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Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segments | 14. Segments The Company, a leading manufacturer of products that protect the world from the ground up, manages its business under two operating segments, Material Handling and Distribution, consistent with the manner in which the Chief Operating Decision Maker ("CODM") evaluates performance and makes resource allocation decisions. The Company's CODM is the Chief Executive Officer. None of the reportable segments include operating segments that have been aggregated. These segments contain individual business components that have been combined on the basis of common management, customers, products, production processes and other economic characteristics. Intersegment sales are recorded with a reasonable margin and are eliminated in consolidation. The Material Handling Segment manufactures a broad selection of durable plastic reusable products that are used repeatedly during the course of their service life. At the end of their service life, these highly sustainable products can be recovered, recycled, and reprocessed into new products. The Material Handling Segment’s products include a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded, compression molded or blow molded. This segment conducts its primary operations in the United States and Canada, but also exports globally. Markets served include industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational vehicles, marine vehicles, healthcare, appliance, bakery, electronics, textiles, construction, infrastructure and consumer, among others. Products are sold both directly to end-users and through distributors. The acquisition of Signature, as described in Note 3, is included in the Material Handling Segment. The Distribution Segment is engaged in the distribution of equipment, tools, and supplies used for tire servicing and automotive under-vehicle repair and the manufacture of tire repair and retreading products. The product line includes categories such as tire valves and accessories, tire changing and balancing equipment, lifts and alignment equipment, service equipment and tools, and tire repair/retread supplies. The Distribution Segment also manufactures and sells certain traffic markings, including reflective highway marking tape. The Distribution Segment operates domestically through its regional and customer-focused sales team with strategically located regional distribution centers in the United States, and in certain foreign countries through export sales. In addition, the Distribution Segment operates directly in certain foreign markets, principally Central America, through foreign branch operations. Markets served include retail and truck tire dealers, commercial auto and truck fleets, truck stop operations, auto dealers, general service and repair centers, tire retreaders, and government agencies. Total sales from foreign business units were approximately $15.5 million and $12.0 million for the quarters ended June 30, 2025 and 2024, respectively, and $26.6 million and $21.9 million for the six months ended June 30, 2025 and 2024, respectively. An analysis of the Company's operations by segment, including revenue by major market is as follows:
| For the Quarter Ended June 30, 2025 |
| Material Handling |  |  | Distribution |  |  | Corporate |  |  | Inter-company |  |  | Consolidated |
Industrial | $ | 64,092 |  |  | $ | — |  |  | $ | — |  |  | $ | (33 | ) |  | $ | 64,059 |
Infrastructure |  | 29,328 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,328 |
Vehicle |  | 24,727 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,727 |
Consumer |  | 26,121 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,121 |
Food and beverage |  | 14,359 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,359 |
Auto aftermarket |  | — |  |  |  | 50,989 |  |  |  | — |  |  |  | — |  |  |  | 50,989 |
Net sales |  | 158,627 |  |  |  | 50,989 |  |  |  | — |  |  |  | (33 | ) |  |  | 209,583 |
Cost of sales |  | 102,897 |  |  |  | 36,057 |  |  |  | — |  |  |  | (33 | ) |  |  | 138,921 |
Selling, general and administrative expenses (3) (4) |  | 20,100 |  |  |  | 14,542 |  |  |  | 8,728 |  |  |  | — |  |  |  | 43,370 |
Depreciation and amortization |  | 3,506 |  |  |  | 715 |  |  |  | 228 |  |  |  | — |  |  |  | 4,449 |
Freight out |  | 2,546 |  |  |  | 247 |  |  |  | — |  |  |  | — |  |  |  | 2,793 |
(Gain) loss on disposal of fixed assets |  | 106 |  |  |  | (35 | ) |  |  | — |  |  |  | — |  |  |  | 71 |
Operating income (loss) (2) |  | 29,472 |  |  |  | (537 | ) |  |  | (8,956 | ) |  |  | — |  |  |  | 19,979 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,364 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,615 |
Total assets |  | 706,230 |  |  |  | 96,802 |  |  |  | 59,682 |  |  |  | — |  |  |  | 862,714 |
Capital additions, net |  | 3,206 |  |  |  | 267 |  |  |  | 134 |  |  |  | — |  |  |  | 3,607 |
Depreciation and amortization (7) |  | 9,029 |  |  |  | 812 |  |  |  | 768 |  |  |  | — |  |  |  | 10,609 |
| For the Quarter Ended June 30, 2024 |
| Material Handling |  |  | Distribution |  |  | Corporate |  |  | Inter-company |  |  | Consolidated |
Industrial | $ | 61,141 |  |  | $ | — |  |  | $ | — |  |  | $ | (37 | ) |  | $ | 61,104 |
Infrastructure |  | 31,728 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31,728 |
Vehicle |  | 29,372 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,372 |
Consumer |  | 27,565 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,565 |
Food and beverage |  | 16,202 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,202 |
Auto aftermarket |  | — |  |  |  | 54,265 |  |  |  | — |  |  |  | — |  |  |  | 54,265 |
Net sales |  | 166,008 |  |  |  | 54,265 |  |  |  | — |  |  |  | (37 | ) |  |  | 220,236 |
Cost of sales (5) |  | 108,171 |  |  |  | 36,585 |  |  |  | — |  |  |  | (37 | ) |  |  | 144,719 |
Selling, general and administrative expenses (1) (6) |  | 22,777 |  |  |  | 14,434 |  |  |  | 6,937 |  |  |  | — |  |  |  | 44,148 |
Depreciation and amortization |  | 3,861 |  |  |  | 752 |  |  |  | 213 |  |  |  | — |  |  |  | 4,826 |
Freight out |  | 2,456 |  |  |  | 231 |  |  |  | — |  |  |  | — |  |  |  | 2,687 |
(Gain) loss on disposal of fixed assets |  | 42 |  |  |  | 84 |  |  |  | 2 |  |  |  | — |  |  |  | 128 |
Operating income (loss) (2) |  | 28,701 |  |  |  | 2,179 |  |  |  | (7,152 | ) |  |  | — |  |  |  | 23,728 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,006 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,722 |
Total assets |  | 783,705 |  |  |  | 108,790 |  |  |  | 59,138 |  |  |  | — |  |  |  | 951,633 |
Capital additions, net |  | 3,465 |  |  |  | 682 |  |  |  | 270 |  |  |  | — |  |  |  | 4,417 |
Depreciation and amortization (7) |  | 9,023 |  |  |  | 830 |  |  |  | 758 |  |  |  | — |  |  |  | 10,611 |
| For the Six Months Ended June 30, 2025 |
| Material Handling |  |  | Distribution |  |  | Corporate |  |  | Inter-company |  |  | Consolidated |
Industrial | $ | 125,763 |  |  | $ | — |  |  | $ | — |  |  | $ | (201 | ) |  | $ | 125,562 |
Infrastructure |  | 57,033 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,033 |
Vehicle |  | 51,070 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,070 |
Consumer |  | 46,944 |  |  |  | — |  |  |  | — |  |  |  | - |  |  |  | 46,944 |
Food and beverage |  | 35,489 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,489 |
Auto aftermarket |  | — |  |  |  | 100,235 |  |  |  | — |  |  |  | — |  |  |  | 100,235 |
Net sales |  | 316,299 |  |  |  | 100,235 |  |  |  | — |  |  |  | (201 | ) |  |  | 416,333 |
Cost of sales |  | 205,653 |  |  |  | 71,141 |  |  |  | — |  |  |  | (201 | ) |  |  | 276,593 |
Selling, general and administrative expenses (3) (4) |  | 41,567 |  |  |  | 28,506 |  |  |  | 18,052 |  |  |  | — |  |  |  | 88,125 |
Depreciation and amortization |  | 7,011 |  |  |  | 1,442 |  |  |  | 454 |  |  |  | — |  |  |  | 8,907 |
Freight out |  | 5,129 |  |  |  | 476 |  |  |  | — |  |  |  | — |  |  |  | 5,605 |
(Gain) loss on disposal of fixed assets |  | 86 |  |  |  | 388 |  |  |  | — |  |  |  | — |  |  |  | 474 |
Operating income (loss) (2) |  | 56,853 |  |  |  | (1,718 | ) |  |  | (18,506 | ) |  |  | — |  |  |  | 36,629 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,750 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21,879 |
Total assets |  | 706,230 |  |  |  | 96,802 |  |  |  | 59,682 |  |  |  | — |  |  |  | 862,714 |
Capital additions, net |  | 11,159 |  |  |  | 372 |  |  |  | 159 |  |  |  | — |  |  |  | 11,690 |
Depreciation and amortization (7) |  | 17,875 |  |  |  | 1,636 |  |  |  | 1,533 |  |  |  | — |  |  |  | 21,044 |
| For the Six Months Ended June 30, 2024 |
| Material Handling |  |  | Distribution |  |  | Corporate |  |  | Inter-company |  |  | Consolidated |
Industrial | $ | 114,755 |  |  | $ | — |  |  | $ | — |  |  | $ | (54 | ) |  | $ | 114,701 |
Infrastructure |  | 51,055 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,055 |
Vehicle |  | 58,782 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 58,782 |
Consumer |  | 49,866 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49,866 |
Food and beverage |  | 43,775 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,775 |
Auto aftermarket |  | — |  |  |  | 109,159 |  |  |  | — |  |  |  | — |  |  |  | 109,159 |
Net sales |  | 318,233 |  |  |  | 109,159 |  |  |  | — |  |  |  | (54 | ) |  |  | 427,338 |
Cost of sales (5) |  | 213,317 |  |  |  | 74,289 |  |  |  | — |  |  |  | (54 | ) |  |  | 287,552 |
Selling, general and administrative expenses (1) (6) |  | 42,418 |  |  |  | 30,123 |  |  |  | 18,720 |  |  |  | — |  |  |  | 91,261 |
Depreciation and amortization |  | 6,874 |  |  |  | 1,461 |  |  |  | 412 |  |  |  | — |  |  |  | 8,747 |
Freight out |  | 4,661 |  |  |  | 449 |  |  |  | — |  |  |  | — |  |  |  | 5,110 |
(Gain) loss on disposal of fixed assets |  | 6 |  |  |  | 53 |  |  |  | 2 |  |  |  | — |  |  |  | 61 |
Operating income (loss) (2) |  | 50,957 |  |  |  | 2,784 |  |  |  | (19,134 | ) |  |  | — |  |  |  | 34,607 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,085 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19,522 |
Total assets |  | 783,705 |  |  |  | 108,790 |  |  |  | 59,138 |  |  |  | — |  |  |  | 951,633 |
Capital additions, net |  | 8,671 |  |  |  | 1,062 |  |  |  | 391 |  |  |  | — |  |  |  | 10,124 |
Depreciation and amortization (7) |  | 16,548 |  |  |  | 1,603 |  |  |  | 1,188 |  |  |  | — |  |  |  | 19,339 |
(1) The Company recognized $0.1 million and $(0.2) million of expense (income) to the estimated environmental reserve, net of probable insurance recoveries for the quarter and six months ended June 30, 2024, respectively, as described in Note 10. Environmental charges are not included in segment results and are shown with Corporate. (2) The Company incurred $4.4 million and $6.4 million of restructuring costs associated with the restructuring initiatives described in Note 4, for the quarter and six months ended June 30, 2025, of which $1.1 million and $1.2 million are included in Material Handling, $2.2 million and $3.0 million are included in Distribution and $1.2 million and $2.3 million are included with Corporate's results, respectively. The Company incurred $3.0 million and $3.2 million of restructuring costs associated with the restructuring initiatives described in Note 4, for the quarter and six months ended June 30, 2024, of which $2.2 million and $2.5 million are included in Material Handling and $0.8 million and $0.8 million are included in Distribution's results, respectively. (3) During the quarter and six months ended June 30, 2025, the Company recognized a $1.6 million pre-tax pension settlement charge within the Material Handling segment, as described in Note 1. (4) The Company recognized a $3.2 million recovery of purchased credit deteriorated assets for the quarter and six months ended June 30, 2025, as described in Note 3. The recovery was recognized as a reduction to bad debt expense included in Selling, general and administrative within the Material Handling Segment. (5) The Company recognized $1.3 million and $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the quarter and six months ended June 30, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, described in Note 3. (6) The Company incurred $0.7 million and $4.1 million of acquisition related costs associated with the Signature acquisition, as described in Note 3, for the quarter and six months ended June 30, 2024, of which $0.5 million and $3.8 million are included in Corporate and $0.2 million and $0.3 million are included in Material Handling's results, respectively. (7) Total depreciation and amortization inclusive of amounts within Cost of sales. Corporate depreciation and amortization includes amortization of deferred financing costs of $0.5 million and $0.5 million for the quarters ended June 30, 2025 and 2024, respectively, and $1.1 million and $0.8 million for the six months ended June 30, 2025 and 2024, respectively.

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