4. Acquisitions

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Saudi Cast

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On November 29, 2025, the Company completed the acquisition of The Industrial Company for Castings and Sanitary Fittings (“Saudi Cast”) in a share purchase transaction funded with cash on hand. Saudi Cast is a leading manufacturer of cast iron and stainless steel drainage solutions, located in Riyadh, Saudi Arabia, offering high quality, specified drainage solutions serving the non-residential and industrial markets. Saudi Cast’s operating results since the date of acquisition are included in the APMEA segment. The Company accounted for the transaction as a business combination and it was deemed not to be material to the Company’s consolidated financial statements.

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Superior

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On November 14, 2025, the Company completed the acquisition of Superior Boiler (“Superior”) in an equity purchase transaction funded with cash on hand. The aggregate net purchase price was $88.7 million, net of cash acquired of $4.5 million. The final post-closing working capital adjustment was immaterial and adjusted in the first quarter of 2026, resulting in a final purchase price of $90.0 million, net of cash acquired.

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Superior is headquartered in Hutchinson, Kansas, and is a designer and manufacturer of a wide range of customized steam and hot water boiler systems for commercial, institutional and industrial applications. Superior’s operating results since the date of acquisition are included in the Americas segment. The Company has determined that both the pro-forma and actual results, including Superior’s net sales, net income, and earnings per share, are not material to the Company’s financial results, and therefore has not included these disclosures.

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The Company accounted for the transaction as a business combination. During the fourth quarter of 2025, the Company performed the preliminary purchase price allocation for the Superior purchase, with immaterial adjustments in the first and second quarters of 2026 primarily related to the final working capital, intangible asset valuation, and other immaterial adjustments. The purchase price allocation was considered substantially completed as of the second quarter of 2026, with final refinements and allocations including deferred tax adjustments, to be completed in the third quarter of 2026 and are not expected to be material. The acquisition resulted in the recognition of $57.4 million in goodwill and $29.9 million in intangible assets. The intangible assets acquired consist of customer relationships valued at $25.9 million with estimated lives of 12 years and the trade name valued at $4.0 million with an estimated life of 15 years. The goodwill is attributable to the workforce of Superior and the portfolio which will allow the Company to expand its product offerings as a result of the acquisition. For tax purposes, the Company accounted for the transaction as a stock acquisition and therefore maintained the existing tax basis for acquired assets and liabilities.

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The following table summarizes the preliminary value of the assets and liabilities acquired (in millions):

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Haws

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On November 4, 2025, the Company completed the acquisition of Haws Corporation (“Haws”) in a share purchase transaction funded with cash on hand. Haws is headquartered in Sparks, Nevada and is a leading global brand providing emergency safety and hydration solutions serving industrial, institutional and non-residential end markets for more than 120 years. Haws’ operating results since the date of acquisition are included in the Americas segment. The Company accounted for the transaction as a business combination and it was deemed not to be material to the Company’s consolidated financial statements.

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EasyWater

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On June 13, 2025, the Company completed the acquisition of substantially all of the assets of Freije Treatment Systems, Inc., doing business as EasyWater (“EasyWater”), in an all-cash transaction. EasyWater is a leading brand of water quality solutions, that includes innovative, chemical-free technologies for treating water in residential and commercial applications. The acquisition of EasyWater aligns with the Company’s continued focus on growth, innovation and expanding the Company’s portfolio of high-value water quality solutions. The Company accounted for the transaction as a business combination and it was deemed not to be material to the Company’s consolidated financial statements.