january 9, cjs securities “new ideas for the new year ......jan 09, 2019 · these slides contain...
TRANSCRIPT
Mark D. Morelli
President and Chief Executive Officer
Gregory P. RustowiczVice President – Finance & Chief Financial Officer
CJS SECURITIES
“NEW IDEAS FOR THE NEW YEAR” CONFERENCE
January 9,
2019
2© 2019 Columbus McKinnon Corporation
SAFE HARBOR STATEMENT
These slides contain (and the accompanying oral discussion will contain) “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks,
uncertainties and other factors that could cause the actual results of the Company to differ materially from the
results expressed or implied by such statements, including general economic and business conditions, conditions
affecting the industries served by the Company and its subsidiaries, conditions affecting the Company’s customers
and suppliers, competitor responses to the Company’s products and services, the overall market acceptance of
such products and services, the integration of acquisitions and other factors disclosed in the Company’s periodic
reports filed with the Securities and Exchange Commission. Consequently such forward looking statements should
be regarded as the Company’s current plans, estimates and beliefs. The Company does not undertake and
specifically declines any obligation to publicly release the results of any revisions to these forward-looking
statements that may be made to reflect any future events or circumstances after the date of such statements or
to reflect the occurrence of anticipated or unanticipated events.
This presentation will discuss some non-GAAP financial measures, which we believe are useful in evaluating
our performance. You should not consider the presentation of this additional information in isolation or as a
substitute for results compared in accordance with GAAP. We have provided reconciliations of comparable
GAAP to non-GAAP measures in tables found in the Supplemental Information portion of this presentation.
3© 2019 Columbus McKinnon Corporation
Leader in highly engineered lifting solutions and explosion-protected hoists
Premium, well respected brands
World’s 2nd largest hoist company with leading share in U.S.
Blueprint Strategy for Growth:
Transform into a high performing, industrial technology company
Increase earnings power with selective deployment of self-funded key initiatives
NASDAQ: CMCO
Leading global designer, manufacturer and marketer of
motion control products, technologies and services for material handling
Founded: 1875
Market Capitalization $658.8 Million
52-Week Price Range $27.66 - $45.85
Recent Price $28.22
Average Volume (3 mo.) 127,650
Common Shares Outstanding 23.3 Million
Ownership: Institutions 97%Insiders 3%
Market data as of 1/3/19 (Source: S&P Global IQ); shares outstanding as of 10/25/18; Institutional and insider ownership as of most recent filing
4© 2019 Columbus McKinnon Corporation
HIGHLY RELEVANT TO CUSTOMERS
Professional grade solutions for complex applications
5© 2019 Columbus McKinnon Corporation
THREE DISTINCT PRODUCT CATEGORIES
Customer Driven Solutions
Industrial Products
Crane Solutions
~45%
~45%
~10%
Manual Chain Hoist
Electric Chain Hoist
Rigging / Clamps
Industrial Winches
High Capacity Hooks
Cranes, Wire Rope Hoists
Drives and Controls
Crane Kits & Components
Jibs, Workstations
Linear & Mechanical Actuators
Lifting Tables
Rail & Road
Actuation Systems
Engineered
Products
$865.0 Million2Q FY19 TTM Revenue
6© 2019 Columbus McKinnon Corporation
DEFINED CHANNELS TO MARKET
US General Line Distributors
International General Line Distributors
Specialty Distributors
EPC
OEM/Government
Pfaff International Direct
Crane Builders
~29%
~23%~12%
~10%
~10%
~11%
~5%
Market channels provide access to end users
$865.0 Million2Q FY19 TTM Revenue
7© 2019 Columbus McKinnon Corporation
IndustrialEnd Users
General Distribution/Rental
Lifting Specialists (Direct Sales)
Rigging Specialists
Crane Builders
EPC
OEM
Motion Technology Distributors
Industrial Products
Crane Solutions & Kits
Engineered ProductsMotion Technology
Channel Partners: Product Categories:
Understanding the business from the “customer back”
Reorganized November 2017
MARKET DRIVES STRUCTURE
8© 2019 Columbus McKinnon Corporation
END MARKET AND GEOGRAPHIC DIVERSIFICATION
General Industrial
Metals Processing /
Steel / Concrete
Oil & Gas
Energy/Utilities
Automotive
Rail / Aerospace / Transport
Construction
Pulp Paper/Chemical/
Pharma
Heavy OEM
Elevators
Entertainment
MiningGovernment / Others
~25%
~10%
~10%~10%
~10%
~10%
~5%
~5%
~5%
~3%~3%
~3%~3%
U.S.
Europe, Middle East & Africa
Canada
Latin America
APAC
33%
53%
4%4%
6%
$865.0 Million2Q FY19 TTM Revenue
9© 2019 Columbus McKinnon Corporation
KEY VERTICAL MARKETS
CONSTRUCTION MINING ENTERTAINMENT OIL & GAS
POWER / UTILITIES TRANSPORTATION AUTOMOTIVE HEAVY EQUIPMENT
MANUFACTURING
10© 2019 Columbus McKinnon Corporation
STRATEGY: EVOLUTION OF COLUMBUS MCKINNON
Today Future
Late stage
cyclical
industrial
Growth
oriented
Industrial
Technology
Phase IGet control
Achieve results
Phase IISimplify and drive
profitable growth
Phase IIIEvolve business
model
Create performance culture:• Tiger teams• E-PASTM
• Mission, vision, values
Simplify through 80/20 processOperational excellenceRamp growth engine:
• New product development• Digital platform
Further pivot:• Portfolio optimization • M&A
Further pivot from late stage industrial
to growth oriented industrial technology company
Phase II underway
11© 2019 Columbus McKinnon Corporation
BLUEPRINT PHASE I ACCOMPLISHMENTS
* Net Debt to Adjusted EBITDA
STAHL value creation
Achieved ~$11 million of synergies by Q2 FY19; $0.17 accretive in first full year
Leveraged Magnetek technology
Launched three variable-speed drive platforms to address the industrial automation trend
Strengthened the core
Improved product availability & reduced lead times to drive sales and market share gains
Paid down debt
Surpassed initial goal: Paid down $60 million in FY2018; paid $25 million in 1H FY19
Achieved net leverage ratio* of 2.25x as of September 30, 2018 – ahead of plan
Established business operating system: E-PAS™
Driving performance culture
1H FY2019 results raised expectations for future
12© 2019 Columbus McKinnon Corporation
TRACKING BLUEPRINT PHASE II PROGRESS
Simplify the Business
Starting to see traction with 80/20 process; driving margin improvement
Expect ~$7 million savings in FY2019; $1.6 million savings year-to-date
Divestitures on track for completion this fiscal year
Operational Excellence
Record productivity of $6.1 million year-to-date
Footprint consolidation in Ohio: expect $2 million in savings in FY2020
Ongoing material productivity initiatives
Ramp the Growth Engine
Digitization with Compass™: an on-line configurator
Improving new product development process
Phase II expected to drive EBITDA and ROIC improvements
13© 2019 Columbus McKinnon Corporation
OPERATING SYSTEM DEPLOYMENT CONTINUES
E-PAS™: Earnings Power Acceleration System
80/20 process: Centerpiece of operating system
Eliminates bleeders - Sharpens focus on growth
Key
Performance
Indicators
Strategy
Deployment
Monthly
Operating
Reviews
(MORs)
Risk &
Opportunity
(R&Os)
Mission
Vision
Values
80 / 20
Process
M&A
Process
Lean
Tools
Talent
Development
14© 2019 Columbus McKinnon Corporation
Savings
• Expected to accelerate
• Realize a full year’s impact of actions in FY2020
PHASE II: SIMPLIFY THROUGH 80/20
80 / 20
Process
• Product Line Simplification
• Customer Focus
• Core Business Segmentation
• Purchasing leverage and indirect cost reduction
• Targeted selling
• Sharper business focus
Roll-out
• 50% of CMCO using 80/20 process today
• Full roll out through all relevant businesses in FY 2020
15© 2019 Columbus McKinnon Corporation
High PerformanceStandard IndustrialBasic
Rationalize global platforms while maintaining brands
Wire Rope Hoist Platform
PHASE II: SIMPLIFY THROUGH 80/20Product Line Simplification
16© 2019 Columbus McKinnon Corporation
COMMONPARTSLEVER
TOOLCHAIN BLOCK
CHAIN BLOCK 1
CHAIN BLOCK 3
CHAIN BLOCK 2
LEVER TOOL
2
LEVER TOOL 1
LEVER TOOL
3
INDIVIDUAL PARTS
“The individual shell plus outside”
Common Component Utilization
Manual Chain Hoist Platform
PARTS ARE 100% SHARED
“Everything between the side plates”
PARTS ARE SHARED BETWEEN
PRODUCT TYPE
“Everything between the side plates and
the shell”
Shared platforms lead to common parts –
drives inventory efficiencies and purchasing power
PHASE II: OPERATIONAL EXCELLENCE
17© 2019 Columbus McKinnon Corporation
PHASE II: RAMP THE GROWTH ENGINE
Doubling R&D spend from FY2017 including STAHL R&D
FY17 FY18 FY21E
Product Engineering
Engineered to Order
Research
Sustaining Engineering
Investment (1)
R&D
~$14M
67%
R&D
~$21M
75%
$21
~$27
CREATING CENTER OF EXCELLENCE IN FY2019
($ in millions)
Increase R&D spend by ~$11M:
$5M coming from STAHL
Incremental $6M from FY17 baseline
1 Included in SG&A 2 Excludes impact of STAHL
R&D
~$10M
65%
$16
Baseline
(2)
18© 2019 Columbus McKinnon Corporation
PHASE II: SMART HOIST VISION
Megatrend movement to industrial automation
Source: University of Oxford, ARK Original Research
2017 20350
80
mill
ion
s
Projected full-time jobs
automated in the U.S.
Opportunity to capitalize on automation megatrend
19© 2019 Columbus McKinnon Corporation
PHASE II: NEW PRODUCT DEVELOPMENT
Smart Hoists Capabilities
Leveraging technology and experience
to design “Smart Hoists”
Onboard diagnostics
Remote monitoring
Precision lifting
Load sensing
Preventative maintenance
Leads to improved safety and
reduced down time
Leveraging recent acquisitions to
deliver solution-based products
20© 2019 Columbus McKinnon Corporation
PHASE III: BUSINESS DEVELOPMENT
Portfolio assessment
Selective Investment
Selective Investment
Selective Investment
Fix / Exit
Fix / ExitDivest
Invest / Grow
Invest / Grow
Scale-Up
<~$5M
>~$5M
>~$10M
Portfolio Assessment
New
Indust.
Tech
EBITDA (to scale)
CM
CO
Business model
Profitability
Market position
Industry growth
Risk assessment
21© 2019 Columbus McKinnon Corporation
FINANCIAL PERFORMANCE
($ in millions)
$579.6 $597.1$637.1
$839.4 $865.0
31.3% 31.4%30.3%
33.7%34.4%
FY15 FY16 FY17 FY18 TTM Q2FY19
Total Sales Gross Margin
Sales & Gross Margin Growth in revenue driven by
organic and acquired sales
Gross margin improvement
driven by Blueprint strategy
22© 2019 Columbus McKinnon Corporation
$54.6 $40.6 $26.0 $68.3 $67.8
$57.0 $53.6 $49.5
$78.7
$89.8
9.8% 9.0%7.8%
9.4%10.4%
FY15 FY16 FY17 FY18 TTM Q2FY19
Non-GAAP Adjustments Income from Operations
Adjusted OI Margin
$1.34 $0.96 $0.43 $0.95 $0.91
$1.53 $1.72
$1.47
$2.01
$2.39
FY15 FY16 FY17 FY18 TTM Q2FY19
Non-GAAP Adjustments GAAP Diluted EPS
FINANCIAL PERFORMANCE
Diluted EPS(1)Adjusted Operating Income(1)
(1) Adjusted figures are non-GAAP financial measures. Please see supplemental slides for a reconciliation from
GAAP to non-GAAP results and other important disclosures regarding the use of non-GAAP financial measures.
($ in millions)
Driving earnings power
23© 2019 Columbus McKinnon Corporation
CAPITALIZATION
Sept 30,
2018
March 31,
2018
Cash and cash equivalents $ 57.7 $ 63.0
Total debt 339.3 363.3
Total net debt 281.6 300.3
Shareholders’ equity 424.3 408.2
Total capitalization $ 763.6 $ 771.5
Debt/total capitalization 44.4% 47.1%
Net debt/net total
capitalization39.9% 42.4%
DE-LEVERING BALANCE SHEET
Fast paced debt reduction
continues
Paid down $15 million in debt YTD
Net Debt/ Adjusted TTM EBITDA(1)
• Down to 2.25x
Expect to achieve targeted leverage
ratio of 2.0x or better by fiscal year end
On track for $60 million debt reduction in FY19
(1) Adjusted EBITDA is a non-GAAP financial measures. Please see supplemental slides for a reconciliation from GAAP net income to non-GAAP
adjusted EBITDA and other important disclosures regarding the use of non-GAAP financial measures.
24© 2019 Columbus McKinnon Corporation
SIGNIFICANT FREE CASH FLOW1
GENERATION
Achieving net leverage of 2x in FY19 provides sufficient financial flexibility for pivot strategy
$21.0
$30.3
$46.1
$55.1
FY15 FY16 FY17 FY18 FY19E FY20E FY21E FY22E
$60 -
$65
$70 -
$75
$80 -
$85
FY19E and Beyond, FCF After: • Annual CapEx of approximately $15 million*
• Annual Pension contribution of ~$12 million
ENABLES MEASURABLE
ANNUAL DEBT PAYMENT
~$60 million in FY19
* Guidance provided October 30, 2018
(1) Free cash flow is defined as cash provided by operating activities minus capital expenditures
($ in millions)
$90 -
$95
25© 2019 Columbus McKinnon Corporation
FY15 FY16 FY17 FY18 Q2 FY19TTM
11.7%
8.7%
6.4%
8.9%10.1%
Return on Invested Capital
(ROIC)(2)
Creating Shareholder Value
GOAL: Adjusted EBITDA Margin of 19% and Adjusted ROIC of >10%
Adjusted EBITDA Margin(1)
(1) Adjusted EBITDA is a non-GAAP financial measures. Please see supplemental slides for a reconciliation from GAAP net income to non-GAAP
adjusted EBITDA and other important disclosures regarding the use of non-GAAP financial measures.
(2) ROIC is defined as adjusted income from operations, net of taxes, for the trailing 12 months divided by the average of debt plus equity less cash
(average capital) for the trailing 13 months. A 30% tax rate was used for fiscal years 2015, 2016, & 2017, and 22% for fiscal years 2018 & 2019.
FY15 FY16 FY17 FY18 Q2 FY19TTM
12.4% 12.4%11.7%
13.7%14.5%
26© 2019 Columbus McKinnon Corporation
KEY TAKEAWAYS
Pivot from late stage industrial to higher growth, industrial
technology company
Cost savings through simplification and operational excellence
Opportunity to capitalize on automation megatrend
Raising expectations over next three years: Double-digit earnings
growth and >19% EBITDA margins
Drive sales and margins by ramping the growth engine
27© 2019 Columbus McKinnon Corporation
SUPPLEMENTAL INFORMATION
28© 2019 Columbus McKinnon Corporation
ADJUSTED GROSS PROFIT RECONCILIATION($ in thousands)
Fiscal Year
FY 2015 FY 2016 FY 2017 FY 2018 TTM Q2 FY19
Gross profit $ 181,607 $ 187,263 $ 192,932 $ 283,251 $ 298,472
Add back:
Product liability costs for legal settlement — 1,100 — — —
Building held for sale impairment charge — 429 — — —
Acquisition inventory step-up expense 543 1,446 8,852 — —
Acquisition amortization of backlog — 581 — — —
STAHL integration costs — — — 307 86
Facility consolidation costs 1,176 346 — — —
Insurance settlement — — — (2,362) (621)
Non-GAAP adjusted gross margin $ 183,326 $ 191,165 $ 201,784 $ 281,196 $ 297,937
Sales $ 579,643 $ 597,103 $ 637,123 $ 839,419 $ 864,999
Adjusted gross margin 31.6% 32.0% 31.7% 33.5% 34.4%
Adjusted gross profit is defined as gross profit as reported, adjusted for unusual items. Adjusted gross profit is not a measure determined in accordance with generally accepted
accounting principles in the United States, commonly known as GAAP, and may not be comparable to the measure as used by other companies. Nevertheless, Columbus
McKinnon believes that providing non-GAAP information such as adjusted gross profit is important for investors and other readers of the Company’s financial statements, and
assists in understanding the comparison of the current quarter’s gross profit to the historical period’s gross profit.
29© 2019 Columbus McKinnon Corporation
ADJUSTED INCOME FROM OPERATIONS RECONCILIATION($ in thousands)
Fiscal Year
FY 2015 FY 2016 FY 2017 FY 2018 TTM Q2 FY19
Income from operations $ 54,648 $ 40,570 $ 25,973 $ 68,331 $ 67,845
Add back:
Acquisition inventory step-up expense and real estate transfer taxes 659 1,446 8,852 — —
Acquisition deal, integration, and severance costs — 8,046 8,815 8,763 8,829
CEO retirement pay and search costs — — 3,085 —
Insurance recovery legal costs — — 1,359 2,948 2,055
Impairment of intangible asset — — 1,125 — —
Canadian pension lump sum settlements — — 247 —
Product liability costs for legal settlement — 1,100 — —
Building held for sale impairment charge — 429 — — 11,100
Facility consolidation costs 1,726 1,444 — —
Magnetek acquisition amortization of backlog — 581 — —
Magnetek litigation — — — 400 —
Insurance settlement — — — (2,362) (621)
Debt repricing fees — — — 619 619
Non-GAAP adjusted income from operations $ 57,033 $ 53,616 $ 49,456 $ 78,699 $ 89,827
Sales $ 579,643 $ 597,103 $ 637,123 $ 839,419 $ 864,999
Adjusted operating margin 9.8% 9.0% 7.8% 9.4% 10.4%
Adjusted income from operations is defined as income from operations as reported, adjusted for certain items and to apply a normalized tax rate. Adjusted income from
operations is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be
comparable to the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted income from
operations, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and
current year's income from operations to the historical periods' income from operations
30© 2019 Columbus McKinnon Corporation
ADJUSTED DILUTED EPS RECONCILIATION($ in thousands, except per share data)
Fiscal Year
FY 2015 FY 2016 FY 2017 FY 2018 TTM Q2 FY19
Net income $ 27,190 $ 19,579 $ 8,984 $ 22,065 $ 21,519
Add back:
Acquisition inventory step-up expense and real estate transfer taxes 659 1,446 8,852 — —
Acquisition deal, integration, and severance costs — 8,046 8,815 8,763 8,829
CEO retirement pay and search costs — — 3,085 — —
Insurance recovery legal costs — — 1,359 2,948 2,055
Impairment of intangible asset — — 1,125 — —
Loss on extinguishment of debt — — 1,303 — —
(Gain) loss on foreign exchange option for acquisition — — 1,590 — —
Canadian pension lump sum settlements — — 247 — —
Product liability costs for legal settlement — 1,100 — — —
Building held for sale impairment charge — 429 — — 11,100
Facility consolidation costs 1,726 1,444 — — —
Magnetek acquisition amortization of backlog — 581 — — —
Debt refinancing costs 8,567 — — 619 619
Magnetek litigation — — — 400 —
Insurance settlement — — — (2,362) (621)
Normalize tax rate (1) (1,508) 2,218 (4,626) 14,408 12,913
Non-GAAP adjusted net income $ 36,634 $ 34,843 $ 30,734 $ 46,841 $ 56,414
Average diluted shares outstanding 20,224 20,315 20,888 23,335 23,634
Diluted income per share - GAAP $1.34 $0.96 $0.43 $0.95 $0.91
Diluted income per share - Non-GAAP $1.81 $1.72 $1.47 $2.01 $2.39
Adjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items and to apply a normalized tax rate. Adjusted net income
and diluted EPS are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be
comparable to the measure as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted net income and
diluted EPS, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current
year’s net income and diluted EPS to the historical periods’ net income and diluted EPS.
(1) Applies normalized tax rate of 22% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
31© 2019 Columbus McKinnon Corporation
Fiscal Year
FY 2015 FY 2016 FY 2017 FY 2018 TTM Q2 FY19
Net income (loss) $ 27,190 $ 19,579 $ 8,984 $ 22,065 $ 21,519
Add back (deduct):
Income tax expense/(benefit) 8,825 12,045 4,043 27,620 28,825
Interest and debt expense 12,390 7,904 10,966 19,733 18,380
Cost of debt refinancing — — 1,303 — —
Cost of bond redemption 8,567 — — — —
Investment (income) loss (2,725) (796) (462) (157) (428)
Foreign currency exchange loss 863 2,215 1,232 1,539 1,377
Other (income)/expense (462) (377) (93) (2,469) (1,828)
Depreciation and amortization expense 14,562 20,531 25,162 36,136 35,243
Acquisition deal, integration, and severance costs — 8,046 8,815 8,763 8,829
Insurance recovery legal costs — — 1,359 2,948 2,055
Debt repricing fees — — — 619 619
Magnetek litigation — — — 400 —
Insurance settlement — — — (2,362) (621)
Held for sale impairment — — — — 11,100
Acquisition inventory step-up expense 659 1,446 8,852 — —
CEO retirement pay and search costs — — 3,085 — —
Impairment of intangible asset — — 1,125 — —
Canadian pension lump sum settlements — — 247 — —
Product liability cost for legal settlement — 1,100 — — —
Building held for sale impairment charge — 429 — — —
North America facility consolidation and reduction in force — 859 — — —
Acquisition amortization of backlog — 581 — — —
European facility consolidation costs and reduction in force 1,726 585 — — —
Non-GAAP adjusted EBITDA $ 71,595 $ 74,147 $ 74,618 $ 114,835 $ 125,070
Sales $ 579,643 $ 597,103 $ 637,123 $ 839,419 $ 864,999
Adjusted EBITDA margin 12.4% 12.4% 11.7% 13.7% 14.5%
ADJUSTED EBITDA RECONCILIATION
Adjusted EBITDA represents net income adjusted for income taxes, interest, depreciation and amortization and other items as noted in the reconciliation table.
The Company believes Adjusted EBITDA is an important supplemental measure of operating performance and uses it to assess performance and inform
operating decisions. However, Adjusted EBITDA is not a GAAP financial measure. The Company’s calculation of Adjusted EBITDA should not be used as a
substitute for GAAP measures of performance, including net cash provided by operations, operating income and net income. The Company’s method of
calculating Adjusted EBITDA may vary substantially from the methods used by other companies and investors are cautioned not to rely unduly on it.
($ in thousands)
32© 2019 Columbus McKinnon Corporation
INDUSTRIAL CAPACITY UTILIZATION
74%
75%
76%
77%
78%
79%
80%
Manufacturing Total
75.7% (Manufacturing) &
78.5% (Total)
November 2018(1)
Source: The Federal Reserve Board
U.S. Capacity Utilization
79%
80%
81%
82%
83%
84%
85%
Eurozone Capacity Utilization
Source: European Commission
83.9%
December 2018
33© 2019 Columbus McKinnon Corporation
Strengthen the core
Ramp new product engine
Create end-user pull
Become easy to do business with
STAHL value creation
Portfolio Analysis
Pivot strategy: Value creating acquisitions
Best in class safety & quality
Continuous improvement
Optimize supply chain
& global footprint
Simplify product platform
Simplify business structure
Become the leading Industrial Technology Company
in safe & productive motion control
STRATEGY: PARTNERS IN MOTION CONTROL
ProfitableGrowth
Business Development
OperationalExcellence
34© 2019 Columbus McKinnon Corporation
GLOBAL PRESENCE
United States
Apodaca N.L., Mexico
Santiago Tianguistenco, Mexico
Panama City, Panama
Brampton, Ontario
Sao Paulo, Brazil
Montevideo, Uruguay
Ambacht, Netherlands
Newtownabbey, N. Ireland
Chester, UK
Vierzon, France
Sevilla, Spain
St. Petersburg, Russia
Wuppertal, Germany
Plewiska, Poland
Kissing, Germany
Pfaffstatten, Austria
Szekesfehervar, Hungary
Cerro Maggiore, Italy
Buchs, Switzerland
Magaliesburg, South Africa
Westmead, South Africa
Wuhan, China
Shanghai, China
Shenyang, China
Hangzhou, China
Bangkok, Thailand
Corporate Headquarters
Manufacturing Facility (17 locations)
Warehouse Facility (6 locations)
Getzville, New York • USA
Honeydew, South Africa
Dubai, UAE
Romeny-sur-Marne, France
Istanbul, Turkey
Sales & Service Office (39 locations)
Prenton, UK
Singapore, Singapore
Hamm, Germany
EXTERNAL (rev. 5/25/18)
Budapest, Hungary
Carlow, Ireland
Bedford, UK
Middleberg, South Africa
Chennai, India
Madrid, Spain
Argenteuil, France
Lisboa, Portugal
Künzelsau, Germany
Coleshill, UK