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Business Segment Information
 9 Months Ended
Sep. 27, 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, and optimize industrial steam boiler efficiency for use in the packaging, paper, tissue, wood products and food processing industries, among others. The Company's primary products include fiber processing systems and recycling equipment, chemical pulping equipment, debarkers, stranders, chippers, custom-engineered knife systems, industrial boiler cleaning technologies, and continuous dewatering equipment. 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 September 27, 2025
(In thousands) Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$94,839 $106,393 $70,335 $271,567 
Cost of revenue
45,657 59,964 43,285 148,906 
Gross Profit49,182 46,429 27,050 122,661 
Gross Profit Margin51.9%43.6%38.5%45.2%
Operating Expenses:
Selling expenses14,470 10,728 6,790 31,988 
General and administrative expenses9,512 9,625 4,505 23,642 
Research and development expenses
1,460 1,861 598 3,919 
Intangible asset amortization expense1,386 2,600 2,700 6,686 
Other segment items (a)12 2,787 (76)2,723 
Segment Operating Income
$22,342 $18,828 $12,533 $53,703 
Segment Operating Income Margin
23.6%17.7%17.8% 
Corporate Expenses (b)
(11,087)
Interest Expense, Net
(2,716)
Other Expense, Net
(19)
Income Before Provision for Income Taxes
$39,881 
(In thousands) Flow ControlIndustrial ProcessingMaterial HandlingCorporateTotal
Other Segment Disclosures
Depreciation expense (c)
$1,935 $2,621 $1,142 $13 $5,711 
Capital expenditures$1,213 $783 $1,198 $— $3,194 
Three Months Ended September 28, 2024
(In thousands)Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$97,521 $110,696 $63,397 $271,614 
Cost of revenue
46,984 62,011 41,180 150,175 
Gross Profit50,537 48,685 22,217 121,439 
Gross Profit Margin51.8%44.0%—%35.0%44.7%
Operating Expenses:
Selling expenses13,757 10,377 6,079 30,213 
General and administrative expenses9,377 8,250 3,936 21,563 
Research and development expenses
1,465 1,392 550 3,407 
Intangible asset amortization expense1,765 2,786 2,847 7,398 
Other segment items (a)(108)(89)12 (185)
Segment Operating Income
$24,281 $25,969 $8,793 $59,043 
Segment Operating Income Margin
24.9%23.5%13.9% 
Corporate Expenses (b)
(10,056)
Interest Expense, Net
(5,109)
Other Expense, Net
(16)
Income Before Provision for Income Taxes
$43,862 
(In thousands)Flow ControlIndustrial ProcessingMaterial HandlingCorporateTotal
Other Segment Disclosures
Depreciation expense (c)
$1,845 $2,418 $1,102 $12 $5,377 
Capital expenditures$1,894 $1,209 $1,074 $8 $4,185 

Nine Months Ended September 27, 2025
(In thousands) Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$283,227 $291,854 $190,963 $766,044 
Cost of revenue 133,114 165,106 117,791 416,011 
Gross Profit150,113 126,748 73,172 350,033 
Gross Profit Margin53.0%43.4%38.3%45.7%
Operating Expenses: 
Selling expenses 43,727 31,756 20,083 95,566 
General and administrative expenses 28,348 27,184 13,384 68,916 
Research and development expenses4,141 5,291 1,734 11,166 
Intangible asset amortization expense4,289 7,414 8,217 19,920 
Other segment items (a)71 3,957 (253)3,775 
Segment Operating Income$69,537 $51,146 $30,007 $150,690 
Segment Operating Income Margin24.6%17.5%15.7% 
Corporate Expenses (b)(33,111)
Interest Expense, Net (8,920)
Other Expense, Net(52)
Income Before Provision for Income Taxes$108,607 
(In thousands) Flow ControlIndustrial ProcessingMaterial Handling
 
Corporate
 
Total
Other Segment Disclosures
Depreciation expense (c)
$5,588 $7,436 $3,499 $36 $16,559 
Capital expenditures$4,102 $3,703 $3,190 $3 $10,998 

Nine Months Ended September 28, 2024
(In thousands)Flow ControlIndustrial ProcessingMaterial HandlingTotal
Revenue$276,493 $331,310 $187,551 $795,354 
Cost of revenue
130,352 191,062 119,652 441,066 
Gross Profit146,141 140,248 67,899 354,288 
Gross Profit Margin52.9%42.3%36.2%44.5%
Operating Expenses:
 
Selling expenses
 
41,016 31,143 18,531 90,690 
General and administrative expenses
 
27,051 25,796 12,175 65,022 
Research and development expenses
4,434 4,480 1,705 10,619 
Intangible asset amortization expense3,522 8,346 9,385 21,253 
Other segment items (a)597 423 581 1,601 
Segment Operating Income
$69,521 $70,060 $25,522 $165,103 
Segment Operating Income Margin
25.1%21.1%13.6% 
Corporate Expenses (b)
(30,788)
Interest Expense, Net
(14,000)
Other Expense, Net
(48)
Income Before Provision for Income Taxes
$120,267 
(In thousands)Flow ControlIndustrial ProcessingMaterial Handling
 
Corporate
 
Total
Other Segment Disclosures
Depreciation expense (c)
$4,921 $7,112 $3,183 $36 $15,252 
Capital expenditures$5,729 $5,943 $3,737 $21 $15,430 

September 27,
 2025
December 28,
2024
(In thousands)
Total Assets (d)
Flow Control$460,436 $431,536 
Industrial Processing
610,483 569,817 
Material Handling
426,267 411,178 
Corporate (e)
35,048 17,814 
$1,532,234 $1,430,345 
(a)Primarily 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.