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Segments
 9 Months Ended
Sep. 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 $14.5 million and $14.0 million for the quarters ended September 30, 2025 and 2024, respectively, and $41.1 million and $35.9 million for the nine months ended September 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 September 30, 2025

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Industrial

$

66,846

 

 

$

—

 

 

$

—

 

 

$

(72

)

 

$

66,774

 

Infrastructure

 

27,276

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,276

 

Vehicle

 

21,943

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,943

 

Consumer

 

20,174

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,174

 

Food and beverage

 

17,301

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,301

 

Auto aftermarket

 

—

 

 

 

51,967

 

 

 

—

 

 

 

—

 

 

 

51,967

 

Net sales

 

153,540

 

 

 

51,967

 

 

 

—

 

 

 

(72

)

 

 

205,435

 

Cost of sales

 

100,258

 

 

 

36,679

 

 

 

—

 

 

 

(72

)

 

 

136,865

 

Selling, general and administrative expenses

 

20,766

 

 

 

14,123

 

 

 

9,537

 

 

 

—

 

 

 

44,426

 

Depreciation and amortization

 

3,499

 

 

 

632

 

 

 

187

 

 

 

—

 

 

 

4,318

 

Freight out

 

2,332

 

 

 

180

 

 

 

—

 

 

 

—

 

 

 

2,512

 

(Gain) loss on disposal of fixed assets

 

112

 

 

 

(487

)

 

 

—

 

 

 

—

 

 

 

(375

)

Operating income (loss) (2)

 

26,573

 

 

 

840

 

 

 

(9,724

)

 

 

—

 

 

 

17,689

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

7,497

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

10,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

704,301

 

 

 

96,458

 

 

 

63,312

 

 

 

—

 

 

 

864,071

 

Capital additions, net

 

4,194

 

 

 

98

 

 

 

(47

)

 

 

—

 

 

 

4,245

 

Depreciation and amortization (7)

 

8,769

 

 

 

732

 

 

 

728

 

 

 

—

 

 

 

10,229

 

 

 

 

For the Quarter Ended September 30, 2024

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Industrial

$

64,806

 

 

$

—

 

 

$

—

 

 

$

(35

)

 

$

64,771

 

Infrastructure

 

20,736

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,736

 

Vehicle

 

24,839

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,839

 

Consumer

 

24,388

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,388

 

Food and beverage

 

15,949

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,949

 

Auto aftermarket

 

—

 

 

 

54,384

 

 

 

—

 

 

 

—

 

 

 

54,384

 

Net sales

 

150,718

 

 

 

54,384

 

 

 

—

 

 

 

(35

)

 

 

205,067

 

Cost of sales

 

102,401

 

 

 

37,571

 

 

 

—

 

 

 

(35

)

 

 

139,937

 

Selling, general and administrative expenses (1) (6) (8)

 

17,234

 

 

 

13,686

 

 

 

7,566

 

 

 

—

 

 

 

38,486

 

Depreciation and amortization

 

3,914

 

 

 

738

 

 

 

216

 

 

 

—

 

 

 

4,868

 

Freight out

 

4,072

 

 

 

260

 

 

 

—

 

 

 

—

 

 

 

4,332

 

(Gain) loss on disposal of fixed assets

 

195

 

 

 

(2

)

 

 

(1

)

 

 

—

 

 

 

192

 

Impairment charges (9)

 

22,016

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,016

 

Operating income (loss) (2)

 

886

 

 

 

2,131

 

 

 

(7,781

)

 

 

—

 

 

 

(4,764

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

8,091

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

(12,855

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

752,137

 

 

 

105,816

 

 

 

47,046

 

 

 

—

 

 

 

904,999

 

Capital additions, net

 

6,995

 

 

 

7

 

 

 

176

 

 

 

—

 

 

 

7,178

 

Depreciation and amortization (7)

 

9,158

 

 

 

823

 

 

 

758

 

 

 

—

 

 

 

10,739

 

 

 

For the Nine Months Ended September 30, 2025

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Industrial

$

192,609

 

 

$

—

 

 

$

—

 

 

$

(273

)

 

$

192,336

 

Infrastructure

 

84,309

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

84,309

 

Vehicle

 

73,013

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

73,013

 

Consumer

 

67,118

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

67,118

 

Food and beverage

 

52,790

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52,790

 

Auto aftermarket

 

—

 

 

 

152,202

 

 

 

—

 

 

 

—

 

 

 

152,202

 

Net sales

 

469,839

 

 

 

152,202

 

 

 

—

 

 

 

(273

)

 

 

621,768

 

Cost of sales

 

305,911

 

 

 

107,820

 

 

 

—

 

 

 

(273

)

 

 

413,458

 

Selling, general and administrative expenses (3) (4)

 

62,333

 

 

 

42,629

 

 

 

27,589

 

 

 

—

 

 

 

132,551

 

Depreciation and amortization

 

10,510

 

 

 

2,074

 

 

 

641

 

 

 

—

 

 

 

13,225

 

Freight out

 

7,461

 

 

 

656

 

 

 

—

 

 

 

—

 

 

 

8,117

 

(Gain) loss on disposal of fixed assets

 

198

 

 

 

(99

)

 

 

—

 

 

 

—

 

 

 

99

 

Operating income (loss) (2)

 

83,426

 

 

 

(878

)

 

 

(28,230

)

 

 

—

 

 

 

54,318

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

22,247

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

32,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

704,301

 

 

 

96,458

 

 

 

63,312

 

 

 

—

 

 

 

864,071

 

Capital additions, net

 

15,353

 

 

 

470

 

 

 

112

 

 

 

—

 

 

 

15,935

 

Depreciation and amortization (7)

 

26,644

 

 

 

2,368

 

 

 

2,261

 

 

 

—

 

 

 

31,273

 

 

 

For the Nine Months Ended September 30, 2024

 

 

Material
Handling

 

 

Distribution

 

 

Corporate

 

 

Inter-company

 

 

Consolidated

 

Industrial

$

179,561

 

 

$

—

 

 

$

—

 

 

$

(89

)

 

$

179,472

 

Infrastructure

 

71,791

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

71,791

 

Vehicle

 

83,621

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

83,621

 

Consumer

 

74,254

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

74,254

 

Food and beverage

 

59,724

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

59,724

 

Auto aftermarket

 

—

 

 

 

163,543

 

 

 

—

 

 

 

—

 

 

 

163,543

 

Net sales

 

468,951

 

 

 

163,543

 

 

 

—

 

 

 

(89

)

 

 

632,405

 

Cost of sales (5)

 

315,718

 

 

 

111,860

 

 

 

—

 

 

 

(89

)

 

 

427,489

 

Selling, general and administrative expenses (1) (6) (8)

 

59,652

 

 

 

43,809

 

 

 

26,286

 

 

 

—

 

 

 

129,747

 

Depreciation and amortization

 

10,788

 

 

 

2,199

 

 

 

628

 

 

 

—

 

 

 

13,615

 

Freight out

 

8,733

 

 

 

709

 

 

 

—

 

 

 

—

 

 

 

9,442

 

(Gain) loss on disposal of fixed assets

 

201

 

 

 

51

 

 

 

1

 

 

 

—

 

 

 

253

 

Impairment charges (9)

 

22,016

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,016

 

Operating income (loss) (2)

 

51,843

 

 

 

4,915

 

 

 

(26,915

)

 

 

—

 

 

 

29,843

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

23,176

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

$

6,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

752,137

 

 

 

105,816

 

 

 

47,046

 

 

 

—

 

 

 

904,999

 

Capital additions, net

 

15,666

 

 

 

1,069

 

 

 

567

 

 

 

—

 

 

 

17,302

 

Depreciation and amortization (7)

 

25,706

 

 

 

2,426

 

 

 

1,946

 

 

 

—

 

 

 

30,078

 

(1) The Company recognized $(0.5) million and $(0.7) million of expense (income) to the estimated environmental reserve, net of probable insurance recoveries for the quarter and nine months ended September 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 $3.2 million and $9.7 million of restructuring costs associated with the restructuring initiatives described in Note 4, for the quarter and nine months ended September 30, 2025, of which $1.5 million and $2.6 million are included in Material Handling, $0.1 million and $3.1 million are included in Distribution and $1.7 million and $4.0 million are included with Corporate's results, respectively. The Company incurred $2.0 million and $5.3 million of restructuring costs associated with the restructuring initiatives described in Note 4, for the quarter and nine months ended September 30, 2024, of which $1.4 million and $3.9 million are included in Material Handling and $0.2 million and $1.0 million are included in Distribution's results, respectively and $0.4 million is included in Corporate's results, for the quarter and nine months ended September 30, 2024.

(3) During the nine months ended September 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 nine months ended September 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 $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the nine months ended September 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 $0.3 million and $4.4 million of acquisition related costs associated with the Signature acquisition, as described in Note 3, for the quarter and nine months ended September 30, 2024, of which $0.3 million and $4.1 million are included in Corporate for the quarter and nine months ended September 30, 2024, respectively and $0.3 million is included in Material Handling's results for the nine months ended September 30, 2024.

(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 September 30, 2025 and 2024, respectively, and $1.6 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively.

(8) The Company recognized $1.4 million of executive severance which is included in Corporate's results for the quarter and nine months ended September 30, 2024.

(9) The Company recognized $22.0 million of non-cash impairment charges, as described in Note 7, for the quarter and nine months ended September 30, 2024, which are included in Material Handling's results.