Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Operating Results and Other Financial Data

Segment operating results and other financial data for the quarters and six months ended June 30, 2025 and 2024, with 2024 recast to reflect the revised segment reporting requirements, were as follows:


	Quarter Ended June 30, 2025


(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Sales from external customers	$	187.5	$	100.6	$	288.1
Intersegment sales	—		0.3		0.3
	187.5		100.9		288.4
Reconciliation of sales
Elimination of intersegment sales					(0.3)
Total consolidated sales					288.1

Cost of sales	(94.2)		(69.6)
Selling, General, and Administrative	(38.6)		(28.4)
Other Operating1	0.4		(0.2)
Adjusting Items:
Acquisition expenses	0.3		—


Restructuring expense (income), net	(0.4)		0.2
Depreciation and amortization expense	8.3		16.9
Adjusted Segment EBITDA	$	63.3	$	19.8	$	83.1


	Quarter Ended June 30, 2024


(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Sales from external customers	$	184.0	$	87.9	$	271.9
Intersegment sales	—		0.2		0.2
	184.0		88.1		272.1
Reconciliation of sales
Elimination of intersegment sales					(0.2)
Total consolidated sales					271.9

Cost of sales	(92.2)		(60.7)
Selling, General, and Administrative	(35.0)		(25.1)
Other Operating1	(0.6)		—
Adjusting Items:
Acquisition expenses	0.2		—


Restructuring expense	0.6		—
Depreciation and amortization expense	8.4		16.8
Adjusted Segment EBITDA	$	65.4	$	19.1	$	84.5


	Six Months Ended June 30, 2025


(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Sales from external customers	$	367.1	$	194.2	$	561.3
Intersegment sales	—		0.5		0.5
	367.1		194.7		561.8
Reconciliation of sales
Elimination of intersegment sales					(0.5)
Total consolidated sales					561.3

Cost of sales	(185.1)		(133.8)
Selling, General, and Administrative	(77.0)		(54.5)
Other Operating1	0.4		(0.9)
Adjusting Items:
Acquisition expenses	0.5		—


Restructuring expense (income), net	(0.4)		0.9
Depreciation and amortization expense	16.5		33.9
Adjusted Segment EBITDA	$	122.0	$	40.3	$	162.3


	Six Months Ended June 30, 2024


(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Sales from external customers	$	355.6	$	173.8	$	529.4
Intersegment sales	—		0.3		0.3
	355.6		174.1		529.7
Reconciliation of sales
Elimination of intersegment sales					(0.3)
Total consolidated sales					529.4

Cost of sales	(184.9)		(119.6)
Selling, General, and Administrative	(73.6)		(51.8)
Other Operating1	(1.1)		—
Adjusting Items:
Acquisition expenses	3.5		—

Amortization of fair value adjustment to acquisition date inventory	1.7		—
Restructuring expense	1.1		—
Depreciation and amortization expense	16.1		33.7
Adjusted Segment EBITDA	$	118.4	$	36.4	$	154.8

1 Other Operating consists primarily of restructuring related expense (income), net, which includes income related to gains on the sale of fixed assets as a result of restructuring actions.


	Quarters Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Reconciliation of Income Before Income Taxes to Adjusted Segment EBITDA
Income before income taxes	$	35.5	$	36.4	$	67.8	$	50.7
Acquisition expenses	0.3		0.2		0.5		3.5

Amortization of fair value adjustment to acquisition date inventory	—		—		—		1.7
Restructuring expense (income), net	(0.2)		0.6		0.5		1.1

Depreciation and amortization expense	25.2		25.2		50.4		49.8
Corporate expenses	12.1		10.5		23.4		22.7
Interest expense, net	7.5		9.5		15.5		17.7

Other expense, net	2.7		2.1		4.2		7.6
Adjusted Segment EBITDA	$	83.1	$	84.5	$	162.3	$	154.8

Schedule of Net Sales by Geographical Area

In the table above, corporate expenses include general corporate administrative costs. Expenses not directly attributable to the segments, corporate expenses, net interest expense, and income taxes are not included in the computation of Adjusted Segment EBITDA.


	Quarters Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)				(in millions)
Net Sales by Geographic Area
United States	$	163.1	$	161.7	$	317.8	$	308.7
Europe	42.4		40.0		83.0		77.8
Rest of world	82.6		70.2		160.5		142.9
Total	$	288.1	$	271.9	$	561.3	$	529.4

Schedule of Disaggregation of Revenue

Below is a summary of our third-party sales by major end market with which we did business for the quarters and six months ended June 30, 2025 and June 30, 2024:


	Quarter Ended June 30, 2025
(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Aerospace	$	17.9	$	3.5	$	21.4

Commercial vehicle	45.1		—		45.1
Food and pharmaceutical	19.7		—		19.7
General industrial	68.7		6.7		75.4

Oil and gas	16.0		2.0		18.0
Power generation	18.0		—		18.0
Semiconductors	2.1		88.4		90.5

Total third-party sales	$	187.5	$	100.6	$	288.1


	Quarter Ended June 30, 2024
(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Aerospace	$	13.9	$	3.2	$	17.1

Commercial Vehicle	48.0		—		48.0
Food and pharmaceutical	18.0		—		18.0
General industrial	66.7		6.4		73.1

Oil and gas	14.8		1.5		16.3
Power generation	19.9		—		19.9
Semiconductors	2.7		76.8		79.5
Total third-party sales	$	184.0	$	87.9	$	271.9


	Six Months Ended June 30, 2025
(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Aerospace	$	38.2	$	7.6	$	45.8
Commercial vehicle	85.3		—		85.3
Food and pharmaceutical	37.7		—		37.7
General industrial	135.6		13.4		149.0
Oil and gas	30.8		3.1		33.9
Power generation	35.4		—		35.4
Semiconductors	4.1		170.1		174.2
Total third-party sales	$	367.1	$	194.2	$	561.3


	Six Months Ended June 30, 2024
(in millions)	Sealing Technologies		Advanced Surface Technologies		Total
Aerospace	$	28.1	$	6.0	$	34.1
Commercial vehicle	92.9		—		92.9
Food and pharmaceutical	35.0		—		35.0
General industrial	130.5		12.5		143.0
Oil and gas	27.1		3.0		30.1
Power generation	37.4		—		37.4
Semiconductors	4.6		152.3		156.9
Total third-party sales	$	355.6	$	173.8	$	529.4

In 2025, we refined our end market classification and moved sales previously reported as chemical and material processing to be included in the general industrial market.

Schedule of Segment Related Capital Expenditure, Depreciation and Amortization on those Expenditures


	Quarters Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Capital Expenditures
Sealing Technologies	$	4.1	$	2.3	$	6.8	$	5.0
Advanced Surface Technologies	5.8		2.6		11.1		8.1

Total capital expenditures	$	9.9	$	4.9	$	17.9	$	13.1

Depreciation and Amortization Expense
Sealing Technologies	$	8.3	$	8.4	$	16.5	$	16.1
Advanced Surface Technologies	16.9		16.8		33.9		33.7

Total depreciation and amortization	$	25.2	$	25.2	$	50.4	$	49.8

Schedule of Total Assets Segment

Segment assets are as follows:


	June 30, 2025		December 31, 2024
	(in millions)
Assets
Sealing Technologies	$	918.1	$	883.9
Advanced Surface Technologies	1,310.5		1,330.6
Corporate	146.7		277.0


	$	2,375.3	$	2,491.5