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and Holdings’ other direct and indirect subsidiaries.
−Removed: During the fourth quarter of 2022, we determined that our Aluminum Products business met the held-for-sale and discontinued operations accounting criteria.
−Removed: Accordingly, the Company has reported the held-for-sale assets and liabilities, the operating results and the cash flows of Aluminum Products in discontinued operations for all periods presented throughout this Annual Report on Form 10-K.
−Removed: Unless otherwise indicated, amounts and activity in this Annual Report are presented on a continuing operations basis.
−Removed: See Note 4, “Discontinued Operations,” in the Notes to Consolidated Financial Statements for further information.
−Removed: On December 30, 2022, we entered into a memorandum of understanding (the “MOU”) with a third party pursuant to which the third party would purchase our Aluminum Products business.
−Removed: The sale of the Aluminum Products business is subject to the entry into a definitive purchase agreement and other customary conditions.
The Company operates through three reportable segments:
−Removed: Supply Technologies, Assembly Components (which previously included the Aluminum Products business) and Engineered Products.
−Removed: As of December 31, 2022, we employed approximately 7,100 people, including employees in our Aluminum Products business.
+Added: Supply Technologies, Assembly Components and Engineered Products.
+Added: As of December 31, 2023, we employed approximately 6,300 people.
+Added: On December 29, 2023, the Company completed the sale of its Aluminum Products business to Angstrom Automotive Group (“Angstrom”) for up to $50.5 million in cash and promissory notes, plus the assumption of approximately $3 million of finance lease obligations.
+Added: The total purchase price consisted of a cash down payment of $20.0 million paid to the Company in December 2022;
+Added: cash of $15.5 million paid to the Company at closing;
+Added: and promissory notes totaling $15.0 million payable to the Company on December 31, 2024, of which $10.0 million is contingent on the Aluminum Products business attaining certain purchase commitments during 2024.
The following table summarizes the key attributes of each of our business segments:
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• Other Class C and MRO products
−Removed: • Extruded and molded rubber and thermoplastic products
• Fuel filler assemblies
−Removed: • Gasoline direct injection systems
+Added: • Extruded rubber and plastics
+Added: • Molded rubber and plastics
• Induction heating and melting systems
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• Heavy-duty truck
−Removed: • Marine equipment
• Ferrous and non-ferrous metals
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Total Supply Management ™ includes engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support.
−Removed: We operate more than 80 logistics service centers in the United States, Mexico, Canada, Czech Republic, Puerto Rico, Scotland, Hungary, China,
−Removed: Taiwan, Singapore, India, England, France, Spain, Poland, Malaysia, Northern Ireland and Ireland, including production sourcing and support centers in the United States and Asia.
+Added: We operate approximately 80 logistics service centers in the United States, Mexico, Canada, Czech Republic, Puerto Rico, Scotland, Hungary, China, Taiwan, Singapore, India, England, France, Spain, Poland, Malaysia, Northern Ireland and Ireland, including production sourcing and support centers in the United States and Asia.
Through our supply chain management programs, we supply more than 280,000 globally-sourced production components, many of which are specialized and customized to meet individual customers’ needs.
Total Supply Management ™ provides our customers with an expert partner in strategic planning, global sourcing, technical services, parts and materials, logistics, distribution and inventory management of production components.
−Removed: Some production components are characterized by low per unit supplier prices relative to the indirect costs of supplier management, quality assurance, inventory management and delivery to the production line.
+Added: production components are characterized by low per unit supplier prices relative to the indirect costs of supplier management, quality assurance, inventory management and delivery to the production line.
In addition, Supply Technologies delivers an increasingly broad range of higher-value production components including valves, fuel hose assemblies, electro-mechanical hardware, labels, fittings, steering components and many others.
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The Supply Technologies segment also engineers and manufactures precision cold-formed and cold-extruded fasteners and other products, including locknuts, SPAC ® nuts, SPAC ® bolts and wheel hardware, which are principally used in applications where controlled tightening is required due to high vibration.
−Removed: Supply Technologies produces both standard items and specialty products to customer specifications, which are used in large volumes by customers in the automotive, heavy-duty truck and rail industries.
+Added: Supply Technologies produces both standard items and specialty products to customer specifications, which are used in large volumes by customers in the automotive, heavy-duty truck and aerospace industries.
Markets and Customers.
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Total Supply Management ™ is used extensively in a variety of industries, and demand is generally related to the state of the economy and to the overall level of manufacturing activity.
−Removed: Supply Technologies markets and sells its approach to over 7,500 customers domestically and internationally.
+Added: Supply Technologies markets and sells to over 7,500 customers domestically and internationally.
The five largest customers, to which Supply Technologies sells through sole-source contracts to multiple operating divisions or locations, accounted for approximately 36% and 35% of the sales of Supply Technologies in 2023 and 2022, respectively.
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Assembly Components
−Removed: Assembly Components (which excludes the discontinued Aluminum Products business) manufactures products oriented towards fuel efficiency, reduced emission standards and vehicle electrification.
+Added: Assembly Components manufactures products oriented towards fuel efficiency, reduced emissions and vehicle electrification.
Assembly Components designs, develops and manufactures:
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and flexible multi-layer plastic and rubber assemblies used to transport fuel from the vehicle's gas tank and then, at extreme high pressure, to the engine's fuel injector nozzles.
−Removed: These advanced products, coupled with Turbo Enabled engines, make up large and growing engine architecture for all worldwide car manufacturers.
+Added: These advanced products, coupled with Turbo Enabled engines, make up large and growing engine architecture for all
+Added: worldwide car manufacturers.
Assembly Components also designs and manufactures Turbo Charging hoses along with Turbo Coolant hoses that will be required as engines get downsized to 3 or 4 cylinders from 6 or 8 cylinders.
This engine downsizing increases efficiency, while dramatically decreasing pollution levels.
−Removed: Assembly Components operates 12 manufacturing facilities and four technical offices in the United States, Mexico, China, the United Kingdom and the Czech Republic.
+Added: Assembly Components operates 12 manufacturing facilities and three technical offices in the United States, Mexico, China, the United Kingdom and the Czech Republic.
In addition, we also provide value-added services such as design engineering, machining and parts assembly.
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We compete with small-to medium-sized domestic and international equipment manufacturers on the basis of service capability, ability to meet customer specifications, delivery performance and engineering expertise.
−Removed: compete domestically and internationally with small-to medium-sized forging and machining businesses on the basis of product quality and precision.
+Added: We compete domestically and internationally with small-to medium-sized forging and machining businesses on the basis of product quality and precision.
Sales and Marketing
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Management believes that raw materials and component parts other than certain specialty products are available from alternative sources.
−Removed: Our suppliers of raw materials and component parts may significantly and quickly increase their prices in response to increases in costs of the raw materials, such as steel, that they use to manufacture our raw materials and component parts.
+Added: Our suppliers of raw materials and component parts may significantly and quickly increase their prices in response to increases in the cost of the raw materials, such as steel, that they use to manufacture our raw materials and component parts.
While we generally attempt to pass along increased raw material prices to our customers in the form of price increases, there may be a time delay between the increased raw material prices and our ability to increase the price of our products, or we may be unable to increase the prices of our products due to various factors.
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We are currently, and may in the future be, required to incur costs relating to the investigation or remediation of property, including property where we have disposed of our waste, and for addressing environmental conditions.
−Removed: For instance, we have
−Removed: been identified as a potentially responsible party at third-party sites under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, or comparable state laws, which provide for strict and, under certain circumstances, joint and several liability.
+Added: For instance, we have been identified as a potentially responsible party at third-party sites under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, or comparable state laws, which provide for strict and, under certain circumstances, joint and several liability.
We are participating in the cost of certain clean-up efforts at several of these sites.
−Removed: The availability of third-party payments or insurance for environmental remediation activities is subject to risks associated with the willingness and ability of the third party to make payments.
+Added: The availability of third-party payments or insurance for environmental remediation activities is subject to risks associated with the
+Added: willingness and ability of the third party to make payments.
However, our share of such costs has not been material and, based on available information, we do not expect our exposure at any of these locations to have a material adverse effect on our results of operations, liquidity or financial condition.
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Human Capital Resources
−Removed: As of December 31, 2022, we employed approximately 7,100 employees, including our Aluminum Products business, in our operations around the world.
+Added: As of December 31, 2023, we employed approximately 6,300 employees in our operations around the world.
Approximately 2,600 of these employees are in the United States, while the remaining 3,700 are employed in other countries.
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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.