What changed in this filing

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Item 1. Business

2025-11-26 compared with 2024-11-21 · 34 added, 33 removed, 184 unchanged (27% of the section changed)

4 unchanged sentences

(collectively with all its subsidiaries referred to in this Annual Report on Form 10-K as “Atkore,” the “Company,” “we,” “us,” and “our”) was incorporated in the State of Delaware on November 4, 2010.

As of September 30, 2024, Atkore was the sole stockholder of Atkore International, Inc.

Atkore is the sole stockholder of Atkore International, Inc.

We are a leading manufacturer of Electrical products primarily for the non-residential construction and renovation markets, as well as residential markets, and Safety & Infrastructure products for the construction and industrial markets.

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Atkore continues to invest to add capabilities and capacity to develop innovative products and solutions to make installation faster and easier.

Recent examples of our innovation include the patented MC Glide Tuff armored cable, the winner of the EC&M 2022 Product of the Year in the Wire & Cable category, which facilitates faster and smoother pull through during installations;

Eagle Basket, which quickly latches together;

and Cellular Core Conduit, which bends easier than PVC conduit.

Recent examples of our innovation include the expansion of our patented MC Glide Tuff armored cable, which facilitates faster and smoother pull through into both 10AWG and Fire Alarm Cables during installations and the 20’ Kwik-Fit Steel Conduit,

which is twice the length of traditional conduit, reducing the number of connectors required and time to install.

We are acutely aware of the importance of our equipment operating reliably, and we strive to deliver the safest, highest quality products.

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In fiscal 2025, our top ten customers accounted for approximately 40% of net sales.

For Fiscal 2024 and 2023, one customer, Sonepar USA accounted for more than 10% of sales, and for 2022, no single customer accounted for more than 10% of sales.

Our customers include global electrical distributors (such as CED, Graybar Electric Company, Rexel, Sonepar S.A.

For fiscal 2025, 2024 and 2023, one customer, Sonepar USA, accounted for more than 10% of sales.

Our customers include global electrical distributors (such as Consolidated Electrical Distributors, Inc.

(“CED”), Graybar Electric Company, Rexel, Sonepar S.A.

and Wesco International, Inc.), independent electrical distributors including super-regional electrical distributors (such as U.S.

Electrical Services Inc., Crescent Electric Supply Co.

and United Electric Supply Company, Inc.) and members of buying groups (such as Affiliated Distributors, Inc., IMARK Group, Inc.

and STAFDA) as well as industrial distributors and big-box retailers.

and United Electric Supply Company, Inc.) and members of buying groups (such as AD Independent Electrical Supply Division (“IESD”) and STAFDA) as well as industrial distributors and big-box retailers.

We also support alternative energy OEMs, with many applications used in solar system infrastructure.

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Similar to our distribution footprint, our manufacturing footprint is currently concentrated in the United States, with additional facilities in Australia, Belgium, Canada, New Zealand, and the United Kingdom.

In fiscal 2025, we announced that we would close three facilities in fiscal 2026.

With respect to our tube and conduit products, we believe we are a technology leader in the in-line galvanizing manufacturing process and have developed specialized equipment that enables us to produce a variety of low-cost high-quality galvanized tube products.

4 unchanged sentences

We use a variety of raw materials in manufacturing our products.

Our primary raw materials are steel, copper, polyvinyl chloride (“PVC”) resin and high density polyethylene (“HDPE”) though industry supply interruptions have occurred in the past for limited periods of time.

We believe that sources for these raw materials are well-established, generally available and are in sufficient quantity that we may avoid disruption to our business if we encounter an interruption from one of our existing suppliers.

Our primary raw materials are steel, copper, polyvinyl chloride (“PVC”) resin and high density polyethylene (“HDPE”).

We believe that sources for these raw materials are well-established, generally available and are in sufficient quantity that we

may avoid disruption to our business if we encounter an interruption from one of our existing suppliers, though industry supply interruptions have occurred in the past for limited periods of time.

Our primary suppliers of steel are Cleveland-Cliffs, Steel Dynamics and Nucor;

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Our marketing efforts are focused on key stakeholder audiences including electrical and industrial distributors, contractors, engineers, government entities, and OEM customers.

These combined efforts communicate the value proposition of the overall Atkore brand by bringing together complementary solutions in our portfolio while reinforcing the individual value propositions of our leading sub-brands such as Allied Tube & Conduit, AFC Cable Systems, Kaf-Tech, Heritage Plastics, Unistrut, Power-Strut, Cope, US Tray, FRE Composites, United Poly Systems, Calbond and Calpipe.

such as Allied Tube & Conduit, AFC Cable Systems, Kaf-Tech, Heritage Plastics, Unistrut, Power-Strut, Cope, US Tray, FRE Composites, Calbond and Calpipe.

Atkore sales are enabled through external commissioned sales agents and internal sales teams that drive customer acquisition and retention.

1 unchanged sentence

Prompted by evolving customer needs in an increasingly competitive, cost-and-efficiency conscious construction industry, we refreshed our branding strategy in 2020 from a house of brands to a branded house, uniting all brands under one master brand, Atkore, and adopted the “Building Better Together” theme to demonstrate how we work with our customers and our customers’ customers.

An indicator of the effectiveness of our marketing and branding strategy is the marketplace recognition Atkore has garnered through several awards in the last 2 years, including the tED Best of the Best Award for Marketing Excellence, an AD Electrical Marketing Excellence Award, and a tED Advertising Award.

The effectiveness of our marketing and branding strategy is reflected in consistent marketplace recognition, including multiple tED Best of the Best Awards for Marketing Excellence each year, most recently earning five awards in fiscal 2025.

Our principal competitors range from national manufacturers to smaller regional manufacturers and differ by each of our product lines.

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The Company’s email service and various other information technology services are on cloud computing platforms hosted by various prominent and reputable technology companies.

Beginning in 2019, the Company began to standardize its ERP and has completed the implementation of modules for order management, advanced warehouse management, inventory management, accounts receivable and accounts payable across significant portions of the business.

The Company continues to implement this ERP as it integrates acquired businesses.

The Company continues to implement a standardized ERP and has completed the implementation of modules for order management, advanced warehouse management, inventory management, accounts receivable and accounts payable across significant portions of the business.

In today’s business environment, cybersecurity is of paramount importance and Atkore has also invested significantly to strengthen our cybersecurity posture.

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In addition to many other awards.

In 2024, Atkore was recognized as a Great Place to Work-Certified TM company for the fourth year in a row.

In 2025, Atkore was recognized as a Great Place to Work-Certified TM company for the fifth year in a row.

Employee Base

5 unchanged sentences

From time to time, our collective bargaining agreements expire and come up for re-negotiations.

Our Harvey, Illinois collective bargaining agreement with the United Steelworkers Union, which represents approximately 367 employees expired in April 2024.

The United Steelworkers Union employees have continued to work thus far during negotiations, which are ongoing.

Our Harvey, Illinois collective bargaining agreement with the United Steelworkers Union was ratified on April 3, 2025.

Safety, Health and Well-Being

8 unchanged sentences

We believe Atkore’s investments in safety, health and well-being are critical to supporting and protecting our most important asset:

Diversity, Equity and Inclusion

At Atkore, we believe that diversity of all types contributes to our success and that our differences make us better.

We believe that supporting a diverse, equitable and inclusive workplace fosters a culture of openness and innovation.

Our commitment to Diversity, Equity and Inclusion (“DE&I”) is embedded throughout the company with a range of programs driven by our DE&I Roadmap, which helps us identify and execute specific actions and monitor our progress toward a workplace where all employees feel they belong and are empowered to do their best work.

In 2023, we expanded the scope DE&I related training offerings, building upon our required unconscious bias training for salaried and hourly employees and reflecting our ambition to embed equity and inclusion across our business.

In 2022, we also expanded our anti-harassment policy to expressly prohibit bullying, in addition to discrimination and all forms of harassment, and all Atkore employees are required to complete anti-harassment training.

Our DE&I Steering Committee sponsored a number of community events and contributions in 2024, including back-to-school backpack drives for lower social-economic communities, and engagement with a variety of LGBTQIA+ community organizations, including as a sponsor for the Center on Halsted's annual gala and career fair in Chicago, Illinois.

We regularly evaluate our progress on DE&I across the company.

During 2023, we expanded our DE&I reach by introducing location Diversity, Equity and Inclusion champions at many of our locations globally.

These champions provide support by bringing greater awareness of DE&I initiatives at a local level and driving many internal and community-based activities.

Each of our employees is encouraged to bring their uniqueness to the Company, which unlocks their individual potential and Atkore’s organizational potential.

Inclusive Leadership Mindset

At Atkore, we believe that all employees contribute to our success and that our differences make us better.

We believe that supporting an inclusive workplace fosters a culture of openness and innovation.

Our commitment is embedded throughout the company with a range of programs where all employees feel they belong and are empowered to do their best work.

Engagement, alignment, and well-being are also an integral part of our culture.

We have implemented numerous initiatives to attract, develop, and retain high-performing talent.

Atkore’s commitment to our people and culture is reflected in the recognition we have received.

We are extremely proud to have earned multiple Top Workplace awards and have been certified as a Great Place to Work since 2021.

Atkore employees also care deeply about the communities where we live and work.

In turn, our teams are actively engaged in volunteer and philanthropic initiatives that positively impact those around us.

Each of our employees is encouraged to bring their uniqueness to the Company, which unlocks their individual potential and Atkore’s organization potential.

Talent Development and Retention

3 unchanged sentences

In fiscal 2025, approximately 20% of our total positions filled came from internal promotions, highlighting our commitment to developing our employees.

Our successful ALDP program continues to generate talented leaders.

Our successful Atkore Leadership Development Program continues to generate talented leaders.

This program provides recent graduates with the opportunity to navigate through a robust two-year rotational program designed to teach and develop key skills while working within various functions of the organization.

4 unchanged sentences

An aligned employee lives our mission and values, learns our strategic priorities and links their individual goals to those priorities.

Our 2024 engagement and alignment survey had an overall

participation rate of 81%.

Our 2025 engagement and alignment survey had an overall participation rate of 81%.

In fiscal 2025, 74% of our hourly workforce participated in the survey, compared to 73% of hourly employees in fiscal 2024.

31 unchanged sentences

The State sought an injunction ordering Allied Tube to take immediate corrective action to abate the alleged violations and civil penalties as permitted by applicable law.

Allied Tube has reviewed management practices and made improvements to its diesel fuel storage and truck maintenance areas to resolve the State’s claims.

Allied Tube has reviewed management practices and

made improvements to its diesel fuel storage and truck maintenance areas to resolve the State’s claims.

We entered into a consent order that required Allied Tube to pay a nominal penalty, install base low-flow oil and water separation equipment and take certain additional remedial actions to resolve the State’s claim.

26 unchanged sentences

Our reports are also available free of charge on the SEC’s website, www.sec.gov.

References to our website in this Annual Report on Form 10-K do not constitute an incorporation by reference of any of the information found on our website, and such information is not a part of this or any other report we file with or furnish to the SEC.

References to our website in this Annual Report on Form 10-K do not

constitute an incorporation by reference of any of the information found on our website, and such information is not a part of this or any other report we file with or furnish to the SEC.

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