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Segment Data
 12 Months Ended
Dec. 31, 2014
Segment Data  
Segment Data

(19)Segment Data

 

The Company has historically reported two segments, Component Products and Packaging. However, the Company has been undergoing a shift in the way the business is managed and the way information is used by the Chief Operating Decision Maker (the “CODM”), who is the Chief Executive Officer, to consider risks and opportunities and to make decisions and review performance as further described below. In late 2013 and into 2014 the Company committed to changes to the Company’s operations including plant consolidations, consolidation of the Company’s sales force, and other strategic initiatives, to coincide with the Company’s change in operating strategy to maximize capacity in each plant and enhance customer service across markets.  By the end of the third quarter of 2014, many of those initiatives were complete and the Company determined that the existing segment aggregation of Component Products and Packaging was no longer consistent with how the business is structured and reviewed by the CODM. This is primarily because the Company has numerous manufacturing processes that are duplicated through its plants allowing it to move workload based on available capacity and proximity to customers. The CODM evaluates consolidated financial information to manage the business.  As a result, the Company has determined that it consists of a single operating and reportable segment.

 

Revenues from customers outside of the United States are not material.  No customer comprised more than 10% of the Company’s consolidated revenues for the year ended December 31, 2014.  All of the Company’s assets are located in the United States.

 

The Company’s custom products are primarily sold to customers within the Medical, Automotive, Consumer, Electronics, Industrial and Aerospace and Defense markets.  Sales by market for 2014 are as follows (in thousands) (it is not practical to determine sales by market for previous years):

 

 

Market

 

Net Sales

 

%

 

 

 

 

 

 

 

Medical

 

$
50,080 

 
35.9 

%

Automotive

 
24,943 

 
17.9 

%

Consumer

 
17,366 

 
12.5 

%

Electronics

 
17,022 

 
12.2 

%

Industrial

 
15,327 

 
11.0 

%

Aerospace & Defense

 
14,569 

 
10.5 

%

Net Sales

 

$
139,307