13 unchanged sentences
Reorganization
−Removed: Prior to our initial public offering, we completed the reorganization (the “Reorganization”) of our parent company, Foremost, and its affiliates, pursuant to which, among other actions, Foremost contributed all of its equity interests in FGI Industries, Inc., FGI Europe and FGI International, each a wholly-owned subsidiary of Foremost, to the newly
−Removed: formed FGI Industries Ltd.
+Added: Prior to our initial public offering, we completed the reorganization (the “Reorganization”) of our parent company, Foremost, and its affiliates, pursuant to which, among other actions, Foremost contributed all of its equity interests in FGI Industries, Inc., FGI Europe and FGI International, each a wholly-owned subsidiary of Foremost, to the newly formed FGI Industries Ltd.
Foremost was established in 1987 and has become a global leader in kitchen and bath design, indoor and outdoor furniture, food service equipment, and manufacturing.
2 unchanged sentences
Foremost continues to be a significant holder of our ordinary shares and supports FGI via global sourcing and manufacturing arrangements.
−Removed: This discussion, and any financial information and results of operations discussed herein, refers to the assets, liabilities, revenue, expenses and cash flows that are directly attributable to the kitchen and bath business of Foremost Groups, Ltd.
−Removed: before the completion of Reorganization and are presented as if we had been in existence and the Reorganization had been in effect during the years ended December 31, 2022 and 2021.
+Added: By leveraging Foremost’s long-standing experience in manufacturing and sourcing for certain of our product categories, we believe that FGI maintains a competitive advantage in supplying products that are of good design and high quality.
+Added: As a standalone business, FGI is a top-tier company in many key product categories within the North American kitchen and bath products markets, with many additional expansion opportunities via existing and adjacent product, sales and geographic channels.
As a result of the increased significance of shower systems in our product portfolio in 2023, the Company has
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Our Sanitaryware category includes a range of bath products, such as toilets, sinks, pedestals and toilet seats.
−Removed: The majority of these products are sourced from third-party suppliers in China and are sold throughout the United States, Canada and Europe.
+Added: The majority of these products are sourced from third-party suppliers in China and are sold throughout the
+Added: United States, Canada and Europe.
Our main owned brands in this category include Foremost ® , which is retail-focused, and contrac ® , which is wholesale-focused.
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Our Shower Systems category includes a range of shower-related products such as shower walls, shower doors and shower basins.
−Removed: The majority of these products are sourced from third-party suppliers in China and are
−Removed: sold throughout the United States and Canada.
+Added: The majority of these products are sourced from third-party suppliers in China and are sold throughout the United States and Canada.
These products are typically sold as private label or under our Craft + Main and Jetcoat brands.
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Huida accounted for approximately 71.4% of the total balance of our accounts payable as of December 31, 2023.
−Removed: [We intend to work with Huida to negotiate a new supply arrangement after an arbitration proceeding terminated our previous Agreement for Co-operations (the “Huida Agreement”), dated October 20, 2020, by and between Huida and FGI Industries, our wholly owned subsidiary (“FGI USA”).
−Removed: “Huida Arbitration” for more details.] No other supplier accounts for more than 10% of our accounts payable as of December 31, 2022.
+Added: No other supplier accounts for more than 10% of our accounts payable as of December 31, 2023.
We regularly evaluate our organizational productivity and supply chains and seek opportunities to reduce costs and enhance quality.
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In general, our Sanitaryware product categories tend to be more consolidated and we compete primarily with a small group of large suppliers with a global footprint in any specific product line, including American Standard, Kohler, Toto, Masco (Delta), Mansfield, Gerger and Niagara, and on occasion with numerous regional suppliers.
−Removed: For our Bath Furniture and Other product categories, we compete with dozens of regional suppliers in any given product line,
−Removed: although we believe that relatively few can compete with us on a truly national scale, particularly with regards to our mass retail channels.
+Added: For our Bath Furniture and Other product categories, we compete with dozens of regional suppliers in any given product line, although we believe that relatively few can compete with us on a truly national scale, particularly with regards to our mass retail channels.
Our Competitive Strengths
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Our business has been subject to seasonal influences, with higher sales typically realized during the second and third calendar quarters, corresponding with the peak season for R&R activity.
−Removed: We saw decreased sales in first quarter of 2020 due to the COVID-19 pandemic, however, these decreases normalized over the remainder of the year.
The costs of our products are subject to inflationary pressures and commodity price fluctuations.
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Exempted companies are Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted from complying with certain provisions of the Companies Act (2022 Revision) of the Cayman Islands (the “Companies Act”) as the same may be amended from time to time.
−Removed: As an exempted company, we may apply for a tax exemption undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (2018 Revision) of the Cayman Islands, for a period of 30 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable (i) on or
−Removed: in respect of our shares, debentures or other obligations or (ii) by way of the withholding in whole or in part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation of us.
+Added: As an exempted company, we may apply for a tax exemption undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (2018 Revision) of the Cayman Islands, for a period of 30 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable (i) on or in respect of our shares, debentures or other obligations or (ii) by way of the withholding in whole or in part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation of us.
Because Foremost holds approximately 72% of the voting power of our ordinary shares, we are considered a “controlled company” under the corporate governance rules of Nasdaq.
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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.