9 unchanged sentences
These brands have continued to grow and represent an increasing share of our total sales in recent years, while the majority of our products are sold under key customers’ private label brands, such as The Home Depot’s “Glacier Bay” brand and Ferguson’s “ProFlo” brand.
−Removed: Major Developments in our Business
−Removed: Initial Public Offering
−Removed: On January 27, 2022, FGI closed an underwritten public offering of 2.5 million units (the “Units”) (consisting of (i) one ordinary share, par value $0.0001 (the “Ordinary Shares”) and, (ii) one warrant to purchase one Ordinary Share (the “Warrants”)) at a public offering price of $6.00 per unit and received net proceeds, after commissions and expenses, of approximately $12.4 million.
−Removed: 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 formed FGI Industries Ltd.
−Removed: 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.
−Removed: Our business now operates separately from the rest of Foremost’s business units, and we and Foremost believe that operating as a standalone company will allow FGI to more effectively execute its long-term “BPC” growth strategy while focusing more efficiently on its own capital allocation priorities.
−Removed: Prior to the Reorganization, FGI Industries, Inc., FGI Europe and FGI International operated as business units within Foremost for over thirty years.
−Removed: Foremost continues to be a significant holder of our ordinary shares and supports FGI via global sourcing and manufacturing arrangements.
−Removed: 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.
−Removed: 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.
−Removed: As a result of the increased significance of shower systems in our product portfolio in 2023, the Company has
−Removed: created a standalone “Shower Systems” product category, as detailed below.
+Added: We offer a wide variety of products that fall into four categories:
+Added: Sanitaryware, Bath Furniture, Shower Systems and Other.
+Added: As a result of the increased significance of shower systems in our product portfolio, the Company has created a standalone “Shower Systems” product category in 2023, as detailed below.
The “Other” category continues to comprise our kitchen cabinetry and other smaller offerings.
1 unchanged sentence
Such changes had no impact on the Company's historical consolidated financial position, results of operations or cash flows.
−Removed: We offer a wide variety of products that fall into four categories:
−Removed: Sanitaryware, Bath Furniture, Shower Systems and Other.
Our brand and category makeup of our net sales is as follows:
+Added: BRANDS MAIN PRODUCT CATEGORIES PRODUCT OFFERINGS
Sanitaryware .
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
−Removed: United States, Canada and Europe.
+Added: The majority of these products are sourced from third-party suppliers in China and are sold throughout the United States, Canada and Europe.
Our main owned brands in this category include Foremost ® , which is retail-focused, and contrac ® , which is wholesale-focused.
21 unchanged sentences
Outside of extreme recession years in the United States, such as 2007-2009, the R&R markets have experienced consistent 3% to 5% annual growth rates for more than 25 years, providing a predictable and recurring revenue model for the majority of our product lines.
−Removed: The primary drivers of such consistent and above-GDP growth rates are the pace of household formation, home price appreciation, strong housing turnover and the continued aging of the U.S.
+Added: The primary drivers of such consistent and above-GDP growth rates
+Added: are the pace of household formation, home price appreciation, strong housing turnover and the continued aging of the U.S.
housing stock in our primary geographic markets.
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At the same time, our third-party manufacturing suppliers are reliant on our stable and growing platform in order to effectively utilize their own fixed-asset investments.
−Removed: The importance of these strengths has been highlighted during the outbreak and ongoing spread of the novel coronavirus (“COVID-19”) pandemic, as we believe that we have remained among the most consistent and reliable suppliers in our industry despite the unprecedented challenges which were presented.
+Added: These strengths were highlighted during the pandemic, as we believe that we remained among the most consistent and reliable suppliers in our industry despite the unprecedented challenges which were presented.
Stable Technological and Industry Dynamics
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We have assembled an executive team with a deep base of management experience within industrial manufacturing companies.
−Removed: David Bruce, our Chief Executive Officer, Bob Kermelewicz, our Executive Vice President, United States, Jennifer Earl, our Executive Vice President, Canada and Norman Kroenke, our Executive Vice President, Europe each have over twenty years of industry experience.
+Added: David Bruce, our Chief Executive Officer, Jennifer Earl, our President, North America and Norman Kroenke, our Executive Vice President, Europe each have over twenty years of industry experience.
Our Executive Chairman John Chen has more than twelve years of investment management and financial experience.
24 unchanged sentences
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: The costs of our products are subject to inflationary pressures and commodity price fluctuations.
+Added: The costs of our products are subject to
+Added: inflationary pressures and commodity price fluctuations.
We have generally been able over time to recover the effects of inflation, commodity price and currency fluctuations through sales price increases.
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We train, promote, consult and communicate with our workforce in this process.
−Removed: In 2020, the COVID-19 pandemic highlighted the importance of employee welfare.
−Removed: We reacted quickly to keep our employees safe through the implementation of policies and safety measures that adhered to best practices from the World Health Organization and the Centers for Disease Control.
−Removed: Despite the ongoing COVID-19 pandemic, we did not experience a material change to our daily operations as we quickly adjusted employee work schedules in alignment with the exigencies of both the pandemic and our business requirements.
Corporate History and Information
22 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.