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Business Segment Information
 6 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing and operates in three reportable segments consisting of its Flow Control segment, Industrial Processing segment, and Material Handling segment. The Company aggregated its operating segments into its reportable segments where they contained similar
products and economic characteristics, and shared similar types of customers, and production and distribution methods. The Flow Control segment is comprised of its fluid-handling and its doctoring, cleaning, & filtration operating segments, and the Industrial Processing segment is comprised of its wood processing and its fiber processing operating segments.
Each of the Company's reportable segments is led by a segment vice president, who reports directly to the Chief Executive Officer (CEO). The Company has determined that its CEO is its Chief Operating Decision Maker (CODM) who is responsible for assessing performance and allocating resources. The CODM utilizes segment gross profit margin and segment operating income margin to evaluate the performance of each segment and allocate resources effectively. The CODM primarily reviews these profit measures in comparison to forecasts, trends, key performance targets, and results of industry peers to assess profitability, identify areas for improvement, and make strategic decisions regarding investments and resource allocation within each segment.
A description of each reportable segment follows:
•Flow Control – Custom-engineered products, systems, and technologies that control the flow of fluids used in industrial and commercial applications to keep critical processes running efficiently in the packaging, tissue, food, metals, energy, and other industrial sectors. The Company's primary products include rotary sealing devices, steam systems, expansion joints, doctor systems, roll and fabric cleaning devices, and filtration and fiber recovery systems.
•Industrial Processing – Equipment, machinery, and technologies used to recycle paper and paperboard and process timber for use in the packaging, tissue, wood products and alternative fuel industries, among others. The Company's primary products include fiber processing systems and recycling equipment, chemical pulping equipment, debarkers, stranders, chippers and custom engineered knife systems. In addition, the Company provides industrial automation and digitization solutions to process industries.
•Material Handling – Products and engineered systems used to handle bulk and discrete materials for secondary processing or transport in the aggregates, mining, food, and waste management industries, among others. The Company's primary products include conveying and vibratory equipment and balers. In addition, the Company manufactures and sells biodegradable, absorbent granules used as carriers in agricultural applications and for oil and grease absorption.
The following tables present financial information for the Company's reportable segments:
Three Months Ended June 28, 2025
(In thousands) Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$95,947 $95,937 $63,383 $255,267 
Cost of revenue
44,289 55,066 38,870 138,225 
Gross Profit51,658 40,871 24,513 117,042 
Gross Profit Margin53.8%42.6%38.7%45.9%
Operating Expenses:
Selling expenses14,478 10,851 6,825 32,154 
General and administrative expenses10,023 9,172 4,638 23,833 
Research and development expenses
1,330 1,824 570 3,724 
Intangible asset amortization expense1,410 2,436 2,689 6,535 
Other segment items (a)(26)1,102 (148)928 
Segment Operating Income
$24,443 $15,486 $9,939 $49,868 
Segment Operating Income Margin
25.5%16.1%15.7%19.5%
Corporate Expenses (b)
(10,491)
Interest Expense, Net
(2,899)
Other Expense, Net
(17)
Income Before Provision for Income Taxes
$36,461 
(In thousands) Flow ControlIndustrial ProcessingMaterial HandlingCorporateTotal
Other Segment Disclosures
Depreciation expense (c)
$1,855 $2,468 $1,199 $12 $5,534 
Capital expenditures$1,380 $1,595 $993 $— $3,968 
Three Months Ended June 29, 2024
(In thousands)Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$92,290 $114,753 $67,722 $274,765 
Cost of revenue
43,369 67,382 42,127 152,878 
Gross Profit48,921 47,371 25,595 121,887 
Gross Profit Margin53.0%41.3%—%37.8%44.4%
Operating Expenses:
Selling expenses13,715 10,394 6,237 30,346 
General and administrative expenses8,606 8,610 4,157 21,373 
Research and development expenses
1,420 1,413 649 3,482 
Intangible asset amortization expense1,072 2,728 3,184 6,984 
Other segment items (a)578 134 180 892 
Segment Operating Income
$23,530 $24,092 $11,188 $58,810 
Segment Operating Income Margin
25.5%21.0%16.5%21.4%
Corporate Expenses (b)
(10,409)
Interest Expense, Net
(4,833)
Other Expense, Net
(2)
Income Before Provision for Income Taxes
$43,566 
(In thousands)Flow ControlIndustrial ProcessingMaterial HandlingCorporateTotal
Other Segment Disclosures
Depreciation expense (c)
$1,540 $2,367 $1,088 $12 $5,007 
Capital expenditures$1,961 $1,851 $1,157 $5 $4,974 

Six Months Ended June 28, 2025
(In thousands) Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$188,388 $185,461 $120,628 $494,477 
Cost of revenue 87,457 105,142 74,506 267,105 
Gross Profit100,931 80,319 46,122 227,372 
Gross Profit Margin53.6%43.3%38.2%46.0%
Operating Expenses: 
Selling expenses 29,257 21,028 13,293 63,578 
General and administrative expenses 18,836 17,559 8,879 45,274 
Research and development expenses2,681 3,430 1,136 7,247 
Intangible asset amortization expense2,903 4,814 5,517 13,234 
Other segment items (a)59 1,170 (177)1,052 
Segment Operating Income$47,195 $32,318 $17,474 $96,987 
Segment Operating Income Margin25.1%17.4%14.5%19.6%
Corporate Expenses (b)(22,024)
Interest Expense, Net (6,204)
Other Expense, Net(33)
Income Before Provision for Income Taxes$68,726 
(In thousands) Flow ControlIndustrial ProcessingMaterial Handling
 
Corporate
 
Total
Other Segment Disclosures
Depreciation expense (c)
$3,653 $4,815 $2,357 $23 $10,848 
Capital expenditures$2,889 $2,920 $1,992 $3 $7,804 
Six Months Ended June 29, 2024
(In thousands)Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$178,972 $220,614 $124,154 $523,740 
Cost of revenue
83,368 129,051 78,472 290,891 
Gross Profit95,604 91,563 45,682 232,849 
Gross Profit Margin53.4%41.5%36.8%44.5%
Operating Expenses:
 
Selling expenses
 
27,259 20,766 12,452 60,477 
General and administrative expenses
 
17,674 17,546 8,239 43,459 
Research and development expenses
2,969 3,088 1,155 7,212 
Intangible asset amortization expense1,757 5,560 6,538 13,855 
Other segment items (a)705 512 569 1,786 
Segment Operating Income
$45,240 $44,091 $16,729 $106,060 
Segment Operating Income Margin
25.3%20.0%13.5%20.3%
Corporate Expenses (b)
(20,732)
Interest Expense, Net
(8,891)
Other Expense, Net
(32)
Income Before Provision for Income Taxes
$76,405 
(In thousands)Flow ControlIndustrial ProcessingMaterial Handling
 
Corporate
 
Total
Other Segment Disclosures
Depreciation expense (c)
$3,076 $4,694 $2,081 $24 $9,875 
Capital expenditures$3,835 $4,734 $2,663 $13 $11,245 

June 28,
 2025
December 28,
2024
(In thousands)
Total Assets (d)
Flow Control$454,550 $431,536 
Industrial Processing
588,246 569,817 
Material Handling
424,794 411,178 
Corporate (e)
16,924 17,814 
$1,484,514 $1,430,345 
(a)Includes acquisition costs, indemnification asset provisions and reversals associated with uncertain tax positions, and certain gains and losses.
(b)Primarily consists of general and administrative expenses.
(c)Depreciation expense by reportable segment is included within cost of revenue and selling, general and administrative, and research and development expenses.
(d)Excludes intercompany receivables or payables and investment in subsidiary balances as the CODM uses total assets excluding these amounts as the measurement for the Company's segment assets.
(e)Corporate assets primarily consist of cash and cash equivalents, tax assets, right-of-use assets, and property, plant, and equipment, net.