What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-10-25 compared with 2021-10-25 · 93 added, 68 removed, 95 unchanged (63% of the section changed)

3 unchanged sentences

The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin.

The Company has two operating segments, Industrial Tools & Service ("IT&S") and Other, with IT&S being the only reportable segment.

The IT&S segment is primarily engaged in the design, manufacture and distribution of branded hydraulic and mechanical tools, as well as providing services and tool rental to the industrial, maintenance, infrastructure, oil & gas, alternative energy and other markets.

The Company has six operating segments, Industrial Tools & Service ("IT&S") Americas, IT&S Europe/Sub Sahara Africa/India (“IT&S ESSAI”), IT&S Asia Pacific/Australia/China (“IT&S APAC”), IT&S Middle East/North Africa/Caspian (“IT&S MENAC”), Cortland Industrial and Cortland Medical.

In accordance with generally accepted accounting principles in the United States (“US GAAP”), the IT&S operating segments met the criterion for aggregation and have been aggregated into IT&S, our only reportable segment.

The IT&S segment is primarily engaged in the design, manufacture and distribution of branded hydraulic and mechanical tools and in providing services and tool rental to the industrial, maintenance, infrastructure, oil & gas, alternative energy and other markets.

Financial information related to the Company's reportable segment is included in Note 16, "Business Segment, Geographic and Customer Information" in the notes to the consolidated financial statements.

1 unchanged sentence

We closed the transaction during our first quarter of fiscal 2020.

The divestiture of the EC&S segment, along with the fiscal 2019 divestitures of the Cortland Fibron and Precision Hayes International ("PHI") businesses, were a part of our strategic shift to become a pure play industrial tools and services company.

As such, the results of the EC&S segment as well as the Cortland Fibron and PHI businesses are considered discontinued operations in all periods presented herein.

The divestiture of the EC&S segment was a strategic shift to become a pure-play industrial tools and services company.

As such, the results of the EC&S segment are considered discontinued operations in all periods presented herein.

Our Business Model

Our long-term goal is to create shareholder value and best in class returns through growth of our core businesses, driving efficiency and profitability, generating strong cash flow, and being disciplined in the deployment of our capital.We intend to leverage our strong brand, market positions, and dealer and distribution networks to generate organic core sales growth that exceeds end-market growth rates.

Organic growth is accomplished through a combination of market share capture and product innovation, as well as market expansion into new vertical markets, emerging industries and new geographic regions.

We intend to leverage our strong brand, market positions, and dealer and distribution networks to generate organic core sales growth that exceeds end-market growth rates.

Our plan is to accomplish organic growth through a combination of market share capture and product innovation, as well as market expansion into new vertical markets, emerging industries and new geographic regions.

In addition to organic growth, we also focus on profit margin expansion by utilizing continuous improvement techniques to drive productivity and lower costs and by enacting routine pricing initiatives to generate price realization and offset cost increases, such as commodity and tariff increases and general inflation.

Finally, cash flow generation is critical to achieving our financial and long-term strategic objectives.

Strong cash flow generation is achieved by maximizing returns on assets and minimizing

primary working capital needs.

Finally, cash flow generation is critical to achieving our financial

and long-term strategic objectives.

We expect to achieve strong cash flow generation by maximizing returns on assets and minimizing primary working capital needs.

The cash flow that results from efficient asset management and improved profitability is used to fund internal growth opportunities, strategic acquisitions, paydown of debt and opportunistic returns to shareholders.

In March 2022, the Company announced the start of its ASCEND transformation program (“ASCEND”).

ASCEND’s key initiatives include accelerating organic growth go-to-market strategies, improving operational excellence and production efficiency by utilizing a Lean approach, and driving greater efficiency and productivity in selling, general and administrative expense by better leveraging resources to create a more efficient and agile organization.

The Company expects that it will deliver an incremental $40-$50 million of annual operating profit from the execution of ASCEND, with the full run rate of operating profit expected to be reflected in its results as it exits fiscal 2024 and fully incorporated into its fiscal 2025 projections.

Enerpac anticipates investing approximately $60-$65 million over the life of the program to support the ASCEND initiatives.

Description of Business Segments

1 unchanged sentence

IT&S is a global supplier of both products and services to a broad array of end markets, including infrastructure, industrial maintenance, repair and operations, oil & gas, mining, alternative and renewable energy, and civil construction markets.

Our primary products include branded tools, cylinders, hydraulic torque wrenches and highly engineered heavy lifting technology solutions.

Our primary products include branded tools, cylinders, pumps, hydraulic torque wrenches and highly engineered heavy lifting technology solutions.

Examples of our products include high-forc e hydraulic and mechanical tools (cylinders, pumps, valves and specialty tools), which are designed to allow users to apply controlled force and motion to increase productivity, reduce labor costs and make work safer and easier to perform, bolt tensioners and other miscellaneous products.

9 unchanged sentences

Other Operating Segment

The Other operating segment includes our Cortland U.S.

business, which primarily designs and manufactures high performance synthetic ropes and biomedical textiles.

The Other operating segment does not meet the quantitative or qualitative thresholds to be considered a reportable segment.

The Cortland Industrial and Medical operating segments, which primarily design and manufacture high performance synthetic ropes and biomedical textiles, respectively, do not meet the quantitative or qualitative thresholds, individually or collectively, to be considered reportable segments, and together represent the Other operating segment.

Therefore, the results are not disclosed separately as would be required if the Other operating segment were considered a reportable segment, and as the business is not closely related to the IT&S segment, results are not aggregated to be included in the results of the IT&S reportable segment.

Certain information related to the Other operating segment is disclosed within Note 15, "Business Segment, Geographic, and Customer Information" in order to comply with U.S generally accepted accounting principles ("GAAP") requirements to reconcile certain required disclosures to the Consolidated Financial Statements.

Certain information related to the Other operating segment is disclosed within Note 1 6 , "Business Segment, Geographic, and Customer Information" in order to comply with US GAAP requirements to reconcile certain required disclosures to the Consolidated Financial Statements.

Acquisitions and Divestitures

For a summary of recent acquisition and divestiture transactions impacting continuing operations, see Note 4, "Acquisi tions" and Note 5, "Discontinued Operations and Other Divestiture Activities" in the notes to the consolidated financial statements.

For a summary of recent acquisition and divestiture transactions impacting continuing operations, see Note 5, "Acquisitions" and Note 6, "Discontinued Operations and Other Divestiture Activities" in the notes to the consolidated financial statements.

International Business

1 unchanged sentence

In fiscal 2022, we derived 40% of our net sales from the United States, 24% from Europe, 14% from the Middle East, 14% from Asia and 8% from other geographic areas.

We have operations around the world that allow us to draw on the skills of a global workforce, provide flexibility to our operations, allow us to drive economies of scale, provide revenue streams that may help offset economic trends that are specific to individual countries and offer u s an opportunity to access new markets.

We have operations around the world that allow us to draw on the skills of a global workforce, provide flexibility to our operations, drive economies of scale, provide revenue streams that may help offset economic trends that are specific to individual countries and access new markets.

Although international operations are subject to certain risks, we continue to believe that a global presence is key to maintaining strong relationships with many of our global customers and suppliers.

Financial information related to the Company's geographic footprint of our continuing operations is included in Note 15, "Business Segment, Geographic and Customer Information" in the notes to the consolidated financial statements.

Financial information related to the Company's

geographic footprint of our continuing operations is included in Note 16, "Business Segment, Geographic and Customer Information" in the notes to the consolidated financial statements.

Product Development and Engineering

We conduct research and development activities to develop new products and to enhance the functionality, effectiveness, ease of use and reliability of our existing products.

We conduct research and development a ctivities to develop new products and to enhance the functionality, effectiveness, ease of use and reliability of our existing products.

We believe that our engineering and research and development efforts have been, and continue to be, key drivers of our success in the marketplace.

2 unchanged sentences

Research and development ("R&D") costs are expensed as incurred.

R&D costs were $7.4 million in fiscal 2021, an increase of 1% from $7.3 million in fiscal 2020 and a decrease of 22% from $9.3 million in fiscal 2019.

We target a minimum of 10% of consolidated product sales annually to be from new product development as a result of our research and development activities.

R&D costs were $7.3 million in fiscal 2022, a decrease of 1% from $7.4 million in fiscal 2021 and an increase of 1% from $7.3 million in fiscal 2020.

The Company holds numerous patents and trademarks;

9 unchanged sentences

Components are built to our highly engineered specifications by a variety of suppliers, including those in best-cost countries such as China and India.

We have built strong relationships with our key suppliers and, while we single source certain of our components, in most cases there are several qualified alternative sources.

Raw Material Costs and Inflation

We have built strong relationships with our key suppliers and, while we single source certain of our components, in many cases there are several qualified alternative sources.

Raw Material Costs, Inflation and Tariffs

We source materials and components from a network of global suppliers.

1 unchanged sentence

Raw materials that go into the components we source, such as steel, aluminum, plastic resin, brass, steel wire and rubber, are subject to price fluctuations and tariffs, which could have an impact on our results.

We have been able to offset the impact of inflation in recent years with pricing actions, manufacturing efficiencies and cost reductions.

We have been able to offset the impact of inflation with pricing actions, manufacturing efficiencies and other cost reductions.

In addition, several of our products have been subject to tariffs, but to date we have been able to offset the majority of additional costs from tariffs through price increases.

We continue to manage our supply chain to mitigate ongoing risks associated with the evolving political environments.

We continue to manage our supply chain to mitigate ongoing risks associated with the evolving political and inflationary environments.

Order Backlogs and Seasonality

1 unchanged sentence

We had order backlogs of $72 million and $55 million at August 31, 2022 and 2021, respectively.

The increase in our order backlog year over year was primarily due to higher order volumes, and to a lesser extent, logistical constraints as a result of the demand surge following the COVID-19 pandemic at the end of fiscal 2021.

Substantially all orders are expected to be filled within twelve months.

The increase in our order backlog year over year was primarily due to a combination of strong orders and supply chain challenges putting pressure on past due backlog.

The supply chain challenges, including logistical constraints, are a result of the demand surge following the lessening of the COVID-19 pandemic at the end of fiscal 2021.

Exclusive of further deterioration of our supply chain, substantially all of the backlog at August 31, 2022 is expected to be filled within twelve months.

While we typically experience a stronger second half to our fiscal year, our consolidated sales are not subject to significant seasonal fluctuations.

Results for the year ended August 31, 2020 were not consistent with historical trends due to the impacts from the COVID-19 pandemic which most negatively impacted our results of operations in the third and fourth quarter of fiscal 2020 and the first two quarters of fiscal 2021.

Percentages of Sales by Fiscal Quarter

5 unchanged sentences

The goal of human capital management strategy and practices is for Enerpac to be considered an employer of choice, and our initiatives and programs are predicated on making this objective a reality.

The talent and skills of our workforce (approximately 2,100 employees) are critical to our future success and ability to deliver shareholder value.

The talent and skills of our workforce (approximately 2,200 employees as of August 31, 2022) are critical to our future success and ability to deliver shareholder value.

Our development framework starts with robust performance management.

7 unchanged sentences

We offer competitive compensation and benefits tailored to the geographical markets and industries in which we operate.

In the U.S., employees who work more than 30 hours per week are eligible for a comprehensive menu of benefits, including paid time off, healthcare (health, dental, and vision), short and long-term disability, life and accidental disability insurance, a 401(k) retirement plan with a Company match, access to our Employee Assistance Program, an annual bonus program with broad participation, equity incentive programs, an Employee Stock Ownership Plan that allows employees to buy company shares at a discount, flexible work arrangements and up to 12 weeks of maternity leave.

We also offer annual tuition reimbursement of up to $3,500 for undergraduate programs and $5,000 for graduate programs for all U.S.

full-time employees and $1,000 for part-time employees who work more than 20 hours per month.

During 2022, we expanded paid parental leave, adoption assistance, medical coverage for fertility treatments and expanded short-term disability benefits for hourly employees.

We continue to evaluate enhancements to our compensation and benefit programs in all locations to ensure we remain competitive and meet the needs of our employees.

Consistent with this desire, we have enhanced or added several benefits for our U.S.

employees beginning in calendar 2022, including expanded paid parental leave, adoption assistance, medical coverage for fertility treatments and expanded short-term disability benefits for hourly employees.

Consistent with this desire, we are enhancing or adding several benefits for our U.S.

employees beginning in calendar 2023, including enriching our tuition reimbursement programs and adding voluntary benefits including critical illness, accident insurance, identity protection and certain legal services.

Diversity, Equity, & Inclusion.

Our senior leadership team and management at all levels are dedicated to creating a culture of inclusion and belonging and a workplace where all employees can thrive and do their best work, and senior management reports to the Board on the Company’s progress on a regular basis.

Over the past year, we have significantly enhanced our focus on Diversity, Equity & Inclusion ("DE&I") and have incorporated these objectives into our core strategy.

1 unchanged sentence

(i) a focus on our culture, (ii) supporting education for disadvantaged groups in our communities, and (iii) broadening our recruiting efforts to reach and attract more diverse employees.

Because of the strategic importance of DE&I, and to embed it into our strategy, DE&I initiatives are under the responsibility of our Chief Strategy Officer.

To date, as part of our strategy execution, we have engaged a third-party consulting firm to assist in execution on our priorities, created DE&I councils in our four operating regions, and formed the Women of Enerpac, our first employee resource group.

Because of the strategic importance of DE&I, and to embed it into our strategy, DE&I initiatives are under the responsibility of our EVP & Human Resource Officer.

To date, as part of our strategy execution, we have hired a leader of DE&I for Enerpac, leveraged the efforts of a third-party consulting firm to assist in the execution of our priorities, created DE&I councils in our four operating regions, and formed the Women of Enerpac, our first employee resource group.

Our DE&I initiatives have strong ties into the broader organization to ensure we are successful in achieving our goals.

In 2023, we will be adding further employee resource groups, including a multicultural resource group.

We also believe diversity at the executive and Board level is key to the long-term success of the Company and to promote diversity and inclusion in our workplace.

At the end of fiscal 2021, our management executive committee was comprised of 20% female (1) and 20% racially diverse (1) individuals.

We believe that valuing diversity as part of our core strategy will provide great opportunity for Enerpac to attract and retain talent, benefit from diverse points of view and ultimately assist in achieving our goals to drive shareholder value creation.

At the end of fiscal 2022, our executive officers included one female (17% of the membership of that committee).

At the end of fiscal 2022, our board of directors included two females (25%) and one racially diverse individual (13%).

We believe that valuing diversity as part of our core strategy will provide greater opportunity for Enerpac to attract and retain talent, benefit from diverse points of view and ultimately assist in achieving our goals to drive shareholder value creation.

Employee Safety .

The safety, health, and well-being of our employees, contractors, and visitors at our sites globally is our top priority and a principle that is deeply embedded in our culture.

Our health, safety, security, environment, and quality (“HSSEQ”) programs are fully embraced by our leaders and employees at all levels and translate into an enterprise-wide obligation to provide healthy, safe and productive work environments for our employees and deliver high standards of safety and quality in the products, services and solutions for our customers and end-users.

At the heart of our HSSEQ efforts is a desire to foster a culture of continuous improvement and employee empowerment through training, frequent and constructive management engagement, a risk-based evaluation of business activities and behaviors, and the deployment of programs and

resources to mitigate those risks.

Our health, safety, security, environment, and quality

(“HSSEQ”) programs are fully embraced by our leaders and employees at all levels and translate into an enterprise-wide obligation to provide healthy, safe and productive work environments for our employees and deliver high standards of safety and quality in the products, services and solutions for our customers and end-users.

We continually track and report our performance, including through reviews of incidents, near-misses, and quality issues;

and management accountability and discussion of these improvement opportunities is a cornerstone of all business reviews.

COVID-19 Response:

Throughout fiscal 2021, our business and our employees experienced the effects of the COVID-19 pandemic, and we responded by implementing various polices and protocols to support the health and safety of our employees.

In addition to strictly following the recommendations of local and regional health authorities, for those employees who worked onsite, the Company provided necessary PPE, completed daily health assessments including temperature checks, extended paid leave benefits if self-quarantine was required according to our protocols, enhanced cleaning and sanitation practices at our facilities, and implemented social distancing policies.

For all other employees who could effectively do their jobs while not being in the office, we implemented broad work-from-home initiatives allowing for limited entry to the office where additional safety protocols were in place.

These and other COVID-19-related protocols were highly effective in maintaining a safe and productive environment for our global teams and ensured that we were able to support our customers’ needs throughout the pandemic.

Our global employee base continues to return to offices where that can be accomplished in a safe manner.

We finished the year with a Total Case Incident Rate (TCIR) of 0.61.

This is up slightly year over year as fiscal year 2021 had a TCIR of 0.56.

This puts us right at the top quartile performance (less than 0.6) in comparison to the BLS NAICS bracket for Machinery Manufacturing (333) for companies with greater than 1,000 employees.

Executive Officers of the Registrant

2 unchanged sentences

Sternlieb 50 President and Chief Executive Officer

Dillon 50 Executive Vice President and Chief Financial Officer

Bolens 61 Executive Vice President and Chief Strategy Officer

Rasetti 55 Executive Vice President—General Counsel, Secretary and Global Human Resources

Jeffrey Schmaling 62 Executive Vice President and Chief Operating Officer

Paul Sternlieb, President, Chief Executive Officer, was appointed President and Chief Executive Officer of the Company in October 2021.

Colucci 52 Executive Vice President and Chief Financial Officer

Denis 48 Executive Vice President, General Counsel, Company Secretary & Chief Compliance Counsel

Markus Limberger 52 Executive Vice President, Operations

Topercer 45 Executive Vice President and Chief Human Resource Officer

Scott Vuchetich 53 Executive Vice President, Marketing and President - Americas

Paul Sternlieb, President and Chief Executive Officer, was appointed President and Chief Executive Officer of the Company in October 2021.

Prior to joining the Company, Mr.

Sternlieb served as Executive Vice President and President, Protein, at John Bean Technologies Corporation ("JBT") since October 2017.

Sternlieb served as Executive Vice President ("EVP") and President, Protein, at John Bean Technologies Corporation ("JBT") since October 2017.

Prior to JBT, Mr.

Sternlieb was Group President, Global Cooking in the Food Equipment Group at Illinois Tool Works since 2014.

He served as a Vice President & General Manager with Danaher from 2011 to 2014.

He served as a Vice President ("VP") & General Manager with Danaher from 2011 to 2014.

Before Danaher, he held management roles with the H.J.

Heinz Company, a leading food production company and was a consultant with McKinsey & Company.

Rick Dillon, Executive Vice President and Chief Financial Officer, joined the Company in December 2016.

Prior to joining the Company, Mr.

Dillon served as Executive Vice President and Chief Financial Officer of Century Aluminum Co.

Prior to that, Mr.

Dillon served as Vice President-Finance Global Surface Mining Group and Vice President-Controller and Chief Accounting Officer of Joy Global Inc.

from 2009 to 2014.

Prior to Joy Global, Mr.

Dillon served as Vice President-Business Planning and Analysis and Vice President-Controller and Chief Accounting Officer at Newell Brands, and Vice President-Controller and Chief Accounting Officer at Briggs & Stratton Corporation.

Barbara Bolens, Executive Vice President and Chief Strategy Officer, joined the Company in August 2018 as Vice President of Investor Relations and Corporate Strategy and was appointed Executive Vice President and Chief Strategy Officer in October 2019.

Barbara Bolens, EVP and Chief Strategy Officer, joined the Company in August 2018 as VP of Investor Relations and Corporate Strategy and was appointed EVP and Chief Strategy Officer in October 2019.

Prior to joining the Company, Ms.

Bolens spent over six years at Komatsu Mining Corporation (formerly Joy Global Inc.) as its VP and Treasurer.

Bolens spent over six years at Komatsu Mining Corporation (formerly Joy Global Inc.) as its Vice President and Treasurer.

Prior to Komatsu, she held financial leadership positions of progressive responsibility at several other multinational corporations as well as early career leadership roles in sales and marketing.

Fabrizio Rasetti, Executive Vice President—General Counsel, Secretary and Global Human Resources, joined the Company in May 2018 from Boart Longyear where he held the position of Senior Vice President, General Counsel and Secretary since 2006.

For the ten years prior he worked at SPX Corporation in roles of increasing responsibility including Segment General Counsel & Vice President, Business Development, Flow Segment.

Earlier in his career he worked in private law practice.

Jeffrey Schmaling, Executive Vice President and Chief Operating Officer, joined the Company in February 2018.

Prior to joining the Company, he held the position of President, North America for Komatsu Mining Corporation (formerly Joy Global Inc.) since 2010.

Prior to that, he served as Senior Director Dealer Development and Account Management at Case International Harvester, a Division of Fiat S.p.A.

Earlier in his 30-plus-year career he held various sales, marketing and product development roles.

Anthony Colucci, EVP and Chief Financial Officer ("CFO"), joined the Company in that capacity in May of 2022, and leads global Finance and IT.

From June 2020 until joining the Company, Mr.

Colucci served as Executive Vice President and Chief Finance and Administrative Officer of Robertshaw Industries, a global engineering and manufacturing company focused on controls and solutions for residential white goods and commercial appliances.

Prior to joining Robertshaw, Mr.

Colucci served as Senior Vice President and Chief Financial Officer of Hayward Industries, Inc., a manufacturer of pool equipment and controls products, from May 2018 to May 2020, and in various positions with Honeywell International since September 2006, including as Vice President and Chief Financial Officer of Honeywell Performance Materials & Technologies from March 2016 to May 2018 and Vice President and Chief Financial Officer of Honeywell Sensing & Productivity Solutions from September 2011 to March 2016.

Colucci served in various financial roles with AT&T Wireless from September 1997 until he joined Honeywell.

James Denis, EVP, General Counsel, Company Secretary & Chief Compliance Counsel, has served in this capacity since September 2022.

He joined the Company in 2013 as our Global Litigation Counsel and was promoted to Regional General Counsel for the Americas and APAC in October 2018 and Assistant General Counsel in March 2020.

In December 2021, he was appointed Acting General Counsel and Corporate Secretary.

Before joining the Company, Mr.

Denis was a shareholder with the law firm of Reinhart Boerner Van Deuren s.c., where he was a member of the firm’s Products Liability and Insurance Risk Management Teams.

Markus Limberger, EVP, Operations, joined the Company in September of 2022, with responsibilities for manufacturing, distribution, and procurement.

Limberger served as Vice President Global Operations for Leica Microsystems GmbH, a subsidiary of Danaher Corporation and manufacturer of microscopy equipment, from September 2018 until he joined Enerpac.

Prior to that, Mr.

Limberger was with Leica Camera AG, serving as Head of Operations from January 2011 to July 2011 and then as Chief Operating Officer until August 2018.

Before joining Leica Camera, Mr.

Limberger served as Head of Production from August 2007 to January 2008 and then as Managing Director until December 2010 of Uwe Weller Feinwerktechnik

GmbH, a metal processing company.

Prior to that, he held operations, logistics and dispatching management positions with a number of other manufacturing firms.

His background includes a strong focus on operational excellence and in developing and executing operations strategies to achieve sustained improvements in performance, with extensive experience in Lean and continuous improvement principles.

Benjamin Topercer, EVP and Chief Human Resource Officer, joined the Company in February 2022 and leads the global HR function, including our global Health, Safety, Security, Environment, and Quality (HSSEQ) organization, as well as the Diversity, Equity, and Inclusion (DE&I) initiatives.

From June 2016 until he joined Enerpac, Mr.

Topercer was the Chief Human Resource Officer for Vantage Specialty Chemicals, a manufacturer of specialty chemicals and ingredients included in consumer and industrial products.

Prior to joining Vantage, he served in various human resources management roles for Premier Farnell Corporation, a distributor of electronic components, including as Global Head of HR for its sales, marketing, e-commerce and technology groups and specified business units, from September 2013 to June 2016.

Prior to that, Mr.

Topercer served as Director, Human Resources for Eaton Corporation, and its predecessor, Cooper Industries, from July 2011 to September 2013.

Prior to that, he served in positions of progressive responsibility in the human resources group of Henkel Corporation from September 2004 to July 2011 and at Rexam Sussex from March 2000 to September 2004.

Scott Vuchetich, EVP, Marketing and President - Americas, joined the Company in December 2021.

Prior to joining Enerpac, he served Brady Corporation, a global manufacturer of safety, identification and compliance products, in roles of progressive responsibility from January 2015, including as Vice President & General Manager of the People ID division from April 2018 until December 2021.

Prior to joining Brady Corporation, he was an independent operations, strategy, diligence and restructuring consultant providing both project support and interim executive services to a variety of corporate clients from August 2012 to December 2014 and also from September 2007 to October 2009.

He served as Senior Vice President and General Manager, Food Systems of Tate & Lyle from May 2010 to July 2012 and as Senior Vice President, Policy, Planning & Analysis of Swift & Company from July 2005 to July 2007.

Earlier in his career, Mr.

Vuchetich was a consultant with Bain & Company, Inc.

for approximately six years.

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