−Removed: We distribute, blend and manufacture chemicals and specialty ingredients for our customers in a wide variety of industries.
−Removed: We began our operations primarily as a distributor of bulk chemicals with a strong customer focus.
−Removed: Over the years, we have maintained our strong customer focus and have expanded our business by increasing our sales of value-added chemical products and specialty ingredients, including manufacturing, blending and repackaging certain products.
+Added: We are a leading specialty chemical and ingredients company that formulates, distributes, blends and manufactures products for our Industrial, Water Treatment and Health and Nutrition customers.
We believe that we create value for our customers through superb service and support, quality products, personalized applications and trustworthy, creative employees.
3 unchanged sentences
Our Industrial Group specializes in providing industrial chemicals, products and services to industries such as agriculture, chemical processing, electronics, energy, food, pharmaceutical and plating.
−Removed: This group’s principal products are acids, alkalis and industrial and food-grade salts.
+Added: This group’s principal products are acids, alkalis and food-grade and pharmaceutical salts and ingredients.
The Industrial Group:
+Added: • Manufactures sodium hypochlorite (bleach), agricultural products and certain food-grade and pharmaceutical products, including liquid phosphates, lactates and other blended products;
• Receives, stores and distributes various chemicals in bulk quantities, including liquid caustic soda, sulfuric acid, hydrochloric acid, urea, phosphoric acid, aqua ammonia and potassium hydroxide;
−Removed: • Manufactures sodium hypochlorite (bleach), agricultural products and certain food-grade products, including liquid phosphates, lactates and other blended products;
• Repackages water treatment chemicals for our Water Treatment Group and bulk industrial chemicals to sell in smaller quantities to our customers;
6 unchanged sentences
Water Treatment Segment.
−Removed: Our Water Treatment Group specializes in providing chemicals, equipment and solutions for potable water, municipal and industrial wastewater, industrial process water, non-residential swimming pool water and agricultural water.
+Added: Our Water Treatment Group specializes in providing chemicals, products, equipment, services and solutions for potable water, municipal and industrial wastewater, industrial process water, non-residential swimming pool water and agricultural water.
This group has the resources and flexibility to treat systems ranging in size from a single small well to a multi-million-gallon-per-day facility.
3 unchanged sentences
In addition, our Industrial and Water Treatment groups share certain resources, which leverage fixed costs across both groups.
−Removed: The Water Treatment group operates out of 33 warehouses supplying products and services to customers primarily in the central United States and Florida.
−Removed: In fiscal 2021, we added three locations, including two by acquisition and one through organic growth.
+Added: The Water Treatment group operates out of 37 warehouses supplying products and services to customers primarily in the central United States, and along the south from Florida to Texas.
+Added: In fiscal 2022, we added four locations, all by acquisition.
We expect to invest in existing and new branches to expand the group’s geographic coverage.
24 unchanged sentences
Many of our competitors are larger than we are and may have greater financial resources, although no one competitor is dominant in all of the markets we serve.
−Removed: We compete by offering quality products with outstanding customer service at competitive prices coupled and with value-added services or product formulation where needed.
+Added: We compete by offering quality products with outstanding customer service at competitive prices coupled with value-added services or product formulation where needed.
Because of our long-standing relationships with many of our suppliers, we are often able to leverage those relationships to obtain products when supplies are limited or to obtain competitive pricing.
1 unchanged sentence
Due to the nature of our operations, which includes purchases of large quantities of bulk chemicals, the timing of purchases can result in significant changes in working capital and the resulting operating cash flow.
−Removed: Historically, our cash requirements for working capital increase during the period from April through November as caustic soda inventory levels increase with most of our barges received during this period.
−Removed: Additionally, due to seasonality in the Water Treatment segment, our accounts receivable balance is generally higher during the period of April through September.
+Added: Historically, our cash requirements for working capital increase during the period from March through November as caustic soda inventory levels increase with most of our barges received during this period.
Regulatory Matters.
8 unchanged sentences
The DOT governs transportation matters including authorization to engage in motor carrier service, including the necessary permits to conduct our businesses, equipment operation, and safety.
−Removed: The manufacture, packaging, labeling, advertising, promotion, distribution and sale of our food, pharmaceutical and health and nutrition products are subject to regulation by numerous national and local governmental agencies in the United States and other countries.
−Removed: The primary regulatory bodies in the United States are the Food and Drug Administration (the “FDA”), the United States Department of Agriculture and the Federal Trade Commission, and we are also subject to similar regulators in other countries.
+Added: The manufacture, packaging, labeling, advertising, promotion, distribution and sale of our agricultural, food, pharmaceutical, pesticide and health and nutrition products are subject to regulation by numerous national and local governmental agencies in the United States and other countries.
+Added: The primary regulatory bodies in the United States are the Food and Drug Administration (the “FDA”), the Environmental Protection Agency, the United States Department of Agriculture and the Federal Trade Commission, and we are also subject to similar regulators in other countries.
In particular, the FDA’s current good manufacturing practices (“GMPs”) describe policies and procedures designed to ensure that nutraceuticals, pharmaceuticals and dietary supplements are produced in a quality manner, do not contain contaminants or impurities, and are accurately labeled and cover the manufacturing, packaging, labeling and storing of supplements, with requirements for quality control, design and construction of manufacturing plants, testing of ingredients and final products, record keeping, and complaints processes.
1 unchanged sentence
Human Capital.
−Removed: Our team is a key to our success and we are committed to creating a workplace that attracts top talent and develops leaders and drives performance on behalf of our customers and shareholders.
+Added: Our team is a key to our success and we are committed to creating a workplace that attracts top talent, develops leaders and drives performance on behalf of our customers and shareholders.
We strive to recruit the best people for the job regardless of race, color, nationality, gender, age, disability, sexual orientation or any other status protected by law.
3 unchanged sentences
Specific safety initiatives include accident prevention work, improving process controls, safety training, safety committees, safety audits, incident investigation and improvement measures.
−Removed: We have ensured the safety of our employees and our customers during the COVID-19 pandemic by implementing contingency and continuity plans to respond quickly and appropriately to identified risks, safe work practices in accordance with the guidance provided by the US Centers for Disease Control and Prevention ("CDC"), and flexible working policies.
−Removed: We leveraged technology to enable approximately 175 employees to transition to remote working and enhanced sanitation and hygiene practices at all of our facilities.
−Removed: Finally, we worked with a private company to offer our employees free, rapid testing for COVID-19 across the country.
−Removed: Through communication, enhanced resources and leadership, we were able to support our employees, serve our customers and keep our facilities clean and safe during the pandemic.
+Added: We have ensured the safety of our employees and our customers during the COVID-19 pandemic by implementing contingency and continuity plans to respond quickly and appropriately to identified risks, safe work practices in accordance with the guidance provided by the US Centers for Disease Control and Prevention ("CDC").
+Added: Through communication, enhanced resources and leadership, we were able to support our employees, serve our customers and keep our facilities operating and safe during the pandemic.
We strive to provide employees with competitive wages commensurate with their skill levels, experience, knowledge and the regional market.
Full-time employees are eligible for health, dental and vision insurance, paid and unpaid leaves, 401(K) plan, retirement plans, life and disability/accident coverage and our employee assistance program.
−Removed: As of March 28, 2021, we had 742 employees on a full-time equivalent basis across the United States.
+Added: As of April 3, 2022, we had 813 employees across the United States, of which 807 were full-time employees,.
Approximately 38% of our employees were female or racially and ethnically diverse, and approximately 10% were covered by a collective bargaining agreement.
−Removed: Of the seven members of our Board of Directors, two are female, five are male, one is Asian American and six are white.
+Added: Of the eight members of our Board of Directors, two are female, six are male, one is Asian American and seven are white.
Available Information.
3 unchanged sentences
We are not including the information contained on our website as part of, or incorporating it by reference into, this Annual Report on Form 10-K.
+Added: The SEC also maintains an internet site that contains reports, proxy and information statements, and other information regarding our company at http://www.sec.gov.
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.