What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-21 compared with 2023-02-22 · 63 added, 88 removed, 188 unchanged (45% of the section changed)

11 unchanged sentences

Portfolio Management is focused on optimizing the Company’s business portfolio in higher growth markets with leadership positions while ensuring its financial capital and human resources are effectively and efficiently deployed to deliver sustainable, profitable growth while increasing its relevance with customers and shaping its markets.

In 2022, the Company most recently acquired Quality Aluminum Products ("QAP") in the Residential segment and made the decision to divest its non-core Processing business within the Agtech segment to help achieve these objectives.

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In 2023, the Company acquired the assets of a privately held Utah-based company in the Residential segment and sold its Japan-based solar racking business within the Renewables segment to help achieve these objectives.

Organization Development drives the Company’s continuous focus on ensuring it has the right design and structure to scale the organization in order to execute the Company’s plans and meet commitments.

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Since 2014, the Company has been transforming itself to focus on solving some of humanity's most challenging opportunities - from harnessing energy and growing food more sustainably to living and working with greater ease, efficiency, and comfort.

Transforming the Company positions it to play a significant role in sustainable development issues, building partnerships with key players that help advance critical technologies, strengthening the Agtech, Renewables, Residential and Infrastructure businesses, and enabling the Company to better respond to humanity's evolving needs.

The Company serves customers primarily in North America including renewable energy (solar) developers, home improvement retailers, wholesalers, distributors, institutional and commercial growers of food and plants, and contractors.

At December 31, 2022, the Company operated 33 facilities, which were comprised of 25 manufacturing facilities, one distribution center, and seven offices, and were located within 15 states, Canada, China, and Japan.

Transforming the Company positions it to play a significant role in sustainable development issues, building partnerships with key players that help advance critical technologies, strengthening the Renewables, Residential, Agtech and Infrastructure businesses, and enabling the Company to better respond to humanity's evolving needs.

At December 31, 2023, the Company operated thirty facilities, which were comprised of twenty-three manufacturing facilities, one distribution center, and six offices, and were located within sixteen states, Canada and China.

The Company's operational infrastructure provides the necessary scale to support regional and national customers in each of its markets.

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The Company operates and reports its results in the following four reporting segments:

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• Infrastructure

The following table summarizes the primary products, applications, and end markets for each segment:

The following table summarizes the primary products and, where applicable, services, applications, and end markets for each segment:

Renewables Segment

Products & Services Applications End Users

Design, engineering, manufacturing and installation of solar racking and electrical balance of systems Commercial & distributed generation scale solar installations on any type of terrain Solar developers;

Products and Services Applications End Market

Design, engineering, manufacturing and installation of solar racking and electrical balance of systems Commercial and distributed generation scale solar installations on any type of terrain Solar developers;

power companies;

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Products Applications End Market

Roof and foundation ventilation products Ventilation and whole-house air flow

Roof and foundation ventilation products Ventilation and whole-house air flow management

new construction and repair and remodeling

Single point & centralized mail systems and electronic package solutions Secure storage for mail and package deliveries

Retractable awnings & gutter guards Sun protection;

Single point and centralized mail systems and electronic package solutions Secure storage for mail and package deliveries

Retractable awnings and gutter guards Sun and wind protection;

gutter protection

Rain dispersion, trims and flashings, other accessories Water & protection from natural elements

Trims and flashings, metal roofing, rain dispersion, other accessories Protection from water and other natural elements - roof integrity

Agtech Segment

Products & Services Applications End Users

Provide growing and processing solutions including the designing, engineering, manufacturing, full scope construction, & maintenance & support of greenhouses & indoor growing operations Retail, fruits & vegetables, flowers, cannabis, commercial, institutional & conservatories, car wash structures Large scale indoor produce growers;

Products and Services Applications End Market

Provide growing solutions including the designing, engineering, manufacturing, full scope construction, maintenance and support of greenhouses and indoor growing operations Retail, fruits and vegetables, flowers, cannabis, commercial, institutional and conservatories, car wash structures Large scale indoor produce growers;

retail garden centers;

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Products Applications End Market

Engineered solutions for bridges, highways & airfields, including structural bearings, expansion joints, pavement seals, elastomeric concrete, bridge cable protection systems

Engineered solutions for bridges, highways and airfields, including structural bearings, expansion joints, pavement seals, elastomeric concrete, bridge cable protection systems

Preserve functionality under varying weight, wind, temperature and seismic conditions Bridge and elevated highway construction, airport pavements

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The Company’s operating businesses have established strong positions in attractive end markets by building core capabilities in innovation, new products and services, manufacturing and field operations, business systems, quality performance, along with a healthy balance sheet and the strength of our people.

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The Company provides optimal solutions to its customers:

racking, foundation, and electrical systems for photovoltaic (PV) solar systems, commercial growing greenhouses for biologically grown food, cannabis, and other plants;

racking, foundation, and electrical systems for photovoltaic solar systems, commercial growing greenhouses for biologically grown food, floriculture, and other plants;

roof-related ventilation and weather protection to support healthy home environments;

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The Company's products and services are highly engineered, supported with intellectual property, and driven by effective business systems and IT infrastructure.

Commitment to Customer & Quality .

Commitment to Customer and Quality .

The Company strives to be connected directly with its end customers, where it receives unfiltered feedback on performance, insight on customer problems and opportunities, and cooperation on ideas for new products, services, and business model optimization.

The percentage of the Company's total revenue generated from products and services that were sold directly to the end user was approximately 45% and the Company expects this to grow in future years.

The Company's commitment to quality is a core operating tenet, and its quality management systems are designed to ensure the Company delivers to customer and stakeholder expectations while meeting statutory and regulatory requirements related to its products and services.

The Company's commitment to quality is a core operating tenet, and its quality management systems are designed to ensure the Company delivers to meet customer and stakeholder expectations.

Strong Liquidity Profile .

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As of December 31, 2023, the Company's liquidity was $495.5 million, including $99.4 million of cash and $396.1 million of availability under its revolving credit facility.

The Company believes its low leverage and ample borrowing capacity, along with enhanced flexibility in its Credit Agreement, provides the Company with the financial capacity to fund its ongoing business requirements, strategic initiatives, and acquisition opportunities.

The Company believes its low leverage and ample borrowing capacity, along with flexibility in its Credit Agreement, provides the Company with the financial capacity to fund its ongoing business requirements, strategic initiatives, and acquisition opportunities.

Recent Developments

On December 8, 2022, the Company entered into a Credit Agreement (the "Credit Agreement"), and concurrently with entering into the Credit Agreement, the Company paid off all amounts owed under the Sixth Amended and Restated Credit Agreement dated as of January 24, 2019, which was terminated with no prepayment penalties.

The Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million.

The Company can request additional financing to increase the revolving credit facility to $700 million or enter into a term loan of up to $300 million subject to conditions set forth in the Credit Agreement.

The Credit Agreement contains two financial covenants.

As of December 31, 2022, the Company was in compliance with both financial covenants.

The Credit Agreement terminates on December 8, 2027.

On August 22, 2022, the Company purchased all the issued and outstanding membership interests of Quality Aluminum Products ("QAP"), a manufacturer of soffit, fascia, trim coil, rain carrying products and aluminum siding for an aggregate purchase price of $52.1 million.

The acquisition of QAP was financed primarily through borrowings under the Company's revolving credit facility.

The results of operations of QAP have been included in the Residential segment of the Company's consolidated financial statements from the date of acquisition.

In May 2022, the Company's Board of Directors authorized a share repurchase program of up to $200 million of the Company's issued and outstanding common stock.

The program has a duration of three years, ending May 2, 2025.

Repurchases may be made, from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions, applicable legal requirements, debt covenants and other considerations.

Any such repurchases may be executed using open market purchases, privately negotiated agreements or other transactions.

The repurchase program may be suspended or discontinued at any time at the Company's discretion.

As of December 31, 2022, the Company has repurchased 1,997,366 shares for an aggregate price of $85.9 million under this repurchase program.

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During the first quarter of 2022, the Company committed to a plan to sell its Processing business, a business within the Company's Agtech reportable segment, as part of its portfolio management strategy in order to focus its resources on the higher growth and more profitable growing business within the Agtech segment.

The Processing business was classified as held for sale as of March 31, 2022 and remains under such classification as of December 31, 2022.

On December 1, 2023, the Company sold its Japan-based solar racking business within its Renewables segment to a third party and received net proceeds of $8.0 million.

On July 5, 2023, the Company acquired the assets of a privately held Utah-based company that manufactures and distributes roof flashing and accessory products for $10.4 million.

Customers and Products

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No other customer in any segment or segments accounted for more than 10% of the Company's consolidated net sales.

The Company's products are primarily distributed to its customers using common carriers.

The Company generally ships directly from its manufacturing plants to ensure on-time delivery while maintaining efficiency.

Customers and product offerings by segment are described below.

The Renewables segment designs, manufacturers and installs solar energy mounting systems including foundation, racking, and electrical balance of systems for developers, EPCs and owners / operators of solar fields.

An integral part of solar projects is the design, engineering, and fabrication of unique structures and electrical balance of systems, as well as the field installation of both whether applied to a ground-mounted or carport system.

The Renewables segment designs, manufactures and installs solar energy mounting systems including foundation, racking, and electrical balance of systems for developers, EPCs and owners / operators of solar fields.

An integral part of solar projects is the design, engineering, and fabrication of unique structures and electrical balance of systems ("eBOS"), as well as the field installation of both whether applied to a ground-mounted or carport systems.

The Company provides both fixed tilt and tracker racking systems along with either a screw or pile driven foundation systems.

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The Company's operating software enables its team to optimize solar project design utilizing solar irradiance data and topography analysis to quickly and automatically generate multiple potential layouts for complex projects.

The single-axis tracker systems are able to support and adapt to a variety of site conditions while also reducing the typical civil work preparation and installation costs associated with projects.

The single-axis tracker systems support and adapt to a variety of site conditions while also reducing the typical civil work preparation and installation costs associated with projects.

The patented design eliminates complexities incorporated in traditional systems, simplifying the operations and maintenance of the system, along with streamlining the installation process.

Other products offered include solar racking systems for both carports and pile-driven ground mount systems.

Other products offered include solar racking systems for both carports and pile-driven ground mount systems and eBOS.

Solar racking systems for carports serve as protection for cars from the effects of the sun and intense heat while providing a renewable energy source.

Similarly, solar racking systems installed on idle land, such as solid waste landfills, or on challenging, rocky terrain, converts such land into a useful property by providing clean renewable power generating capabilities.

The Residential segment serves both the residential repair and remodeling and new housing construction markets in North America with products including roof and foundation ventilation products, single point and centralized mail systems and electronic package solutions, outdoor living space products (sun-shading), rain dispersion systems, and other construction accessories.

The Company's residential product offerings are sold through major retail home centers, building material wholesalers, building product distributors, buying groups, roofing distributors, residential contractors, property management companies, postal services distributors and providers, and online direct to end consumers.

An eBOS system supports the conversion of captured sunlight to direct current energy.

The Company is a full eBOS solution provider, from combiner boxes that take multiple source circuits and combine them into a single output to pre-fabricated and customized wire harnesses and source circuit lengths which greatly shorten field installation time.

The Residential segment serves both the residential repair and remodeling and new housing construction markets in North America with products and services including roof and foundation ventilation products, single point and centralized mail systems and electronic package solutions, outdoor living space products (sun-shading), rain dispersion systems, metal roofing job site services, and other construction accessories.

The Company's residential product offerings are sold through major retail home centers, building material wholesalers, building product distributors, buying groups, roofing distributors, residential contractors, property management companies, manufactured housing dealers, postal services distributors and providers, and online direct to end consumers.

The Company's mail and electronic package solutions include single mailboxes, cluster style mail and parcel boxes for single and multi-family housing, and electronic package locker systems.

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Each of these product offerings can be sold separately or as part of a system solution.

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The Company strives to improve its product-solution offerings while adapting to local and regional building code and new products recently introduced include electronic parcel lockers, roof top safety kits, chimney caps, heat trace coils, remote-controlled deck awnings for sun protection, and high-efficiency ventilation products.

The Company strives to improve its product-solution offerings while adapting to local and regional building codes and new products recently introduced include efficient-installation ventilation solutions, next generation single mailboxes, electronic parcel lockers, pipe flashings and remote-controlled deck awnings and valances for sun protection.

The Company's ventilation and roof flashing products provide protection and extend the life of residential structures while providing a safer, healthier environment for residents.

The Company's building products are manufactured primarily from galvanized and painted steel, anodized and painted aluminum, and various resins.

The Company's electronic parcel lockers and parcel room systems provide multi-family communities and businesses a secure storage solution to handle both package deliveries and receipt of other goods, along with helping retail businesses and their customers to transact via buy on line, pick up in store transactions.

The Company's cluster box mail delivery products provide delivery cost savings to the postal service while offering secure storage for delivered mail and packages.

The Company's electronic parcel lockers systems provide multi-family communities and businesses a secure storage solution to handle both package deliveries and receipt of other goods, along with helping retail businesses and their customers to transact via buy online, pick up in store transactions.

The Company leverages its production capabilities and supply chain across the U.S.

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In some cases, the Company sources products from third-party vendors to optimize cost and quality in order to provide the very best and affordable solution for customers.

The Agtech segment designs, manufactures, and installs high-technology turnkey greenhouse facilities designed for large-scale indoor growing production of fruits and vegetables, plants and flowers, and agricultural research and development facilities with over 100 universities in the United States.

The Agtech segment designs, manufactures, and builds advanced-technology turnkey greenhouse growing facilities for large-scale indoor commercial growers of fruits and vegetables, plants and flowers, and agricultural research and development facilities with over 100 universities in the United States.

Large scale greenhouse facilities are unique to a particular type of plant, vegetable, flower, or fruit, and require unique structures, growing systems, and the integration of the structure and the systems.

Infrastructure

The Infrastructure segment serves highway and bridge construction and airports through commercial and transportation contractors.

The Infrastructure segment serves highway and bridge construction and airports through commercial and transportation contractors and fabricators.

The Company's products include expansion joints, structural bearings, rubber pre-formed seals and other sealants, elastomeric concrete, and bridge cable protection systems.

Infrastructure's products are manufactured primarily from plate and structural steel along with various resin and rubber based materials.

Infrastructure's products are manufactured primarily from plate, rail and structural steel along with various resin and rubber based materials.

The products manufactured are highly engineered to meet the exact specifications for the particular project undertaken.

New products introduced in recent years extend the infrastructure products into new markets.

For example, its engineered pavement sealants for roadways are now being installed on airport runways, its structural bearings for elevated highways and bridges have been installed on offshore oil production platforms, and its corrosion-protection products for cable-suspension bridges are now marketed and sold internationally.

High speed and traditional rail projects involving elevated structures have created new opportunities in recent years.

Engineered pavement sealants for roadways are commonly used in airport runways, for both existing runways and expansion projects.

Its corrosion-protection products for cable-suspension bridges are now marketed and sold internationally and have been used on numerous signature bridges.

Engineering and Technical Services

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In the Renewables, Agtech, and Infrastructure segments, drawings are approved and stamped by state licensed professional engineers as required by individual projects.

Technical service personnel also work in conjunction with the Company's sales force in the new product development process to determine the types of products and services that suit the particular needs of customers.

Technical service personnel also work in conjunction with the Company's sales and product management teams in the new product development process to determine the types of products and services that suit the needs of customers.

Suppliers and Raw Materials

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The primary raw materials the Company purchases are flat-rolled, structural and plate steel, aluminum coil and extrusions, and resins.

The Company purchases flat-rolled and plate steel and aluminum at regular intervals on an as-needed basis, primarily from the major North American mills, as well as, a limited amount from domestic service

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centers and foreign steel importers.

The Company purchases flat-rolled and plate steel and aluminum at regular intervals on an as-needed basis, primarily from the major North American mills, as well as a limited amount from domestic service centers and foreign steel importers.

Substantially all of its resins are purchased from domestic vendors, primarily through distributors, with a small amount purchased directly from manufacturers.

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Sales and Marketing

In 2022, approximately 45% of the Company's revenues were generated from products and services that were sold directly to the end user, with the remainder of revenues generated through retailers, wholesalers and distributors, down from 56% in 2021.

In 2023, approximately 41% of the Company's revenues were generated from products and services that were sold directly to the end user, with the remainder of revenues generated through retailers, wholesalers and distributors.

The Company's sales process regularly includes a competitive bid process, and its reputation for product and service quality and meeting delivery requirements make the Company a preferred provider for many customers.

The Company shifted its marketing focus in 2021 to build an enhanced cohesive brand strategy—ensuring the Company has a defined purpose and values and ensuring the Company's brand messages reflect the needs of the market and the capabilities of its businesses.

The businesses in the Company's Renewables segment were integrated and rebranded under the brand name Terrasmart at the beginning of 2022 and the Company's businesses in its Agtech segment were consolidated under the brand name Prospiant during 2021.

The Company's marketing focus is to build an enhanced cohesive brand strategy for Gibraltar—ensuring the Company has a defined purpose and values and ensuring the Company's brand messages reflect the needs of the market and the capabilities of its businesses with "We advance the art and science of making and celebrate the people that make life better".

In addition, the businesses in the Company's Renewables segment were integrated and rebranded under the brand name Terrasmart at the beginning of 2022 and the Company's businesses in its Agtech segment were consolidated under the brand name Prospiant during 2021.

In their markets, both brands reflect the Company's unique value to customers.

In 2021, the Company began to expand and upgrade its Customer Relationship Management (CRM) system, which work continued into 2022, thus improving its visibility into sales account status and enabling cross-sell and up-sell opportunities.

The CRM also provides important aggregate market data.

The Company's Customer Relationship Management systems provides important aggregate market data and visibility into sales account status and enabling cross-sell and up-sell opportunities.

Backlog represents the value of the total confirmed orders at a point in time for which performance obligations have not yet been satisfied.

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This metric is useful as it reflects the committed amount the Company expects to recognize as revenue in the near-term.

While the majority of the Company's products have short lead time order cycles, the Company has aggregated approximately $299 million of backlog from continuing operations at December 31, 2022 compared to $344 million at December 31, 2021.

While the majority of the Company's products have short lead time order cycles, the Company has aggregated approximately $330 million of backlog at December 31, 2023 compared to $299 million at December 31, 2022.

The backlog primarily relates to certain business units in the Company's Renewables, Agtech, and Infrastructure segments.

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Levels of residential and commercial construction can be cyclical and can depend on interest rates, availability of financing, inflation, employment, spending habits, consumer confidence and cost and availability of skilled labor.

Furthermore, general economic forces, such as tax credit expirations and imposed tariffs, the impact of the COVID-19 pandemic, and changes in the Company’s products and customer mix

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can and have shifted traditional seasonal fluctuations in revenue over the past few years.

As the pandemic is subsiding and tax credits for the Company's renewable energy customers begin to stabilize, the Company has seen a shift back towards traditional seasonality with the fourth quarter of 2022 being slower than experienced in 2021 and 2020.

Furthermore, general economic forces, such as tax credit expirations, imposed tariffs and changes in the Company’s products and customer mix can and have shifted traditional seasonal fluctuations in revenue over the past few years.

Governmental Regulation

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• The Company's ability to perform and deliver shareholder value is dependent on our people, and

• The Company strives to create an environment where our people can have the best chance to thrive, which the Company refers to internally as creating the "Best Place to Work."

The Company's "Best Place to Work" initiative engages the entire organization, with areas of focus that include Health and Safety, Education and Development, Diversity and Inclusion, Compensation and Employee Benefits, and Communication and Employee Engagement.

• Each member of the Company's team plays an important role in creating an environment where individuals are respected and valued and diverse teams have the best chance to thrive.

The Company seeks to support an array of career pathways and life journeys by engaging the entire organization, with areas of focus that include Health and Safety, Education and Development, Diversity and Inclusion, Compensation and Benefits, as well as Communication and Employee Engagement.

The Company employed 2,097 full-time employees and 13 part-time employees as of December 31, 2023.

Of the Company's 2,137 total employees, 876 were classified as salary and 1,261 classified as hourly.

Of the Company's 2,110 total employees, 796 were classified as salaried and 1,314 classified as hourly.

The Company also employed approximately 358 full-time equivalent temporary agency employees.

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The Company expects each team member of the Company to follow the Company's safety standards and practices, support the Company's key safety initiatives, be accountable to themselves and each other, and be part of safety solutions.

The Company believes all accidents and near-misses are preventable as the Company strives to create a zero incidents work environment.

The Company believes all accidents and near-misses are preventable as the Company strives to create a zero incident work environment.

The Company has continued to invest in the Company's safety organization, and implemented a disciplined safety management and reporting process, measuring and reviewing the Company's safety results continuously in each location.

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The Company's businesses also identify additional safety investments required for training, education, equipment, and processes as part of the Company's annual budget and capital planning procedure.

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The Company is continuously evolving its crisis management plans as the Company gains experience, reviews industry best practices, and continues to develop more effective tools, processes, and policies.

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The Company supports and encourages a culture where diversity of thought flourishes and all employees feel appreciated, included, and know they have an equal opportunity to develop, grow, and succeed based on their performance.

The Company believes demonstrating respect for our people and valuing their perspectives and their contributions is critical to cultivating the Company's best and most successful work environment, a belief that is foundational for the Company's “Best Place to Work” initiative.

The Company believes demonstrating respect for our people and valuing their perspectives and their contributions is critical to cultivating the Company's best and most successful work environment.

Key demographics for the Company's employees are shown below.

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2023 Workforce Composition (Gender and Age)

Employee Age Groups Female Male Not Specified Total by Age Group % by Age Group

Employee Age Groups Female Male Non-Binary Total by Age Group % by Age Group

< 30 years of age 86 276 2 364 17.3%

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Number of 2023 Employees by Employment Type (by Gender)

Employee Type Female Male Not Specified Total by Type % by Type

Employee Type Female Male Non-Binary Total by Type % by Type

Salary 242 554 — 796 37.7%

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• Continue the Company's mandatory and annual education and development program for the Company, including the Board of Directors, and evolve the curriculum as needed

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• Continue to map the Company's organization with the communities it operates in to ensure the make-up of the Company's team is representative of the community itself

• Continue to map the Company's organization with the communities where it operates and strive to reflect the diversity of these communities in the Company's team

• Implement and upgrade business systems across the Company to give the Company the capability to gather and analyze data, derive conclusions, and develop action plans for implementation

• Communicate the Company's progress through monthly business reviews with the Company's leadership teams, quarterly communications with its teams, and quarterly reviews with the Company's Board of Directors

• Build the most effective talent acquisition framework to attract the best candidates with the following objectives:

– Build diversity into the Company's recruiting process with its partner recruitment firms and labor agencies, universities, and trade schools, and ensure these partners deliver diverse slates of candidates for the Company's hiring needs, and

– Strengthen the Company's outreach to academic institutions, industry associations, local businesses, and affinity groups to broaden opportunities for diverse talent

• Build the most effective talent acquisition framework to attract the best people and extend training and development opportunities through a combination of on-the-job experiences, peer connections as well as classroom and self-paced learning.

• Be proactive with the Company's customers and supply chain partners to find ways to work together in promoting positive social development

Leadership Development

The Company reimagined the scope and objectives of its leadership development program in 2021.

The multi-year effort that emerged will establish a foundation for excellence in leadership.

The basis of the Company's program now includes multiple learning paths to meet the development needs of employees at all levels, including ethics compliance, leadership development, continuous improvement, diversity and inclusion, and function-specific learning and certification programs.

The Gibraltar Leadership Program core curriculum, launched to 194 leaders in 2022, is a two-day program with modules on servant leadership, skilled collaboration, accountability at work, taking control of conflict, emotional intelligence, and communicating as a manager.

In 2023, the Company will continue to offer this program to both new and existing leaders, and will expand the program to include additional modules on influence, change management and coaching for development.

The Company also maintains its commitment to ethical leadership with quarterly ethics training for all employees, and furthermore, also encourages and supports employees who pursue training and development to build their functional knowledge and expertise through continuing education and certification programs related to the employees' functional area.

In 2022, the Company launched a reimagined leadership development program to better equip our mid- and senior-level leaders with modern tools and tactics to best foster collaboration and success within its workforce.

The basis of the program now includes multiple learning paths to meet the development needs of employees at all levels, including ethics compliance, leadership development, continuous improvement, diversity & inclusion, and function-specific learning and certification programs.

The Gibraltar Leadership Program ("GLP") core curriculum is a two-day program with modules on servant leadership, skilled collaboration, accountability at work, taking control of conflict, emotional intelligence, and communicating as a manager.

In 2022, 194 leaders from across the business units participated in the GLP, followed by 146 leaders in 2023.

In addition, the Company maintains its commitment to ethical leadership with quarterly ethics training for all employees.

It also encourages and supports employees who pursue training and development to build their functional knowledge and expertise through continuing education and certification programs related to their functional area.

Going forward the Company has strategic initiatives in place to expand advanced trainings offered for current GLP participants.

In addition, it seeks to best leverage its rising talent through future rollout of a Leadership Potential Assessment and Manager Fundamentals program.

The continued deployment of the new human resources system will allow leaders at all levels from across the businesses to collaborate in a common space to share best practices and support new leaders with development coaching to continue to invest in their career growth.

Internet Information

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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.

What changed 10-K

Item 1. Business