Item 2. Properties
Item 2. Properties
The Company is headquartered in West Orange, New Jersey. The Compan y occupies 294,000 square feet at 18 non-manufacturing facilities , which are used primarily for management, financial accounting, engineering, sales and administrative support. Of this space, the Company leases 187,000 square feet in 13 facilities and owns properties of 107,000 square feet.
The Company also operate d 19 manufacturing facilities in 7 c oun tries as of December 31, 2023. Approximately 13% of the 2.4 million square feet the Co mpany occupies is owned while the remainder is leased. See Note 19, "Commitments and Contingencies" , for additional information pertaining to leases.
The following is a list of the locations of the Company's principal manufacturing facilities at December 31, 2023:
Location
Approximate Square Feet
Product Group Produced at Facility
Owned/ Leased
Percentage Used for Manufacturing
Dongguan, People's Republic of China
661,000
Magnetic Solutions
Leased
36
%
Pingguo, People's Republic of China
180,000
Magnetic Solutions
Leased
39
%
Shenzhen, People's Republic of China
227,000
Power Solutions & Protection
Leased
100
%
Zhongshan, People's Republic of China
77,000
All three product groups
Leased
100
%
Zhongshan, People's Republic of China
118,000
All three product groups
Owned
100
%
Zhongshan, People's Republic of China
78,000
All three product groups
Owned
100
%
Guangxi, People's Republic of China
243,000
Magnetic Solutions
Leased
54
%
Mumbai, India
56,000
Power Solutions & Protection
Leased
46
%
Dubnica nad Vahom, Slovakia
35,000
Power Solutions & Protection
Owned
50
%
Dubnica nad Vahom, Slovakia
70,000
Power Solutions & Protection
Leased
100
%
Worksop, United Kingdom
51,000
Connectivity Solutions
Leased
28
%
Chelmsford, United Kingdom
17,000
Connectivity Solutions
Leased
80
%
Dominican Republic
33,000
Magnetic Solutions
Leased
85
%
Cananea, Mexico
30,000
Connectivity Solutions
Leased
60
%
Reynosa, Mexico
80,000
Connectivity Solutions
Leased
56
%
Glen Rock, Pennsylvania
74,000
Connectivity Solutions
Owned
60
%
Waseca, Minnesota
127,000
Connectivity Solutions
Leased
83
%
McAllen, Texas
40,000
Connectivity Solutions
Leased
56
%
Melbourne, Florida
13,000
Connectivity Solutions
Leased
64
%
2,210,000
Of the space described above, 420,000 square feet is used for engineering, warehousing, sales and administrative support functions at various locations and 419,000 square feet is designated for dormitories, canteen and other employee related facilities in the PRC.
The Territory of Hong Kong became a Special Administrative Region ("SAR") of the PRC during 1997. The territory of Macao became a SAR of the PRC at the end of 1999. Management cannot presently predict what future impact, if any, this will have on the Company or how the political climate in the PRC will affect its contractual arrangements in the PRC. A significant portion of the Company's manufacturing operations and approximately 21.6% of its id entifiable assets are located in Asia.
Item 3. Legal Proceedings
The information called for by this Item is incorporated herein by reference to the caption "Legal Proceedings" in Note 19, "Co mmitments and Contingencies."
Item 4. Mine Safety Disclosures
Not applicable.
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Table of Contents
PART II