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Our products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks.
−Removed: Our products are sold primarily through purchase orders and contracts submitted by customers through our dealers, our subsidiaries in Singapore and India, and a national distributor.
+Added: Our acquisition, discussed below, of Nu Aire, Inc.
+Added: ("Nu Aire") complements Kewaunee Scientific's existing portfolio through Nu Aire's biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products.
+Added: Our International subsidiaries, as identified in Note 1 , Summary of Significant Accounting Policies , of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on 10-K, provide products and services, including facility design, detailed engineering construction, and project management from the planning stage through testing and commissioning of laboratories.
+Added: Our products are sold primarily through purchase orders and contracts submitted by customers directly or through our dealers, our subsidiaries in Singapore and India, and a national distributor.
Products are sold principally to pharmaceutical, biotechnology, industrial, chemical and commercial research laboratories, educational institutions, healthcare institutions, governmental entities, and manufacturing facilities.
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In addition, payment terms associated with certain projects provide for a retention amount until final completion of the project, thus also increasing required working capital.
−Removed: On average, payments for our products are received during the quarter following shipment, with the exception of the retention amounts which are collected at the final completion of the project.
+Added: On average, payments for our products
+Added: are received during the quarter following shipment, with the exception of the retention amounts which are collected at the final completion of the project.
We hold various patents and patent rights, but do not consider that our success or growth is dependent upon our patents or patent rights.
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However, it may be expected that delays in shipments will occur because of customer rescheduling or delay in completion of projects which involve the installation of our products.
+Added: ACQUISITION OF NU AIRE
+Added: The Company completed the acquisition of Nu Aire on November 1, 2024.
+Added: Nu Aire is renowned for its manufacturing of biological safety cabinets, airflow products, CO2 incubators, ultralow freezers, animal handling equipment, pharmacy compounding isolators, and related parts and accessories.
+Added: Their products serve a diverse range of industries, including life sciences, healthcare, pharmacy, education, food and beverage, and industrial sectors.
+Added: The acquisition of Nu Aire presents a unique opportunity for the Company to combine its robust capabilities with a recognized market leader whose product portfolio and well-developed channel strategy complement the Company's existing offerings.
+Added: The acquisition also expands the Company's capabilities, allowing the combined organization to better meet the diverse needs of end-users in laboratory furnishings.
+Added: Additionally, Nu Aire has established distribution partners in regions where the Company has not previously had a presence, accelerating the Company's vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting laboratories.
+Added: See Note 4 , Nu Aire Acquisition , of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for information concerning the nature and terms of the acquisition.
SEGMENT INFORMATION
−Removed: See Note 12 , Segment Information , of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for information concerning our Domestic and International business segments.
+Added: Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance.
+Added: The Company's Chief Executive Officer ("CEO") is the Company's CODM.
+Added: In accordance with ASC 280, Segment Reporting , the Company determined that the CODM assesses the Company's operations and manages its businesses in two segments:
+Added: Domestic and International.
+Added: The Domestic segment consists of the Company's operations based out of Statesville, North Carolina and Kewaunee's subsidiary, Nu Aire, Inc., based out of Plymouth, Minnesota.
+Added: The International segment consists of the foreign subsidiaries identified in Note 1 , Summary of Significant Accounting Policies , of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
+Added: We measure our segment profitability based on earnings before income taxes.
+Added: Some Corporate expenses, such as those related to executive management, finance, etc., are allocated to the segments.
+Added: Any non-allocated Corporate costs are shown separately in our segment reporting as presented in Note 14 , Segment Information , of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
+Added: See Note 14 , Segment Information , of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for further segment financial data.
We consider the industries in which we participate to be highly competitive and believe that the principal deciding factors are price, product performance, and customer service.
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We are a company of passionate, talented, and motivated people.
−Removed: We embrace collaboration and creativity, and encourage the iteration of ideas to address complex challenges in technology and society.
−Removed: At April 30, 2024, the Company had 556 Domestic employees and 450 International employees.
+Added: We embrace collaboration and creativity, and we encourage the iteration of ideas to address complex challenges within our industry and society.
+Added: At April 30, 2025, the Company had 793 Domestic employees, including the recent Nu Aire acquisition, and 446 International employees.
Our people are critical for our continued success, so we work hard to create an environment where employees can have fulfilling careers, and be happy, healthy, and productive.
−Removed: We offer competitive benefits and programs to take care of the diverse needs of our employees and their families, including opportunities for career growth and development, resources to support their financial health, and access to excellent healthcare choices and resources, including access to an onsite medical clinic and separate gym facility and regular access to onsite specialists.
−Removed: Our competitive compensation programs help us to attract and retain top candidates, and we will continue to invest in recruiting talented people to technical and non-technical roles, and rewarding them well.
+Added: We offer competitive benefits and programs to take care of the diverse needs of our employees and their families.
+Added: These include opportunities for career growth and development, resources to support their financial health, and access to excellent healthcare choices and resources, including an onsite medical clinic and separate gym facility at Kewaunee's Statesville, NC headquarters, as well as regular access to onsite specialists.
+Added: Our competitive compensation programs help us attract and retain top candidates.
+Added: We will continue to invest in recruiting talented people to technical and non-technical roles, and celebrate their contributions with comprehensive rewards and recognition.
The Company believes that open and honest communication among team members, managers, and leaders helps create a collaborative work environment where everyone can contribute, grow, and succeed.
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OTHER INFORMATION
+Added: We file annual, quarterly, and current reports and other information with the Securities and Exchange Commission (the "SEC").
+Added: The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
Our Internet address is www.kewaunee.com .
−Removed: We make available, free of charge through this website, our annual report to stockholders.
−Removed: Our Form 10-K and 10-Q financial reports may be obtained by stockholders by writing the Secretary of the
−Removed: Company, Kewaunee Scientific Corporation, P.O.
−Removed: Box 1842, Statesville, NC 28687-1842.
−Removed: The public may also obtain information on our reports, proxy, and information statements at the Securities and Exchange Commission ("SEC") Internet site www.sec.gov .
+Added: We make available, free of charge through this website, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
The reference to our website does not constitute incorporation by reference of any information contained at that site.
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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.