4 unchanged sentences
We operate in a highly competitive industry and compete with producers, manufacturers, distributors and sales agents offering products equivalent to substantially all of the products we offer.
−Removed: Competition is based on several key criteria, including product price, product performance, product quality, product availability and security of supply, breadth of product offerings, geographic reach, responsiveness of product development in cooperation with customers, technical expertise and customer service.
+Added: Competition is based on several key criteria, including product price, product performance, product quality, product availability and security of supply, breadth of product offerings, geographic reach, responsiveness of product development in cooperation with customers, technical expertise, timeliness of delivery, and customer service.
Many of our competitors are larger than we are and may have greater financial resources, more product offerings and a broader geographic reach.
4 unchanged sentences
Our businesses expose us to potential product liability claims and recalls, which could adversely affect our financial condition and performance.
−Removed: The repackaging, blending, mixing and distribution of products by us, including chemical products and products used in food or food ingredients or with medical, pharmaceutical or dietary supplement applications, involve an inherent risk of exposure to product liability claims, product recalls, product seizures and related adverse publicity, including, without limitation, claims for exposure to our products, spills or release of our products, personal injuries, food-related claims and property damage or environmental claims.
+Added: The repackaging, blending, mixing and distribution of products by us, including chemical products and products used in food or food ingredients or with medical, pharmaceutical, agricultural or dietary supplement applications, involve an inherent risk of exposure to product liability claims, product recalls, product seizures and related adverse publicity, including, without limitation, claims for exposure to our products, spills or release of our products, personal injuries, food-related claims and property damage or environmental claims.
A product liability claim, judgment or recall against our customers could also result in substantial and unexpected expenditures for us, affect consumer confidence in our products and divert management’s attention from other responsibilities.
6 unchanged sentences
Consequently, it is important that we develop new products to replace the sales of products that mature and decline in use.
+Added: There can be no assurance that we will be able to develop any new products in a timely or cost-effective manner.
Our products provide important performance attributes to our customers’ products.
−Removed: If our products fail to meet the customers’ requirements or comply with applicable laws or regulations, perform in a manner inconsistent with the customers’ expectations, or have a shorter useful life than required, a customer could seek replacement of the product or damages for costs incurred as a result of the product failure.
+Added: If our products fail to meet the customers’ requirements, comply with applicable laws or regulations, perform in a manner consistent with the customers’ expectations, or have the required useful life, a customer could seek replacement of the product or damages for costs incurred as a result of the product failure.
A successful claim or series of claims against us could have a material adverse effect on our financial condition and results of operations and could result in a loss of one or more customers.
9 unchanged sentences
Failure to adequately protect critical data and technology systems could materially affect our operations.
−Removed: Information technology system failures, network disruptions and breaches of data security due to internal or external factors including phishing or cyber-attacks could disrupt our operations by causing delays or cancellation of customer orders, impede the manufacture or shipment of products or cause standard business processes to become ineffective, resulting in the unintentional disclosure of information or damage to our reputation.
+Added: Information technology system failures, network disruptions and breaches of data security due to internal or external factors including phishing or cyber-attacks could disrupt our operations by causing delays or cancellation of customer orders, impede the manufacture or shipment of products or cause standard business processes to become ineffective, resulting in the unintentional disclosure of information, damage to our reputation, additional expenses or loss of sales.
While we have taken steps to address these concerns by implementing network security and internal control measures, including employee training, comprehensive monitoring of our networks and systems, maintenance of backup and protective systems and disaster recovery and incident response plans, our employees, systems, networks, products, facilities and services remain vulnerable to phishing attacks and cyber-assault, and, as such, there can be no assurance that a system failure, network disruption or data security breach will not have a material adverse effect on our business, financial condition, operating results or cash flows.
5 unchanged sentences
In addition, tariffs imposed by the United States or other countries could substantially impact the price or supply of raw materials.
−Removed: We cannot predict whether the markets for our raw materials will favorably impact or negatively impact the margins we can realize.
+Added: These fluctuations may negatively impact the margins we can realize.
The prices we pay for our principal chemical raw materials generally lag the market prices of the underlying raw material.
7 unchanged sentences
We are also dependent upon the availability of our raw materials.
−Removed: In the event that raw materials are in short supply or unavailable, raw material suppliers may extend lead times or limit or cut off supplies.
+Added: In the event that raw materials are in short supply or unavailable, raw material suppliers may extend lead times, delay shipments or limit or cut off supplies.
As a result, we may not be able to supply or manufacture products for some or all of our customers.
13 unchanged sentences
We are subject to federal, state and local environmental regulations regarding the ownership of real property and the operations conducted on real property.
−Removed: Under various federal, state and local laws, ordinances and regulations, we may own or operate real property or may have arranged for the disposal or treatment of hazardous or toxic substances at a property and, therefore, may become liable for the costs of removal or remediation of certain hazardous substances released on or in our property or disposed of by us, as well as certain other potential costs which could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property).
+Added: Under various federal, state and local laws, ordinances and regulations, we may own or operate real property or may have arranged for the disposal or treatment of hazardous or toxic substances at a property and, therefore, may become liable for the costs of removal or remediation of certain hazardous substances released on or in our property or disposed of by us, as well as certain other potential costs which could relate to hazardous or toxic substances (including governmental fines and claims for injuries to persons and property).
Such liability may be imposed whether or not we knew of, or were responsible for, the presence of these hazardous or toxic substances.
7 unchanged sentences
Third parties who are responsible for contamination may not have funds, or may not make funds available when needed, to pay remediation costs imposed upon us jointly with them under environmental laws and regulations.
−Removed: Our Water Treatment Group and our agricultural product sales within our Industrial Group are subject to seasonality and weather conditions, which could adversely affect our results of operations.
−Removed: 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.
−Removed: Our agricultural product sales within our Industrial Group are also seasonal, primarily corresponding with the planting season.
+Added: Our Water Treatment Group and our agricultural product sales within our Food and Health Sciences Group are subject to seasonality and weather conditions, which could adversely affect our results of operations.
+Added: Our Water Treatment segment 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.
+Added: Our agricultural product sales within our Food and Health Sciences Group are also seasonal, primarily corresponding with the planting season.
Demand in both of these areas is also affected by weather conditions, as either higher or lower than normal precipitation or temperatures may affect water usage and the timing and the amount of consumption of our products.
−Removed: We cannot assure you that seasonality or fluctuating weather conditions will not have a material adverse effect on our results of operations.
+Added: In addition, demand for our agricultural products is also impacted by crop prices.
+Added: We cannot assure you that seasonality or fluctuating weather conditions or crop prices will not have a material adverse effect on our results of operations.
OPERATIONAL RISKS
1 unchanged sentence
We have been, and could continue to be, adversely affected by disruptions within our supply chain and transportation network.
−Removed: The raw materials we need are transported by truck, rail, barge or ship by third-party providers.
−Removed: The costs of transporting our products or necessary raw materials could be negatively affected by factors outside of our control, including rail service interruptions or rate increases, extreme weather events, tariffs, charges placed on incoming vessels or railcars, rising fuel costs and capacity constraints.
−Removed: In recent years, unprecedented congestion in ocean shipping adversely impacted the reliability of our imported raw materials, and transport driver shortages have caused extended lead times for domestic shipments.
+Added: The raw materials we need are transported by truck, rail, or barge or ship by third-party providers.
+Added: The costs of transporting our products or necessary raw materials could be negatively affected by factors outside of our control, including rail service interruptions or rate or fuel surcharge increases, extreme weather events, tariffs, charges placed on incoming vessels or railcars, rising fuel costs and capacity constraints.
+Added: Unprecedented congestion in ocean shipping has adversely impacted the reliability of our imported raw materials, and transport driver shortages have caused extended lead times for domestic shipments.
In addition, rail shipments can be unreliable, with significant delays in service and increased costs.
−Removed: The impacts of high-profile derailments could further degrade service levels and cause railroads to increase costs.
+Added: The impacts of high-profile derailments could further degrade service levels and cause railroads to increase costs, especially for shipments of our hazardous products.
Significant delays or increased costs relating to transportation could materially affect our financial condition and results of operations.
2 unchanged sentences
Similar disruptions at our customers could reduce demand for our products, reducing our sales and profitability.
−Removed: Product shortages or delays in deliveries, along with other factors such as price inflation and higher transportation costs, have also resulted in price increases from our suppliers.
+Added: Product shortages or delays in deliveries, along with other factors such as price inflation and higher transportation and fuel costs, have also resulted in price increases from our suppliers.
We may be unable to pass these price increases on to our customers, which could erode our profit margins.
2 unchanged sentences
Although we maintain a number of owned trucks and trailers, we rely heavily upon transportation provided by third parties (including common carriers, barge companies, rail companies and trans-ocean cargo companies) to deliver products to us and to our customers.
−Removed: Our access to third-party transportation is not guaranteed, and we may be unable to transport our products in a timely manner, or at all, in certain circumstances, or at economically attractive rates.
+Added: Our access to third-party transportation is not guaranteed, and we may be unable to transport our products in a timely manner, or at all, or at economically attractive rates.
Disruptions in transportation are common, are often out of our control, and can happen suddenly and without warning.
−Removed: Rail limitations, such as limitations in rail capacity, availability of railcars, workforce shortages, threats of strikes, derailments, embargoes and adverse weather conditions have disrupted or delayed rail shipments in the past and could do so in the future.
+Added: Bulk chlorine, a critical product we repackage and use to make bleach, can only be feasibly shipped to us by rail.
+Added: Rail companies, however, have been imposing increasing limitations on shipments of toxic inhalation hazards like chlorine.
+Added: These limitations include increased charges and insurance requirements and rail tariffs that transfer liability for shipments in transit to the rail shipper.
+Added: Any of these limitations may increase our costs or negatively impact our ability to receive products, such as chlorine, by rail.
+Added: Other rail limitations, such as limitations in rail capacity, availability of railcars, workforce shortages, threats of strikes, derailments, embargoes and adverse weather conditions have disrupted or delayed rail shipments in the past and could do so in the future.
Barge shipments are delayed or impossible under certain circumstances, including during times of high or low water levels, when waterways are frozen and when locks and dams are inoperable.
15 unchanged sentences
Natural disasters have the potential of interrupting our operations and damaging our properties, which could adversely affect our businesses.
−Removed: Flooding of the Mississippi River has temporarily shifted the Company’s terminal operations out of its buildings four times since the spring of 2010, including most recently the spring of 2019.
+Added: Flooding of the Mississippi River has temporarily shifted the Company’s terminal operations out of its buildings four times since the spring of 2010.
We can give no assurance that flooding or other natural disasters will not recur or that there will not be material damage or interruption to our operations in the future from such disasters.
13 unchanged sentences
Tariffs or other trade barriers could adversely affect our ability to source and import raw materials effectively, the cost of import and domestic products and our relative position compared to competitors that may not be adversely impacted to the same extent, whether due to exclusive domestic sources or alignment with favorable jurisdictions.
−Removed: Our domestic suppliers, who may not be directly impacted by tariffs or other trade barriers, may also opportunistically increase prices or experience shortages in supply as competitors seek switch to domestic suppliers.
+Added: Our domestic suppliers, who may not be directly impacted by tariffs or other trade barriers, may also opportunistically increase prices or experience shortages in supply as competitors seek to switch to domestic suppliers.
Additionally, uncertainty inspired by the threat of changes in international trade policy could delay or reduce demand for our products.
2 unchanged sentences
We lease the land where our three main terminals are located and where another significant manufacturing plant is located.
−Removed: These leases, including all renewal periods, have expiration dates from 2025 to 2044, one of which with an annual renewal period.
+Added: These leases, including all renewal periods, have expiration dates from 2029 to 2044, one of which renews annually.
The failure to secure extended lease terms on any one of these facilities may have a material adverse impact on our business, as they are where a portion of our chemicals are manufactured and where the majority of our bulk chemicals are stored.
15 unchanged sentences
In addition, these concerns could influence public perceptions, impact the commercial viability of the products we sell and increase the costs to comply with increasingly complex regulations, which could have a negative impact on our business, financial condition and results of operations.
−Removed: In addition, we operate a fleet of approximately 400 commercial vehicles, primarily in our Water Treatment Group, which are highly regulated, including by the DOT.
+Added: In addition, we operate a fleet of approximately 400 commercial vehicles with power units, primarily in our Water Treatment segment, which are highly regulated, including by the 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.
40 unchanged sentences
Bank") and other lenders (collectively, the “Lenders”), which includes secured revolving credit facilities (the “Revolving Loan Facility”) totaling $400.0 million.
−Removed: The Revolving Loan Facility includes a $10.0 million letter of credit subfacility and a $25.0 million swingline subfacility.
At March 29, 2026, we had $244 million outstanding under the Revolving Loan Facility.
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.