Expansion Markets:
The new Expansion Markets Division will focus on driving Graco’s inorganic growth in adjacent markets. The company’s existing environmental, semiconductor, high-pressure valves and electric motors businesses, together with select future ventures and acquisitions in new or adjacent markets, will reside within this newly-formed division. Timothy R. White, current President, Worldwide Process Division, will assume the role of President, Expansion Markets Division.
Contractor and Powder Divisions:
The company’s Contractor Equipment Division, renamed the Contractor Division, will be restructured to serve the needs of our global customers. The Powder Division is currently structured as a global business and will continue to operate as it does today. Both divisions will retain their current executive leadership.
“The redesigned organization will simplify our operations, increase speed to market, drive efficiency and create alignment across the enterprise,” said Sheahan. “These strategic changes will better position Graco to put our customers first, innovate, and align our investments with our top growth opportunities.”
Starting January 1, 2025, Graco will classify its business into three reportable segments: Contractor, Industrial and Expansion Markets.
| | • | | The Industrial segment, consisting of the newly formed Industrial Division and the Powder Division. |
| | • | | The Expansion Markets segment consisting of the Expansion Markets Division. |
| | • | | The Contractor segment, consisting of the Contractor Division, will remain unchanged as a reporting segment relative to prior periods. |
The company will report financial results under these reporting segments beginning with the first quarter of 2025. It expects to provide recast segment financial information in connection with its earnings release for the fourth quarter of 2024 as supplemental information on the company’s website at www.graco.com.
Caroline Chambers, President, EMEA, will depart Graco on December 31, 2024 after assisting with the transition.
“Caroline has significantly contributed to Graco’s success over the course of her career, most recently as the leader of our EMEA regional team,” said Sheahan. “She has been unwavering in her dedication to serving the best interests of the company and its customers. I extend my sincerest appreciation for her many years of service and leadership, and wish her the best of success in her future endeavors.”
