As we reflect on 2025, we are proud of a year that combined record performance with progress on our anchors: safety, people, and disciplined growth. Our success is a demonstration of HBM’s supported autonomy in action and the strength of our operating companies executing on what matters most. These accomplishments reinforce our ability to deliver results while staying true to our values. We are positioned for continued growth and to create lasting value for our shareholders, employees, customers, and the communities we are privileged to serve.
While it was not without its challenges, this year marked record financial performance for the portfolio, anchored by MLC’s exceptional results and the ongoing strength of the construction market. MLC also completed a global ERP rollout, enhancing data integrity, process discipline, and decision velocity across the business. Within Control Devices, the Gilmore segment advanced an operational and organizational transformation that is elevating execution. HarperLove sustained its focus on product innovation, while Schafer Industries progressed its commercial pipeline development to position the business for future growth. Calcium Products continued to penetrate their markets despite challenging conditions in the agriculture sector, indicating the underlying strength of their products. We also made the largest capital investments in the history of the enterprise at MLC and Calcium Products, setting the foundation for capacity, quality, and long-term competitiveness.
In the second half of the year, deal activity increased as we continued to pursue opportunities aligned with our strategy and disciplined approach to value creation. We started 2026 with two strategic acquisitions that strengthen our portfolio and expand our capabilities.
#1 – MLC’s acquisition of Burnett Inc., a lime solution provider serving the water treatment market with liquid calcium hydroxide and patented slurry. This acquisition expands MLC’s geography, markets, and solutions and differentiates our existing customer solutions and commercial capabilities.
#2 – Control Devices’ acquisition of Sherwood Valve, a global manufacturer of high-quality gas and flow control solutions for industrial, medical, and life-support applications. This acquisition expands Control Devices’ flow control portfolio and strengthens CDI’s position in the gas market.
Across the portfolio, we refreshed Strategic Plans to reflect evolving markets and targeted focus on our strengths and where we can grow. We made intentional talent investments at all levels, and strengthened workforce planning, ensuring we have the right leaders and teams in place as we grow and as the contours of our workforce evolve. We redoubled our emphasis on safety, adding talent, focus, and external expertise to improve and sustain results. We continued market and product expansion, building a sustainable portfolio of products for the future.
With the momentum of 2025 and our core values of Integrity, Relationships, and Results, we are energized for the opportunities ahead. Looking ahead to 2026, our priorities are clear: operate safely, execute consistently, develop talent, and balance opportunity with discipline.
None of this would be possible without the dedication of our people. We are grateful for the expertise our teams bring and their commitment to doing the right things well. As we look ahead to 2026, I am delighted to continue working alongside such an outstanding team as we build the business, empower people, and expand our impact together.
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