.1) |
Total consolidated sales |  |  |  |  | 286.6 |
Cost of sales | (90.0) |  |  | (76.6) |  |  |
Selling, General, and Administrative | (42.0) |  |  | (26.8) |  |  |
Other Operating 1 | (0.2) |  |  | — |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 2.7 |  |  | — |  |  |
Restructuring expense | 0.2 |  |  | — |  |  |
Depreciation and amortization expense | 8.5 |  |  | 16.7 |  |  |
Adjusted Segment EBITDA | $ | 57.4 |  |  | $ | 21.8 |  |  | $ | 79.2 |
| Quarter Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 168.6 |  |  | $ | 92.3 |  |  | $ | 260.9 |
Intersegment sales | — |  |  | 0.2 |  |  | 0.2 |
| 168.6 |  |  | 92.5 |  |  | 261.1 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.2) |
Total consolidated sales |  |  |  |  | 260.9 |
Cost of sales | (86.9) |  |  | (64.0) |  |  |
Selling, General, and Administrative | (35.2) |  |  | (26.2) |  |  |
Other Operating 1 | (1.0) |  |  | (3.5) |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 0.3 |  |  | — |  |  |
Restructuring and impairment expense | 1.0 |  |  | 3.5 |  |  |
Depreciation and amortization expense | 8.3 |  |  | 16.9 |  |  |
Adjusted Segment EBITDA | $ | 55.1 |  |  | $ | 19.2 |  |  | $ | 74.3 |
| Nine Months Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 545.3 |  |  | $ | 302.6 |  |  | $ | 847.9 |
Intersegment sales | — |  |  | 0.6 |  |  | 0.6 |
| 545.3 |  |  | 303.2 |  |  | 848.5 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.6) |
Total consolidated sales |  |  |  |  | 847.9 |
Cost of sales | (275.1) |  |  | (210.4) |  |  |
Selling, General, and Administrative | (119.0) |  |  | (81.3) |  |  |
Other Operating 1 | 0.2 |  |  | (0.9) |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 3.2 |  |  | — |  |  |
Restructuring expense, net | (0.2) |  |  | 0.9 |  |  |
Depreciation and amortization expense | 25.0 |  |  | 50.6 |  |  |
Adjusted Segment EBITDA | $ | 179.4 |  |  | $ | 62.1 |  |  | $ | 241.5 |
| Nine Months Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Sales from external customers | $ | 524.2 |  |  | $ | 266.1 |  |  | $ | 790.3 |
Intersegment sales | — |  |  | 0.5 |  |  | 0.5 |
| 524.2 |  |  | 266.6 |  |  | 790.8 |
Reconciliation of sales |  |  |  |  |
Elimination of intersegment sales |  |  |  |  | (0.5) |
Total consolidated sales |  |  |  |  | 790.3 |
Cost of sales | (271.8) |  |  | (183.5) |  |  |
Selling, General, and Administrative | (108.9) |  |  | (78.0) |  |  |
Other Operating 1 | (2.0) |  |  | (3.5) |  |  |
Adjusting Items: |  |  |  |  |
Acquisition expenses | 5.5 |  |  | — |  |  |
Restructuring and impairment expense | 2.0 |  |  | 3.5 |  |  |
Depreciation and amortization expense | 24.5 |  |  | 50.5 |  |  |
Adjusted Segment EBITDA | $ | 173.5 |  |  | $ | 55.6 |  |  | $ | 229.1 |
1 Other Operating consists primarily of restructuring related expense, net, which includes income related to gains on the sale of fixed assets as a result of restructuring actions.
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of Income Before Income Taxes to Adjusted Segment EBITDA |  |  |  |  |  |  |
Income before income taxes | $ | 32.1 |  |  | $ | 24.0 |  |  | $ | 99.9 |  |  | $ | 74.7 |
Acquisition expenses | 2.7 |  |  | 0.3 |  |  | 3.2 |  |  | 3.8 |
Amortization of fair value adjustment to acquisition date inventory | — |  |  | — |  |  | — |  |  | 1.7 |
Restructuring and impairment expense, net | 0.2 |  |  | 4.4 |  |  | 0.7 |  |  | 5.5 |
Depreciation and amortization expense | 25.2 |  |  | 25.2 |  |  | 75.6 |  |  | 75.0 |
Corporate expenses | 10.2 |  |  | 10.3 |  |  | 33.6 |  |  | 33.0 |
Interest expense, net | 6.4 |  |  | 9.0 |  |  | 21.9 |  |  | 26.7 |
Other expense, net | 2.4 |  |  | 1.1 |  |  | 6.6 |  |  | 8.7 |
Adjusted Segment EBITDA | $ | 79.2 |  |  | $ | 74.3 |  |  | $ | 241.5 |  |  | $ | 229.1 |
Schedule of Net Sales by Geographical Area | In the table above, corporate expenses include general corporate administrative costs. Expenses not directly attributable to the segments, corporate expenses, net interest expense, and income taxes are not included in the computation of Adjusted Segment EBITDA.
| Quarters Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions) |  | (in millions)
Net Sales by Geographic Area |  |  |  |  |  |  |
United States | $ | 160.8 |  |  | $ | 148.1 |  |  | $ | 478.6 |  |  | $ | 456.7 |
Europe | 36.9 |  |  | 35.5 |  |  | 119.9 |  |  | 113.3 |
Rest of world | 88.9 |  |  | 77.3 |  |  | 249.4 |  |  | 220.3 |
Total | $ | 286.6 |  |  | $ | 260.9 |  |  | $ | 847.9 |  |  | $ | 790.3 |
Schedule of Disaggregation of Revenue | Below is a summary of our third-party sales by major end market with which we did business for the quarters and nine months ended September 30, 2025 and September 30, 2024:
| Quarter Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 17.6 |  |  | $ | 4.4 |  |  | $ | 22.0 |
Commercial vehicle | 44.2 |  |  | — |  |  | 44.2 |
Food and pharmaceutical | 18.4 |  |  | — |  |  | 18.4 |
General industrial | 65.6 |  |  | 7.2 |  |  | 72.8 |
Oil and gas | 14.8 |  |  | 2.1 |  |  | 16.9 |
Power generation | 16.0 |  |  | — |  |  | 16.0 |
Semiconductors | 1.6 |  |  | 94.7 |  |  | 96.3 |
Total third-party sales | $ | 178.2 |  |  | $ | 108.4 |  |  | $ | 286.6 |
| Quarter Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 16.1 |  |  | $ | 4.7 |  |  | $ | 20.8 |
Commercial Vehicle | 41.1 |  |  | — |  |  | 41.1 |
Food and pharmaceutical | 16.6 |  |  | — |  |  | 16.6 |
General industrial | 64.6 |  |  | 5.8 |  |  | 70.4 |
Oil and gas | 13.1 |  |  | 1.3 |  |  | 14.4 |
Power generation | 15.5 |  |  | — |  |  | 15.5 |
Semiconductors | 1.6 |  |  | 80.5 |  |  | 82.1 |
Total third-party sales | $ | 168.6 |  |  | $ | 92.3 |  |  | $ | 260.9 |
| Nine Months Ended September 30, 2025
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 55.8 |  |  | $ | 12.0 |  |  | $ | 67.8 |
Commercial vehicle | 129.5 |  |  | — |  |  | 129.5 |
Food and pharmaceutical | 56.1 |  |  | — |  |  | 56.1 |
General industrial | 201.2 |  |  | 20.6 |  |  | 221.8 |
Oil and gas | 45.6 |  |  | 5.2 |  |  | 50.8 |
Power generation | 51.4 |  |  | — |  |  | 51.4 |
Semiconductors | 5.7 |  |  | 264.8 |  |  | 270.5 |
Total third-party sales | $ | 545.3 |  |  | $ | 302.6 |  |  | $ | 847.9 |
| Nine Months Ended September 30, 2024
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 44.2 |  |  | $ | 9.3 |  |  | $ | 53.5 |
Commercial vehicle | 134.0 |  |  | — |  |  | 134.0 |
Food and pharmaceutical | 51.6 |  |  | — |  |  | 51.6 |
General industrial | 195.1 |  |  | 18.3 |  |  | 213.4 |
Oil and gas | 40.2 |  |  | 4.3 |  |  | 44.5 |
Power generation | 52.9 |  |  | — |  |  | 52.9 |
Semiconductors | 6.2 |  |  | 234.2 |  |  | 240.4 |
Total third-party sales | $ | 524.2 |  |  | $ | 266.1 |  |  | $ | 790.3 |
In 2025, we refined our end market classification and moved sales previously reported as chemical and material processing to be included in the general industrial market.
Schedule of Segment Related Capital Expenditure, Depreciation and Amortization on those Expenditures |
| Quarters Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions) |  |  |  |
Capital Expenditures |  |  |  |  |  |  |
Sealing Technologies | $ | 5.6 |  |  | $ | 2.8 |  |  | $ | 12.4 |  |  | $ | 7.8 |
Advanced Surface Technologies | 6.3 |  |  | 2.9 |  |  | 17.4 |  |  | 11.0 |
Total capital expenditures | $ | 11.9 |  |  | $ | 5.7 |  |  | $ | 29.8 |  |  | $ | 18.8 |
Depreciation and Amortization Expense |  |  |  |  |  |  |
Sealing Technologies | $ | 8.5 |  |  | $ | 8.3 |  |  | $ | 25.0 |  |  | $ | 24.5 |
Advanced Surface Technologies | 16.7 |  |  | 16.9 |  |  | 50.6 |  |  | 50.5 |
Total depreciation and amortization | $ | 25.2 |  |  | $ | 25.2 |  |  | $ | 75.6 |  |  | $ | 75.0 |
Schedule of Total Assets Segment | Segment assets are as follows:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Assets |  |  |
Sealing Technologies | $ | 916.6 |  |  | $ | 883.9 |
Advanced Surface Technologies | 1,301.1 |  |  | 1,330.6 |
Corporate | 181.1 |  |  | 277.0 |
| $ | 2,398.8 |  |  | $ | 2,491.5 |

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