Improved Safety and Operational Excellence
Achieved a safety incident rate of 0.30 per 200,000 hours worked, surpassing previous bests and well below the world-class benchmark. 22 plants completed the year with a perfect safety record.
Operational and Cost Efficiency Gains
Generated $76 million in cost savings from efficiency improvements and supply chain initiatives. Realized $24 million in savings from job reduction actions.
Significant Improvement in Operating Income
Achieved a 52% improvement in operating income for the year despite headwinds from lower production volumes, inflation, and unfavorable foreign exchange.
Recognition for Product Quality and Innovation
Received numerous awards for product quality and customer service. Innovations include FlexiCore Thermoplastic Body Seal technology and Fluids Manifold, contributing to efficiency and sustainability.
Positive Cash Flow and Strong Liquidity
Ended the year with a free cash flow of $63.2 million in the fourth quarter and $25.9 million for the full year. Total liquidity at nearly $340 million.