What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-05-14 compared with 2024-05-15 · 73 added, 19 removed, 69 unchanged (57% of the section changed)

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 are a leading water treatment and specialty ingredients company that formulates, manufactures, distributes, and blends products for our Water Treatment, Industrial 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.

We conduct our business in three segments:

Industrial, Water Treatment, and Health and Nutrition.

Water Treatment, Industrial, and Health and Nutrition.

Water Treatment Segment.

Our Water Treatment Group specializes in providing chemicals, products, equipment, services and solutions for potable water, municipal and industrial wastewater, industrial process water, mainly 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.

The group utilizes delivery routes operated by our employees who typically serve as route driver, salesperson and trained technician to deliver our products and diagnose our customers’ water treatment needs.

We believe that the high level of service provided by these individuals allows us to serve as the trusted water treatment expert for many of the municipalities and other customers that we serve.

We also believe that there are significant synergies between our Water Treatment and Industrial Groups that allow us to obtain a competitive cost position on many of the chemicals sold by the Water Treatment Group due to the large volumes of these chemicals purchased by our Industrial Group.

In addition, our Water Treatment and Industrial groups share certain resources, which leverage fixed costs across both groups.

The Water Treatment group operates out of 50 warehouses, primarily located in the eastern two-thirds of the United States, supplying products and services to customers in nearly all 50 states.

We expect to continue to invest in existing and new branches to expand the group’s geographic coverage.

Our Water Treatment Group has historically experienced higher sales during April to September, primarily due to a seasonal increase in chemicals used by municipal water treatment facilities and pools.

Industrial Segment.

Our Industrial Group specializes in providing industrial chemicals, products and services to industries such as agriculture, chemical processing, electronics, energy, food, pharmaceutical and plating.

This group’s principal products are acids, alkalis and food-grade and pharmaceutical salts and ingredients.

This group’s principal products are acids, alkalis and food and pharmaceutical-grade salts and ingredients.

The Industrial Group:

• Manufactures sodium hypochlorite (bleach), certain food-grade and pharmaceutical products, including liquid phosphates, lactates and other blended products, and agricultural products;

• Manufactures sodium hypochlorite (bleach), certain food and pharmaceutical-grade products, including liquid phosphates, lactates and other blended products, and agricultural 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;

4 unchanged sentences

The group conducts its business primarily through manufacturing locations and terminal operations.

Agricultural sales within this group tend to be seasonal, with higher sales during the typical planting season of March through June given the regions of the country we serve.

Water Treatment Segment.

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.

We believe that the high level of service provided by these individuals allows us to serve as the trusted water treatment expert for many of the municipalities and other customers that we serve.

We also believe that there are significant synergies between our Water Treatment and Industrial Groups that allow us to obtain a competitive cost position on many of the chemicals sold by the Water Treatment Group due to the volumes of these chemicals purchased by our Industrial Group.

In addition, our Industrial and Water Treatment groups share certain resources, which leverage fixed costs across both groups.

The Water Treatment group operates out of 47 warehouses supplying products and services to customers in 46 states.

We expect to continue to invest in existing and new branches to expand the group’s geographic coverage.

Our Water Treatment Group has historically experienced higher sales during April to September, primarily due to a seasonal increase in chemicals used by municipal water treatment facilities.

Agricultural sales within this group tend to be seasonal, with higher sales during the typical planting season of March through June given our concentration in the upper Midwest.

Health and Nutrition Segment.

2 unchanged sentences

The Health and Nutrition Group relies on a specially trained sales staff that works directly with customers on their specific needs.

The group’s extensive product portfolio combined with value-added services, including product formulation, sourcing and distribution, and processing and blending, positions this group as a one-stop ingredient solutions provider to its customers.

The group’s extensive product portfolio, combined with value-added services, including product formulation, sourcing, distribution, processing and blending, positions this group as a one-stop ingredient solutions provider to its customers.

The group also follows rigorous quality control and compliance processes to provide reliable, high-quality products to its customers.

30 unchanged sentences

These concerns have led to, and could continue to result in, more stringent regulatory intervention by governmental authorities.

In addition, we operate a fleet of more than 350 commercial vehicles, primarily in our Water Treatment Group, which are highly regulated, including by the U.S.

In addition, we operate a fleet of approximately 400 commercial vehicles, primarily in our Water Treatment Group, which are highly regulated, including by the U.S.

Department of Transportation (“DOT”).

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.

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.

The manufacture, packaging, labeling, advertising, promotion, distribution and sale of our agricultural, 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.

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.

4 unchanged sentences

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.

It is our policy to comply fully with all applicable laws relating to discrimination in the workplace and are committed to advancing an inclusive, collaborative and respectful culture.

It is our policy to comply fully with all applicable laws relating to discrimination in the workplace and we are committed to advancing an inclusive, collaborative and respectful culture.

The health and safety of our employees is our highest priority.

12 unchanged sentences

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.

Information about our Executive Officers

Our current executive officers, their ages and offices held, are set forth below:

Name Age Office

Hawkins 54 Chief Executive Officer and President

Oldenkamp 52 Executive Vice President, Chief Financial Officer and Treasurer

Erstad 61 Vice President, General Counsel and Secretary

Grahek 55 Vice President — Operations

Jones 44 Vice President — Food and Health Sciences

Lange 55 Vice President — Water Treatment Group

Mangine 67 Vice President — Industrial Solutions

Rozeboom 63 Vice President — Health and Nutrition

Hawkins has been our Chief Executive Officer and President and member of our board since 2011.

Hawkins has held the position of President since 2010.

He joined the Company in 1992 and served as the Business Director - Food and Pharmaceuticals, a position he held from 2009 to 2010.

Previously he served as Business Manager - Food and Co-Extrusion Products from 2007 to 2009 and Sales Representative - Food Ingredients from 2002 to 2007.

He previously served the Company in various other capacities, including Plant Manager, Quality Director and Technical Director.

Oldenkamp has been our Executive Vice President, Chief Financial Officer and Treasurer since October 2021.

Oldenkamp joined Hawkins in May 2017 and assumed the role of Chief Financial Officer, Vice President and Treasurer in June 2017.

Prior to joining Hawkins, Mr.

Oldenkamp was with MTS Systems Corporation, a supplier of high-performance test systems and sensors, where he served as Chief Financial Officer from 2015 to May 2017 and as Vice President of Finance for the MTS Test business from 2014 to 2015, and with Nilfisk-Advance, Inc., a global manufacturer of professional cleaning equipment, where he served as Americas Operations Chief Financial Officer and Vice President from 2012 to 2014.

Erstad has been our Vice President, General Counsel and Secretary since 2008.

Erstad was General Counsel and Secretary of BUCA, Inc., a restaurant company, from 2005 to 2008.

Erstad had previously been an attorney with the corporate group of Faegre & Benson LLP, a law firm, from 1996 to 2005, where his practice focused on securities law and mergers and acquisitions.

He is a member of the Minnesota Bar.

Grahek has been our Vice President - Operations since September 2018.

Prior to joining Hawkins, Mr.

Grahek was Adjunct Faculty at the University of Minnesota College of Continuing Education and a Business Administrator in the Archdiocese of St.

Paul and Minneapolis from June 2017 to June 2018;

Director of Service Operations and Supply Chain with Ulta Beauty, Inc.

from April 2016 to June 2017;

and Director of Stores with Field and Stream Outdoor Stores, a division of Dick’s Sporting Goods, Inc.

from July 2015 to April 2016.

Previously, he spent a total of 23 years at Target Corporation in a variety of operations, merchandising and property management positions.

Jones has been our Vice President - Food & Health Sciences since April 2025.

Prior to attaining this position, Mr.

Jones served as our as Vice President of Business since April 2024.

Prior to joining Hawkins, Mr.

Jones was a Global General Manager and Vice President for Kerry Taste & Nutrition, a global manufacturer of specialized food ingredients, from 2019-2024;

and with Winpak, a global manufacturer of high barrier packaging and equipment, where he served as U.S.

Director of Sales from 2017-2019 and U.S.

Manager of sales from 2010-2017.

Lange has been our Vice President - Water Treatment Group since June 2020.

Prior to attaining this position, Mr.

Lange served the Company as General Manager and Product Development Manager for the Water Treatment Group after joining the company in January 2019.

Prior to joining the Company, Mr.

Lange was with H.B.

Fuller Company, a global supplier of special adhesives, where he served as Global Marketing Manager and Product Manager for specialty markets in electronics and wood products from 2011 to January 2019.

Lange served in various roles in the specialty adhesives market for a total of 21 years prior to joining the Company.

Mangine has been our Vice President - Industrial Group since 2021.

Prior to attaining this position, Mr.

Mangine served as the Industrial Sales Manager from 2011 to 2021, after joining Hawkins in 2000 as an Account Manager.

Rozeboom has been our Vice President - Health and Nutrition since 2019.

Prior to attaining this position, Ms.

Rozeboom held the position of Senior Vice President of Sales for Stauber from 2012 to 2019, Director of Sales from 2008 to 2012 and Account Executive from 2000 to 2008.

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