What changed in this filing

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Item 1. Business

2022-11-18 compared with 2021-11-18 · 28 added, 42 removed, 184 unchanged (28% of the section changed)

14 unchanged sentences

Our mission is to be the customer’s first choice by providing unmatched quality, delivery, and value based on sustainable excellence in strategy, people, and processes.

Effective in the first quarter of fiscal 2021, Atkore made the decision to rename and reorganize its two segments to better reflect each segment’s value proposition and go-to-market approach.

The Electrical segment was formerly named the Electrical Raceway segment.

The Safety & Infrastructure segment was formerly named the Mechanical Products & Solutions segment.

Effective in the first quarter of fiscal 2021, the Company also implemented the realignment of its segment financial reporting structure such that its domestic cable management and prefabrication businesses are now reflected in the Safety & Infrastructure segment.

Effective in the second quarter of fiscal 2021, the Company changed its name from Atkore International Group Inc.

to Atkore Inc.

Atkore is committed to providing our customers with a safe, sustainable, and innovative portfolio of high quality electrical, mechanical, safety, and infrastructure products and solutions.

In total, we serve several end-markets, including new non-residential construction, repair and remodel (“MR&R”), residential, OEM, and international markets.

In total, we serve several end-markets, including new non-residential construction, maintenance, repair and remodel (“MR&R”), residential, OEM, and international markets.

We continuously seek to improve our product offerings and develop innovative new products that meet the changing needs of our customers, which include industry trends toward digital design tools and labor saving solutions.

The majority of Atkore products have Building Information Modeling (“BIM”) models available for our customers’ use.

Significant product categories within our Electrical segment include metal electrical conduit and fittings, plastic pipe and conduit, electrical cable and flexible conduit, and international cable management systems, which are critical components of the electrical infrastructure for new construction and maintenance, MR&R markets.

Significant product categories within our Safety & Infrastructure segment include mechanical pipe, metal framing & fittings, and perimeter security.

Significant product categories within our Safety & Infrastructure segment include mechanical pipe, metal framing & fittings, construction services and perimeter security.

Our metal framing products are used in the installation of electrical systems and various support structures, and our mechanical tube products can commonly be found in solar applications.

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 MC Glide armored cable, which facilitates faster and smoother pull through during installations;

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;

22 unchanged sentences

Our headquarters are located in Harvey, Illinois, which is also the location of our largest manufacturing facility.

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

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.

7 unchanged sentences

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

our primary suppliers of copper are AmRod and Freeport McMoran;

our primary suppliers of copper are AmRod and SDI LaFarga;

and our primary suppliers of PVC resin are Westlake, Formosa and Oxy Vinyls.

We strive to maintain strong relationships with our suppliers.

Notwithstanding the general availability of PVC resin, our resin suppliers declared force majeure during fiscal 2021 which constrained the availability and supply of resin.

Responsible sourcing and supply chain management are critical to Atkore’s ability to provide high quality products to our customers.

12 unchanged sentences

Our distribution footprint is concentrated in North America (the United States and Canada), with additional facilities in Australia, New Zealand and the United Kingdom.

Products are generally delivered to the distribution centers from our manufacturing facilities and then subsequently delivered to the customer.

In some instances, a product is delivered directly from our manufacturing facility to a customer or end-user.

In many cases, our products are bundled and co-loaded when shipped.

We contract with a wide range of transport providers to deliver our products.

In a typical year, our operating results are impacted by seasonality.

3 unchanged sentences

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, Calbond and Calpipe.

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.

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

Our comprehensive portfolio of products and solutions is continually enhanced by driving innovation into our markets with new product introductions, such as the digital tools that support project design and selection.

In 2020, prompted by evolving customer needs in an increasingly competitive, cost-and-efficiency conscious construction industry, we refreshed our branding strategy 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 customers and customers’ customers.

An indicator of the effectiveness of our marketing and branding strategy is the marketplace recognition Atkore has garnered through a number of awards, including the tED Best of the Best Award for best brand campaign, an AD Electrical Marketing Excellence Award, and a tED Advertising Award.

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.

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

3 unchanged sentences

The main competitors in each of these segments are listed below:

ABB Ltd., Eaton Corporation plc, nVent Electric plc, Hubbell Incorporated, Zekelman Industries, Inc., Nucor Corporation, Southwire Company, LLC, and Encore Wire Corporation plc.

Zekelman Industries, Inc., Mitsubishi Corporation, Nucor Corporation, Southwire Company, LLC, Dura-Line Corporation, and Encore Wire Corporation plc.

Safety & Infrastructure :

Zekelman Industries, Inc., Eaton Corporation plc, ABB Ltd.

and Haydon Corporation

Zekelman Industries, Inc., Eaton Corporation plc, ABB Ltd., Hubbell Incorporated, nVent Electric plc., and Haydon Corporation

Management of Information Technology Systems

9 unchanged sentences

Human Capital Resources

Atkore believes that a strong culture of engagement and alignment drives continuous improvement, enhances our customers’ experience, and delivers strong performance.

Atkore believes that a culture of engagement and alignment drives continuous improvement, enhances our customers’ experience, and delivers strong performance.

We aim to foster a workplace where our employees feel aligned with our mission, proud of our culture and engaged in their work.

1 unchanged sentence

Atkore operates under a set of core values of Accountability, Teamwork, Integrity, Respect and Excellence and the Atkore Business System, which prioritizes Strategy, People and Processes, the fundamentals of how we Build Better Together.

Our culture provides employees with opportunities for personal and professional development as well as community

engagement, all of which contribute to our Company’s overall success.

Our culture provides employees with opportunities for personal and professional development as well as community engagement, all of which contribute to our Company’s overall success.

In addition to many other awards, in 2020, Atkore was recognized as a Great Place to Work-Certified TM company.

1 unchanged sentence

As of September 30, 2022, we employed approximately 5,000 full-time equivalent employees of whom approximately 20% are temporary or contract workers.

Our employees are primarily located in the United States, with about 18% employed at our international locations in Australia, Belgium, Canada, China, New Zealand, Russia, and the United Kingdom.

Our employees are primarily located in the United States, with about 14% employed at our international locations in Australia, Belgium, Canada, China, New Zealand, and the United Kingdom.

As of September 30, 2022, approximately 18% of our domestic and international employees were represented by a union under a collective bargaining agreement.

38 unchanged sentences

and Diversity Equity & Inclusion 83%.

Atkore is committed to supporting human rights and fair labor practices for all our employees, suppliers, contractors, business partners and in the communities where we operate.

Atkore is committed to supporting human rights and fair labor practices.

We will not tolerate human rights abuses of any kind, including human trafficking, child labor or incidents of corruption within our company or supply chain.

3 unchanged sentences

In 2021, we launched our Supplier Business Review Agenda with several of our largest suppliers to ensure our partners could conduct business in alignment with our values.

Response to COVID-19 Pandemic

In response to the evolving impacts of the novel coronavirus (“COVID-19”) pandemic, we took proactive steps to help protect the safety and well-being of our employees, as well as maintain the continuity of our business.

We quickly created a cross-functional, COVID-19 Response Committee to track and address COVID-19 cases and impacts in the locations around the world where our employees live and work.

We implemented various safety protocols, such as personal protective equipment and facemasks, social distancing, enhanced cleaning, health screens and a vaccination wellness incentive to foster a safe working environment for our employees, customers, and vendors.

In addition, we have increased the level of communication from our leaders to better inform and support our employees.

Atkore continues to monitor and is prepared to take action on the COVID-19 pandemic.

The measures we have taken have allowed us to continue our manufacturing operations and allow office employees to return to in-person work.

Intellectual Property

31 unchanged sentences

In October 2016, we received the final permit.

A mutually agreed upon compliance plan is part of the permit, which was modified in December 2019 to accommodate trials of a metal coating technology that would nearly eliminate the largest source of zinc emissions from our galvanizing operations.

Although the metal coating trials were not successful, we are in the final stages of installing zinc treatment systems for both the storm water discharges, but also further reducing the zinc emitted from the galvanizing manufacturing operations.

A new permit was issued August 5, 2021 that includes a less stringent permit limit based on the receiving stream evaluation, which also includes a one-year start-up / shake-down period to meet the new zinc limit.

The compliance plan includes studies to reduce zinc emitted from galvanizing manufacturing operations, implementation of more rigorous management practices, evaluation of the installation of passive/cost effective stormwater treatment and receiving stream studies to determine if a less stringent permit limit will be as protective of the water system as the current permit limit.

We continue to work towards compliance and have kept the IPEA informed on our progress.

Given the scope and time frame of the compliance plan, we do not expect that achieving compliance with either the stormwater discharge permit or the plan will have a material effect on our financial position, results of operations or cash flows.

A mutually agreed upon compliance plan was part of the permit.

The compliance plan included studies to reduce zinc emitted from galvanizing manufacturing operations, implementation of more rigorous discharge management practices, evaluation of the installation of passive/cost effective stormwater treatment and receiving stream studies to determine if a less stringent permit limit would be as protective of the water system as the October 2016 permit limit.

The permit was modified in December 2019 to accommodate trials of a metal coating technology that would nearly eliminate the largest source of zinc emissions from our galvanizing operations.

Although the metal coating trials were not successful, we have completed the installation of zinc treatment systems for the storm water discharges, are further reducing the zinc emitted from the galvanizing manufacturing operations and are capturing stormwater for treatment and use in our manufacturing process.

A new permit was issued August 5, 2021 that included a less stringent permit limit based on the receiving stream evaluation, which also included a one-year start-up / shake-down period to meet the new zinc limit.

We continued to keep the IPEA informed on our progress.

The facility achieved compliance within the one-year start-up / shake-down period.

Ongoing compliance with the stormwater discharge permit is not expected to have a material effect on our financial position, results of operations or cash flows.

We are continually investigating, remediating or addressing contamination at our current and former facilities.

For example, we are currently monitoring groundwater contamination at our Wayne, Michigan facility.

For example, we are currently monitoring and passively remediating groundwater contamination at our Wayne, Michigan facility.

Future remediation activities may be required to address contamination at or migrating from the Wayne, Michigan site.

We have maintained good working relationships with the State of Michigan Department of Environment, Great Lakes, Energy, the City of Wayne and the residents surrounding our facility.

We hold periodic public meetings to keep the community apprised of the current monitoring data and the remedial efforts taken or planned.

We do not expect planned remedial efforts to have a material adverse effect on our financial position, results of operations or cash flows.

Many of our current and former facilities have a history of industrial usage for which additional investigation and remediation obligations could arise in the future and which could materially adversely affect our business, financial position, results of operations or cash flows.

4 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