What changed in this filing

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Item 1. Business

2025-02-27 compared with 2024-02-22 · 50 added, 59 removed, 434 unchanged (20% of the section changed)

31 unchanged sentences

SMA manufactures and sells principally a line of heavy-duty, tractor-mounted grass and hedge mowing-equipment and associated replacement parts primarily to departments of the French government.

This acquisition, along with the acquisitions of Forges Gorce (" Forges Gorce "), a flail blade manufacturer in France, in 1996 and Rousseau Holdings S.A.

(“ Rousseau ”), a leading French manufacturer of hedge and verge mowers, in 2004, when combined

with McConnel and Bomford, has made the Company one of the largest manufacturers in the European market for the kind of vegetation management equipment sold by the Company.

This acquisition, along with the acquisitions of Forges Gorce (" Forges Gorce "), a flail blade manufacturer in France, in 1996 and Rousseau

Holdings S.A.

(“ Rousseau ”), a leading French manufacturer of hedge and verge mowers, in 2004, when combined with McConnel and Bomford, has made the Company one of the largest manufacturers in the European market for the kind of vegetation management equipment sold by the Company.

In 1995, the Company expanded its business in the agricultural market with the acquisition of Herschel Corporation (“Herschel”) , a manufacturer and distributor of aftermarket farm equipment replacement and wear parts.

In 2024, the Company sold substantially all of the assets of its Herschel business.

In 2000, the Company acquired Schwarze Industries, Inc .

36 unchanged sentences

This acquisition, combined with the Company’s existing range of rotary mowers, established the Company as one of the largest manufacturers of rotary mowers in the world.

In 2024, the Rhino manufacturing operations were consolidated into our Bush Hog facility in Selma, Alabama.

In 2011, the Company acquired substantially all of the assets and assumed certain specified liabilities of Tenco Group, Inc.

36 unchanged sentences

(" 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.

12 unchanged sentences

This acquisition expanded the Company's product line and complemented its range of vegetation maintenance equipment in an adjacent market.

Morbark is based in Winn, Michigan with subsidiary locations in Wooster, Ohio and Roxton Falls, Quebec.

Morbark is based in Winn, Michigan.

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 2024, the Rayco manufacturing operations were consolidated into the Morbark facility in Winn, Michigan.

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

69 unchanged sentences

Santa Izabel designs, manufactures and markets a variety of agricultural implements, including sugar cane trailers sold throughout Brazil.

Herschel aftermarket replacement parts are sold for many types of farm equipment and tractors and certain types of mowing and construction equipment.

Herschel products include a wide range of cutting parts, plain and hard-faced replacement tillage tools, disc blades and fertilizer application components.

Herschel replacement tools and parts are sold throughout the United States, Canada and Mexico to five major customer groups:

farm equipment dealers;

fleet stores;

wholesale distributors;

and construction equipment dealers.

Valu-Bilt complements the Herschel product lines while also expanding the Company’s offering of aftermarket agricultural parts and added catalog and internet sales direct to end-users.

Industrial Equipment Division

6 unchanged sentences

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

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.

VacAll also offers a line of sewer cleaners.

23 unchanged sentences

Fairfield also provides truck up-fitting services as part of its business.

Schwarze equipment includes truck-mounted air vacuum, mechanical broom, and regenerative air sweepers, pothole patchers and replacement parts.

Schwarze equipment includes truck-mounted air vacuum, mechanical broom, and regenerative air sweepers, and replacement parts.

Schwarze sells its products primarily to governmental agencies and independent contractors, either directly or through its independent dealer network.

29 unchanged sentences

Unfilled Orders

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

As of December 31, 2024, the Company had unfilled customer orders of $668.6 million compared to $859.8 million at December 31, 2023.

Management expects that substantially all of the Company’s unfilled orders as of December 31, 2024 will be shipped during fiscal year 2025.

1 unchanged sentence

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;

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.

38 unchanged sentences

These include, among other laws and regulations:

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

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

(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;

10 unchanged sentences

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:

Our Senior Vice-President of Corporate Human Resources ("SVP-CHR") 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 SVP-CHR regularly update our Board of Directors regarding the status of our human resources strategic initiatives, which include:

Focus on Health and Safety :

5 unchanged sentences

Employee Engagement and Talent Development :

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

Alamo Group aims to create a culture of equal employment opportunity and 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.

6 unchanged sentences

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.

Commitment to Equal Employment Opportunity and Inclusion :

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

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.

Career opportunities are marketed internally as well as externally to a wide network of organizations and job boards so we can encourage a broad pool of candidates.

We 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 :

6 unchanged sentences

RPM has an agreement covering 2 employees which expires on February 1, 2025;

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

and Everest has a collective bargaining agreement covering 83 employees which expires on November 30, 2029.

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

19 unchanged sentences

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.

31 unchanged sentences

• 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, and changes in tax laws, regulations and legislation, relating to the environment, commerce, infrastructure spending, health and safety;

• changes to global trade policies, tariffs, trade sanctions, and investment restrictions

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

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

3 unchanged sentences

It is not possible for management to predict all risk factors or to assess the impact of such risk factors on the Company’s businesses.

Any forward-looking statements made by or on behalf of the Company speak only to the date they are made and we do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the forward-looking statements were made.

Any forward-looking statements made by or on behalf of the Company speak only to the date they are made and we do not undertake to

update forward-looking statements to reflect the impact of circumstances or events that arise after the forward-looking statements were made.

Information About our Executive Officers

2 unchanged sentences

Leonard 65 President and Chief Executive Officer

Wehrle 67 Executive Vice President and Chief Financial Officer

Rizzuti 54 Executive Vice President, General Counsel and Secretary

Kamps 48 Executive Vice President and Chief Financial Officer

Rizzuti 55 Executive Vice President, Corporate Development and Investor Relations and Secretary

Malone 64 Executive Vice President, Chief Sustainability Officer

Raborn 59 Executive Vice President, Alamo Vegetation Management Division

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

Thomas 60 Executive Vice President, Alamo Industrial Equipment Division

Pollock 66 Senior Vice President, Corporate Human Resources

Sullivan 55 Vice President, Internal Audit

3 unchanged sentences

Leonard previously was Senior Vice President of Metso Minerals Industries Inc., a supplier of technology and services for mining, construction, power generation, automation, recycling, and pulp and paper industries.

Wehrle was appointed Executive Vice-President and Chief Financial Officer of the Company in July of 2021.

Prior to that, Mr.

Wehrle served as Vice President, Controller and Treasurer of the Company from May 2001 to July 2021.

He assumed Treasury responsibilities in May of 2018.

Previously, Mr.

Wehrle served in various accounting management capacities within the Company from 1988 to 2001.

On December 20, 2024, Mr.

Leonard notified the Board of his intention to retire as President and CEO by mid-year and upon the appointment of his successor.

Leonard's intention to retire as President and CEO is due to personal reasons and is not the result of any disagreement with the Company.

Kamps was appointed Executive Vice President and Chief Financial Officer of the Company in May of 2024 after being appointed Executive Vice President and Treasurer in March of 2024.

Prior to joining the Company, Ms.

Kamps served as Vice President and Chief Financial Officer of Americas Styrenics, LLC since January 2021.

Prior to her role with Americas Styrenics, Ms.

Kamps served in various accounting management capacities with several Siemens companies and with United Technologies.

Rizzuti was appointed Vice President, General Counsel of Alamo Group Inc.

in July of 2015, assumed the Secretary role in May of 2018, and was promoted to Executive Vice President in November of 2021.

Rizzuti was named Chief Legal Officer in April of 2024 and transitioned to the role of Executive Vice President Corporate Development and Investor Relations in January of 2025.

Prior to joining the Company, from 2010 to 2015, Mr.

7 unchanged sentences

and its various subsidiaries.

Raborn was appointed Executive Vice President the Company's Vegetation Management Division in July of 2021.

Raborn was appointed Executive Vice President of the Company's Vegetation Management Division in July of 2021.

Raborn joined the Company in 2015 and served as Executive Vice-President of the Company's former Agricultural Division from 2015 to 2021.

2 unchanged sentences

ITW is one of the world's leading diversified manufacturers of specialized industrial equipment, consumables and related service business.

Haberman was appointed Executive Vice-President of the Company's Industrial Equipment Division in July of 2021.

Thomas was appointed Executive Vice President of the Company's Industrial Equipment Division in August of 2024.

Prior to his role as Executive Vice President, Mr.

Haberman served as the Company's Excavation/Vacuum Truck group Vice-President from January 2020 to July 2021.

Previously, Mr.

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.

in May of 2018.

Thomas served as the Company's Excavation/Vacuum Truck group Vice-President since February of 2022.

Prior to joining the Company, Mr.

Thomas served as President of Navistar Defense LLC since 2015.

Thomas began with Navistar International in 1999, and held various roles including Director of Engineering, Director of Blue Diamond Truck LLC, and Director of Program Management for Navistar Defense, before being appointed President.

Thomas held roles with General Dynamics Land Systems Divisioin and General Motors Truck Group prior to joining Navistar.

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

in April of 2024, and previously served as Vice President, Human Resources of Alamo Group since May of 2018.

Pollock joined Alamo Group in June of 2013 as Vice President of Human Resources for U.S.

8 unchanged sentences

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