What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-22 compared with 2023-02-23 · 81 added, 74 removed, 412 unchanged (27% of the section changed)

Unless the context otherwise requires, the terms “the Company,” “we,” “our” and “us” refer to Alamo Group Inc.

Unless the context otherwise requires, the terms “the Company,” "Alamo Group," “we,” “our” and “us” refer to Alamo Group Inc.

and its subsidiaries on a consolidated basis.

The Company is a leader in the design, manufacture and servicing of high quality vegetation management and infrastructure maintenance equipment for governmental, industrial and agricultural use.

The Company’s products include tractor mounted and self-propelled mowers, zero-turn mowers, agricultural implements, tree and branch chippers, forestry/wood recycling equipment, street and parking lot sweepers, leaf and debris collection equipment, pothole patchers, vacuum trucks, hydro-excavation equipment, telescopic boom excavators, and snow removal equipment .

The Company’s products include tractor mounted and self-propelled mowers, zero-turn mowers, agricultural implements, tree and branch chippers, forestry/wood recycling equipment, street and parking lot sweepers, leaf and debris collection equipment, truck mounted highway attenuator trucks, vacuum trucks, hydro-excavation equipment, telescopic boom excavators, and snow removal equipment .

The Company emphasizes high quality, cost-effective products for its customers and strives to develop and market innovative products while constantly monitoring and controlling its manufacturing and overhead costs.

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In 2004, the Company purchased the pothole patcher product line from Wildcat Manufacturing, Inc.

This product line was merged into the Schwarze operation and is complementary to its current product offerings.

This product line was merged into the Schwarze operation and, in 2023, the product line assets were sold.

In 2000, the Company purchased the product line and associated assets of Twose of Tiverton Ltd.

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In 2006, the Company acquired 100% of the ownership interests in Nite-Hawk Sweepers LLC (“Nite-Hawk”) , a manufacturer of truck mounted sweeping equipment primarily for the contract sweeping market, which expanded our presence in that market and which complements our Schwarze sweeper line.

In 2023, the Kent, Washington facility was sold and leased back.

In 2007, the Company purchased Henke Manufacturing Corporation (“Henke”) , a manufacturer of specialty snow removal attachments.

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In 2022, the Henke manufacturing operations were consolidated into our Wausau snow equipment facility in New Berlin, Wisconsin.

In 2023, the Henke Leavenworth, Kansas facility was sold.

In 2008, the Company acquired Rivard Developpement S.A.S.

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Tenco is a Canadian-based manufacturer of snow removal equipment including snow blades, blowers, dump bodies, spreaders and associated parts and service.

Tenco has operations in Quebec as well as New York and Vermont.

Tenco has operations in Quebec and New York.

The equipment is sold primarily through dealers to governmental end-users as well as snow removal contractors.

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This acquisition established a presence for the Company in Brazil, one of the largest agricultural markets in the world.

The Herder manufacturing operations have been consolidated into our Santa Izabel facility.

The Herder manufacturing operations have been consolidated into our Santa Izabel facility and the Herder Matao facility was subsequently sold in 2023.

In 2017, the Company acquired 100% of the outstanding shares of Santa Izabel Agro Industria Ltda.

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Santa Izabel designs, manufactures and markets a variety of agricultural implements, sugar cane trailers and other vegetation management products sold throughout Brazil.

This acquisition, along with our existing Herder operation in Brazil, augmented our product portfolio and improved our manufacturing capabilities in one of the world's largest agricultural markets.

This acquisition, along with Herder , augmented our product portfolio and improved our manufacturing capabilities in one of the world's largest agricultural markets.

In 2017, the Company acquired substantially all of the assets and assumed certain specified liabilities of Old Dominion Brush Company, Inc.

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(" RPM "), a manufacturer of heavy duty snow removal equipment and associated parts.

RPM primarily sells to governmental agencies, related contractors, airports and

other industrial users.

This acquisition complemented our existing range of snow removal products with RPM's range of heavy duty snow removal equipment, including their line of mechanical snow blowers.

RPM primarily sells to governmental agencies, related contractors, airports and other industrial users.

This acquisition complemented our existing range of snow removal products with RPM's

range of heavy duty snow removal equipment, including their line of mechanical snow blowers.

In 2020, RPM's operations were consolidated into the Company's nearby Tenco facility and the former RPM facility in Drummondville was sold.

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At the end of 2020, the Denis Cimaf manufacturing operations based in Roxton Falls were consolidated into the Rayco facility in Wooster, Ohio.

In 2023, the Morbark Roxton Falls, Quebec location was sold.

In 2021, the Company acquired 100% of the outstanding capital shares of Timberwolf Limited ( "Timberwolf" ) in the U.K.

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and European forestry and tree care markets.

In 2023, the Company acquired 100% of the outstanding equity capital of Royal Truck & Equipment, Inc.

(" Royal Truck "), a leading manufacturer of truck mounted highway attenuator trucks and other specialty trucks and equipment for the highway infrastructure and traffic control market.

The primary reason for the Royal Truck acquisition was to acquire business operations in an adjacent market, highway safety and equipment, where the Company sees compelling future opportunities.

Royal Truck is based in Shoemakersville, Pennsylvania.

Sales and Marketing Strategy

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Fairfield™, R.P.M.

Tech™, Morbark®, Rayco®,Denis Cimaf®, Boxer®, Bush Hog®, Rhino®, RhinoAg®, M&W®, Dixie Chopper®, Herschel®, Schulte®, Fieldquip®, Santa Izabel™, McConnel®, Bomford®, Spearhead™, Twose™, SMA®, Forges Gorce™, Rousseau® , Timberwolf™ , and Wolftrack™ trademarks (some with related designs) as well as other trademarks and trade names.

Tech™, Morbark®, Rayco®,Denis Cimaf®, Boxer®, Bush Hog®, Rhino®, RhinoAg®, M&W®, Dixie Chopper®, Herschel®, Schulte®, Fieldquip®, Santa Izabel™, McConnel®, Bomford®, Spearhead™, Twose™, SMA®, Forges Gorce™, Rousseau® , Royal Truck & Equipment™, Timberwolf™ , and Wolftrack™ trademarks (some with related designs) as well as other trademarks and trade names.

Products and Distribution Channels

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Prior to the fourth quarter of 2021, the Company had been reporting its operating results on the basis of two segments which were the Industrial Division and Agricultural Division.

The Vegetation Management Division includes all of the operations of the former Agricultural Division plus the mowing and forestry/tree care operations that were previously part of the former Industrial Division, including the Company's recently acquired Morbark and Dutch Power business units.

The Industrial Equipment Division includes the Company’s vocational truck business and other industrial operations such as excavators, vacuum trucks, street sweepers, and snow removal equipment.

The Industrial Equipment Division includes the Company’s vocational truck business and other industrial operations such as excavators, vacuum trucks, street sweepers, snow removal equipment, and the recently acquired Royal Truck business.

We believe the realignment of our two divisions provides greater potential to capture synergies in cross-branding, distribution, product development, supply chain management and logistics.

The two divisions are also more balanced in scale and scope giving the Company two strong platforms for ongoing development through a mix of organic growth and

acquisitions.

The two divisions are also more balanced in scale and scope, giving the Company two strong platforms for ongoing development through a mix of organic growth and acquisitions.

Vegetation Management Division

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SMA’s principal customers are French local authorities.

SMA’s product offerings include certain quick-attach boom mowers manufactured by the Company in the U.K.

SMA’s product offerings include certain quick-attach boom

mowers manufactured by the Company in the U.K.

to expand its presence in agricultural dealerships.

The Company consolidated its SMA operations located in Orleans, France, and production was relocated to its manufacturing facility near Lyon, France.

The SMA product line is manufactured at our facility near Lyon, France.

Forges Gorce manufactures cutting blades which are sold to some of the Company’s subsidiaries as well as to other third party customers and distributors.

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VacAll produces catch basin cleaners and roadway debris vacuum systems.

These units are powerful and versatile with uses including, but not limited to, removal of wet and dry debris, spill elimination, and cleaning of sludge beds.

These units are powerful and versatile with uses including, but not limited to, removal of wet and dry debris, spill elimination, and cleaning of

VacAll also offers a line of sewer cleaners.

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A portion of Nite-Hawk’s sales includes truck chassis which are not manufactured by Nite-Hawk .

Royal Truck manufactures and sells truck mounted highway crash attenuator trucks, cone safety and traffic control trucks, and a broad range of other equipment focused on highway safety.

Royal Truck sells its products directly to a diverse base of customers in the traffic control services, equipment rental, and construction businesses, as well as to governmental agencies.

A portion of Royal Truck's sales includes truck chassis which are not manufactured by Royal Truck .

Replacement Parts

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Replacement parts represented approximately 17%, 19% and 20% of the Company’s total sales for the years ended December 31, 2023, 2022 and 2021, respectively.

Replacement parts generally are more profitable and less cyclical than wholegoods.

Product Development

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Unfilled Orders

As of December 31, 2022, the Company had unfilled customer orders of $1.0 billion compared to $800.8 million at December 31, 2021.

As of December 31, 2023, the Company had unfilled customer orders of $859.8 million compared to $1.0 billion at December 31, 2022.

Management expects that substantially all of the Company’s unfilled orders as of December 31, 2023 will be shipped during fiscal year 2024.

The amount of unfilled orders at a particular time is affected by a number of factors, including manufacturing and shipping schedules which, in most instances, are dependent on the Company’s seasonal sales programs and the requirements of its customers.

It is possible that the lingering effects of the COVID-19 pandemic, including supply chain disruptions, labor constraints and other new and/or unanticipated effects, could cause delays in delivery or an inability to complete unfilled customer orders.

The Company’s orders are subject to cancellation at any time before shipment;

It is possible that supply chain disruptions, labor constraints, and other new and/or unanticipated effects, could cause delays in delivery or an inability to complete unfilled customer orders.

The Company’s orders are subject to cancellation at

any time before shipment;

therefore, a comparison of unfilled orders from period to period is not necessarily meaningful and may not be indicative of future actual shipments.

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The principal raw materials used by the Company include steel, other metal components, hydraulic hoses, paint and tires.

During 2022, the raw materials needed by the Company were available from a variety of sources in adequate quantities and at prevailing market prices, but in 2022 we experienced significant price inflation for many of the raw materials we purchase.

During 2023, the raw materials needed by the Company were available from a variety of sources in adequate quantities and at prevailing market prices.

While supply chain issues have improved compared to prior years, we remain affected by inflationary impacts for many of the raw materials we purchase.

We expect pricing to remain elevated in 2024 but anticipate a slowing of the rate of inflation.

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In addition, the Company, through its subsidiaries, purchases tractors and truck chassis as a number of the Company’s products are mounted and shipped with a tractor or truck chassis.

Tractors and truck chassis are generally available, but during 2022 we experienced significant delays in receiving truck chassis which caused us to delay shipments of some of our products and created operational inefficiencies in some of our facilities, particularly within our Industrial Equipment Division.

Tractors and truck chassis are generally available, but during 2023 we experienced delays in receiving truck chassis which caused us to delay shipments of some of our products and created operational inefficiencies in some of our facilities, particularly within our Industrial Equipment Division.

The Company sources its purchased goods from international and domestic suppliers.

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states and foreign jurisdictions in which we sell our products have emission requirements setting maximum emission standards for certain equipment.

In addition to the the EPA's implementation of Tier 4 emission requirements applicable to diesel engines, China, the European Union ("EU") and the United Kingdom also have adopted similar regulations, and similar emission regulations are also being considered in other markets in which we sell our products.

CARB continues to propose and discuss implementation of zero emissions equipment regulations that will likely create increasingly stringent requirements on exhaust and other emissions from some of the products we manufacture.

In addition to the EPA's implementation of Tier 4 emission requirements applicable to diesel engines, China, the European Union ("EU") and the United Kingdom also have adopted similar regulations, and similar emission regulations are also being considered in other markets in which we sell our products.

CARB continues to propose new regulations, including Tier 5 off-road diesel engine emissions standards that are in development.

In addition, CARB has started to implement on-road zero emissions equipment regulations that will likely create increasingly stringent requirements on exhaust and other emissions from some of the products we manufacture.

These new on-road zero emissions regulations have started to limit the availability of some on-road vehicle chassis that use diesel engines in California and possibly in other states that plan to adopt these CARB regulations.

federal government, several U.S.

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These include, among other laws and regulations:

(i) the Registration, Evaluation, Authorization and Restriction of Chemicals directive or similar substance level laws, rules, or regulations that require notification of use of certain chemicals, or ban or restrict the use of certain chemicals;

(i) the Registration, Evaluation, Authorization and Restriction of

Chemicals ("REACH") directive, U.S.

Toxic Substances Control Act ("TSCA"), or similar substance level laws, rules, or regulations that require notification of use of certain chemicals, or ban or restrict the use of certain chemicals;

(ii) California Proposition 65 and other product substance restriction laws, some of which require certain labeling of products;

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The Company is also subject to various other federal, state, and local laws affecting its business, as well as a variety of regulations relating to such matters as working conditions, equal employment opportunities, and product safety, including National Highway Traffic Safety Administration reporting.

In addition, a variety of laws regulate the Company’s contractual relationships with its dealers, some of which impose restrictive standards on the relationship

between the Company and its dealers, including events of default, grounds for termination, non-renewal of dealer contracts, and equipment repurchase requirements.

In addition, a variety of laws regulate the Company’s contractual relationships with its dealers, some of which impose restrictive standards on the relationship between the Company and its dealers, including events of default, grounds for termination, non-renewal of dealer contracts, and equipment repurchase requirements.

We believe we have maintained compliance with existing laws, rules and regulations applicable to our business and will continue to do so.

W believe there will be some additional costs to our business as a result of the increasing level of regulation applicable to our business activities, and there can be no assurance that the Company will not incur material costs or other liabilities as a result thereof.

We believe there will be some additional costs to our business as a result of the increasing level of regulation applicable to our business activities, and there can be no assurance that the Company will not incur material costs or other liabilities as a result thereof.

Human Capital Resources and Management

We recognize that the success of our Company is dependent upon the talents and dedication of our people, and we are committed to investing in their success.

Our Vice-President of Corporate Human Resources is responsible for developing and executing our human resources strategy together with our President and Chief Executive Officer and the other members of the Company's management team.

Our Chief Executive Officer and Vice-President of Human Resources regularly update our Board of Directors regarding the status of our human resources initiatives.

Among the key elements of our human resources strategy are the following:

The success of our Company depends on the talents and dedication of our people, and we are committed to investing in their success.

Our Vice-President of Corporate Human Resources ("VPHR") is responsible for developing and executing our human resources strategy together with our President and Chief Executive Officer ("CEO") and the other members of the Company's management team.

Our CEO and VPHR regularly update our Board of Directors regarding the status of our human resources initiatives, which include:

Focus on Health and Safety :

Employee health and safety is of paramount importance to us.

We believe it is our responsibility to maintain a safe and healthy workplace in each of our locations and to make continuous improvements in this area.

We do this by embedding safety into every level of the organization as one of our core values.

Our approach is proactive and preventative.

Regular safety meetings are held at our plants on an ongoing basis.

Every location offers frequent safety training programs to all employees and leverages safety committees who conduct safety audits to identify and remove potential issues.

We ensure that safety performance is tracked, aggregated, and reviewed timely and reported to management for appropriate action.

Our corporate technical affairs and safety team collects data on recordable injury rates, severe injury rates, and near misses from each Alamo Group operating company, and conducts root cause analysis with corrective action plans to prevent future occurrences.

This data is reviewed monthly by the executive leadership team and shared with the Company's Board of Directors on a quarterly basis.

With the onset of the COVID-19 pandemic, we implemented, and continue to adhere to, certain rigorous and meaningful safety measures recommended by the U.S.

Centers for Disease Control and Prevention, World Health Organization, and federal, state, local, and foreign authorities that we determined were in the best interest of our employees, customers, and suppliers.

This led to the adoption of various measures including COVID-19 case tracking and quarantining where and when necessary, mandating face coverings when required by local rules and regulations (except where hazardous), regular sanitization, reconfiguration of workstations to allow for appropriate distancing, expanding the use of internal video meetings and installation of related technology, minimizing travel, and implementing remote work assignments, amongst other actions.

These measures continue to be in place where and when necessary.

Maintaining a safe and healthy workplace in each of our locations is a priority, and we focus on continuous improvement by embedding proactive and preventative safety into every level of the organization as one of our core values.

Every location offers frequent safety meetings and training programs to all employees.

Our safety committees conduct audits to identify and remove potential issues.

Safety performance is tracked, aggregated, reviewed timely and reported to management for appropriate action by our corporate technical affairs and safety team, who conducts root cause analysis with corrective action plans to prevent future occurrences.

Safety performance data is reviewed by the executive leadership team and the Company's Board of Directors.

Employee Engagement and Talent Development :

We focus on attracting, developing, and retaining a team of highly talented and motivated employees.

Our key talent philosophy is to develop internal candidates from within our Company, so they are “ready now” when career opportunities arise, and when we recruit externally to select candidates with future stretch potential.

We provide all employees a wide range of professional development experiences, both formal and informal, at all stages in their careers.

Our formal offerings include tuition reimbursement, a diverse curriculum of learning programs, leadership development experiences, vocational and trade skills training, and external partnerships with educational institutions and trade schools across the globe.

The Company's focus on supervisor and manager development and a culture of promoting a diverse, inclusive, and respectful workplace supports our ability to attract, engage, retain, and motivate industry-leading talent to meet our customer’s needs and sustain the Company’s growth.

Formal welder training, apprenticeships, and local partnerships with vocational training programs, junior colleges, and high schools ensure that our operating companies continue to attract and grow their critical manufacturing skills.

The Company’s emphasis on our core competencies, including Leading People and Leading Change, continues to favorably impact our succession planning and employee retention with below industry average annual turnover rates.

In January of 2022, we implemented The Alamo Group Learning & Development Academy, a new talent development program which focuses on building and strengthening the leadership capabilities of our management teams and also offers technical skills training for our production floor employees.

Many programs are available on-demand to manufacturing supervisors, which offers development opportunities to those with direct oversight of the people building our products.

Training is easily accessible both to employees who work on-site as well as those who work in remote and hybrid environments.

Virtual, in-person and on-campus programs are offered to encourage cross-location and cross-functional networking and sharing of ideas that foster and support our culture of continuous improvement.

Alamo Group's culture aims to promote a diverse, inclusive, and respectful workplace.

Attracting, developing, and retaining our team of highly talented and motivated employees is key to Alamo Group's success in meeting our customers' needs and sustaining the Company's growth.

In addition to developing internal candidates, so they are "ready now" when opportunities arise, we also recruit external candidates with future stretch potential.

Employees are provided a wide range of professional development experiences, at all stages in their careers.

We offer tuition reimbursement, a broad range of leadership development experiences, vocational and trade skills training, and external partnerships with educational institutions across the globe.

Welder training, apprenticeships, and local partnerships with various educational programs and high schools enable our operating companies to hire and grow critical manufacturing skills.

The Alamo Group Learning & Development Academy builds leadership capabilities and offers technical skills training for our production floor employees.

Programs are available on-demand and training is easily accessible to employees.

Virtual, in-person and on-campus programs are offered to encourage cross-location and cross-functional networking that foster and support our culture of continuous improvement.

Commitment to Diversity and Inclusion :

We recognize, value, and respect the individual differences of our employees and believe that a diverse set of backgrounds, experiences, and perspectives is crucial to our ability to continue to innovate, collaborate, and meet the needs of our global workforce and customers.

Accordingly, we are committed to encouraging and fostering an inclusive culture where diversity and individual differences are accepted, respected, and valued so that employees feel empowered to contribute fully to the Company's ongoing success.

To support diversity and inclusion in the workplace, we dedicate people and resources to promote an inclusive environment through policies and training.

We also market our career opportunities to a wide network of organizations and job boards that can help us source diverse candidate pools.

We actively volunteer and engage in local community projects and contribute donations to charitable organizations.

We build strategies and implement tactics that will attract and maintain a diverse workforce, positively impacting the communities and markets in which our employees live and work.

Initiatives include but are not limited to increased diversity and inclusion training that increases awareness and reinforces respect in the workplace, as well as building partnerships with organizations like Women in Manufacturing and The National Diversity Council.

We promote an inclusive environment through policies and training, so that employees feel empowered to contribute to the Company's ongoing success.

Career opportunities are marketed internally and externally to a wide network of organizations and job boards, such as Women in Manufacturing, so we can source diverse candidate pools.

actively volunteer and engage in local community projects and contribute donations to charitable organizations to positively impact the communities and markets in which our employees live and work.

Compensation and Benefits :

We conduct regular assessments of our pay and benefit practices to help ensure that our people are compensated fairly and competitively.

We also devote significant resources to management and employee training and development, including tuition assistance for career-enhancing academic and professional programs.

In addition to salaries, our compensation programs, which vary by country and region, can include annual bonus and incentive plans, profit sharing, stock-based compensation awards, company-sponsored retirement savings plans with employee matching opportunities (or similar local retirement benefits), healthcare and insurance benefits, dependent care and flexible savings accounts, paid time off such as vacation and holidays, sick pay, disability pay and family leave, flexible work schedules, wellness and employee assistance programs for mental health, self-improvement, legal and financial services, service anniversary awards, tuition assistance and dependent college scholarships, and discounts on products and services.

We regularly assess our pay and benefit practices to ensure our people are compensated fairly and competitively.

Our compensation programs vary by country and region, and may include annual bonus and incentive plans, profit sharing, stock-based compensation awards, company-sponsored retirement savings plans with employee matching opportunities (or similar local retirement benefits), healthcare and insurance benefits, dependent care and flexible savings accounts, paid time off such as vacation and holidays, sick pay, disability pay and family leave, flexible work schedules, wellness and employee assistance programs for mental health, self-improvement, legal and financial services, service anniversary awards, tuition assistance and dependent college scholarships, and discounts on products and services.

Labor Agreements:

As of December 31, 2023, we employed approximately 4,350 employees.

the Company has a collective bargaining agreement at its Gradall plant which covers 185 employees and will expire on April 14, 2024.

In the U.S., the Company has a collective bargaining agreement at its Gradall plant which covers 215 employees and will expire on April 14, 2024.

In Canada the Tenco bargaining agreement covers 115 employees and expires on December 31, 2025;

RPM has an agreement covering 4 employees which expires on February 1, 2025;

and Everest has a collective bargaining agreement covering 66 employees which will expire on November 30, 2023.

and Everest has a collective bargaining agreement covering 67 employees which expired on November 30, 2023 and with respect to which negotiations are ongoing.

In the Company’s European locations, all employees are covered by the European Works Council agreements.

McConnel, Bomford, Spearhead, AMS-UK, SMA, Faucheux, Forges Gorce, Rousseau, Rivard, and Alamo Group The Netherlands have various collective bargaining agreements covering approximately 1,010 employees.

In addition, 219 employees in Brazil are covered by a collective bargaining agreement, which is renegotiated every calendar year.

The Company considers its employee relations to be satisfactory.

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You can obtain a written copy of these documents, excluding exhibits, at no cost, by sending your request to the Corporate Secretary, Alamo Group Inc., 1627 E.

Walnut Street, Seguin, Texas 78155, which is the principal

corporate office of the Company.

Walnut Street, Seguin, Texas 78155, which is the principal corporate office of the Company.

The telephone number is 830-379-1480.

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In addition, forward-looking statements may be made in other documents filed or furnished with the SEC, or by management orally or in press releases, conferences, reports or otherwise to analysts, investors, representatives of the media and others, in the future by or on behalf of the Company.

Generally, forward-looking statements are not based on historical facts but instead represent the Company's and its management's beliefs regarding future events.

Generally, forward-looking statements are

not based on historical facts but instead represent the Company's and its management's beliefs regarding future events.

Statements that are not historical are forward-looking.

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• changes in business and political conditions and the economy in general in both domestic and international markets;

• negative impacts on our business and financial results including from operational and supply chain disruptions, input cost inflation, labor shortages, and other negative effects resulting from the COVID-19 pandemic or other causes;

• the price and availability of energy and critical raw materials, particularly steel and steel products;

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• changes in market demand;

• climate related incidents and other sustainability risks, global pandemics, acts of war or aggression (including the war between Russia and Ukraine) and terrorist activities or military actions;

• climate related incidents and other sustainability risks, global pandemics, acts of war or aggression and terrorist activities or military actions;

• cyber security risks including the potential loss of proprietary data or data security breaches and related fines, penalties and other liabilities;

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• changes in domestic and foreign governmental policies and laws, including increased levels of government regulation and changes in agricultural policies, including the amount of farm subsidies and farm payments as well as changes in trade policy that may have an adverse impact on our business;

• government actions, including but not limited to budget levels, change in tax laws, regulations and legislation, relating to the environment, commerce, infrastructure spending, health and safety;

• government actions, including but not limited to budget levels, and changes in tax laws, regulations and legislation, relating to the environment, commerce, infrastructure spending, health and safety;

• risk of governmental defaults and resulting impact on the global economy and particularly financial institutions.

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Haberman 65 Executive Vice President, Alamo Industrial Equipment Division

Eckert 36 Vice President, Corporate Controller and Chief Accounting Officer

Pollock 65 Vice President, Human Resources

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Haberman served as President of the Company's Gradall Industries company from February of 2006 until January of 2020.

Eckert was appointed Vice President, Corporate Controller and Chief Accounting Officer of Alamo Group Inc.

in June 2023.

Prior to joining the Company, from 2020 to 2023, Mr.

Eckert served as Vice President, Finance for AMETEK Inc's Electron Microscopy Technologies business based in Pleasanton, California.

Prior to 2020, Mr.

Eckert held controllership, FP&A, and strategy roles progressing in responsibility at Howmet Aerospace Inc.

(formerly Alcoa Inc.).

Pollock was appointed Vice President, Human Resources of Alamo Group Inc.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business