Here are 1-2 brief analogies for CSW Industrials (CSW):

• CSW Industrials is like a smaller, more focused 3M or Illinois Tool Works (ITW), providing essential specialty chemicals, building products, and mechanical solutions for commercial and industrial applications.
• Think of CSW as similar to Carlisle Companies, but with a broader portfolio that includes specialty chemicals, architectural building products, and HVAC/R mechanical components.

• Contractor Solutions Products:
  • Firestopping Solutions: Systems and products designed to prevent the spread of fire and smoke through penetrations and joint openings in fire-rated construction.
  • HVAC/R & Plumbing Products: A variety of chemical and mechanical products including sealants, adhesives, lubricants, and specialty tools for heating, ventilation, air conditioning, refrigeration, and plumbing applications.
  • Architectural Building Products: Includes expansion joint systems, entrance mats, and trench grates for commercial and institutional buildings.
• Specialty Resources Products:
  • Industrial Coatings and Sealants: Protective and high-performance coatings and sealants used in diverse industrial, energy, and infrastructure sectors.
  • Pavement Marking Solutions: Specialized materials for traffic safety and guidance through pavement markings.
• Industrial Adhesives and Sealants Products:
  • Infrastructure Adhesives and Sealants: High-performance adhesives and sealants developed for demanding infrastructure and construction projects.

CSW Industrials (CSW) sells primarily to other companies (B2B).

According to their latest public filings (e.g., the 2023 Form 10-K), no single customer accounted for more than 10% of consolidated net sales during the fiscal years 2023, 2022, or 2021. This indicates a diversified customer base, and as such, no specific "major customer" companies are individually identified by name with their symbols in their public disclosures.

However, CSW Industrials' sales channels primarily involve distributing its products through a relatively small number of large national and regional distributors and wholesalers. These business customers then sell to a wide array of end-users across various industries. While not individually identified as "major" due to the lack of sales concentration with any single entity, the primary categories of business customers CSW serves include:

• Industrial and Construction Distributors/Wholesalers: These are key intermediaries for CSW's specialty chemicals, architectural building products, and industrial components. They supply products to a broad base of HVAC, plumbing, electrical, general industrial, and construction contractors and businesses.
• Original Equipment Manufacturers (OEMs): CSW supplies components and specialty chemicals that are integrated into other companies' manufactured products.
• Commercial and Residential Contractors: While often reached through distributors, large commercial and residential contractors also represent a significant end-user segment for CSW's building products and specialty chemicals for direct project application.

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Joseph B. Armes, Chairman, Chief Executive Officer & President

Mr. Armes has served as Chief Executive Officer and Chairman of the Board of CSW Industrials since September 2015, and as President since February 2018. Prior to the spin-off of CSW Industrials from Capital Southwest Corporation in September 2015, he was the Chief Executive Officer and President of Capital Southwest Corporation from June 2013 to September 2015, and Chairman of its board of directors from January 2014 through August 2017. Mr. Armes was a board member of Switchback Energy Acquisition Corporation (2019-2021), a special purpose acquisition company, until its merger with ChargePoint Holdings, Inc. He also served as a board member and audit committee chairman for RSP Permian, Inc. (2013-2018), an independent oil and natural gas exploration and production company, prior to its acquisition by Concho Resources Inc. in July 2018. From 2005 to 2010, Mr. Armes was the Chief Operating Officer of Hicks Holdings LLC, a private investment firm. He began his career as an attorney specializing in mergers and acquisitions.

James E. Perry, Executive Vice President and Chief Financial Officer

Mr. Perry has served as Executive Vice President and Chief Financial Officer of CSW Industrials since June 2020. From 2004 through May 2020, he held various senior financial leadership roles at Trinity Industries, a publicly held, diversified industrial company, including serving as Chief Financial Officer from May 2010 to February 2019. Earlier in his career, from 2001 to 2004, Mr. Perry was a senior financial executive at RMH Teleservices, where he also served as Chief Financial Officer. He started his career in the investment banking division at JP Morgan Chase & Co. and spent time in a consulting group at Ernst & Young LLP.

Donal J. Sullivan, Executive Vice President, General Manager, Contractor Solutions

Mr. Sullivan has served as Senior Vice President & General Manager, Industrial Products since January 2016. Prior to this, he was the Chief Operating Officer for RectorSeal, one of CSW Industrials' operating subsidiaries, from May 2015 to January 2016. From October 2010 to April 2015, he served as Division President of Goodman Global, a member of the Daikin Group. Before 2005, Mr. Sullivan held various management positions in sales, product management, and general management at Carrier Corporation.

Luke E. Alverson, Senior Vice President, General Counsel & Secretary

Mr. Alverson has served as Senior Vice President, General Counsel and Secretary of CSW Industrials since February 2016. From May 2008 to February 2016, he held roles of increasing responsibility with Flowserve Corporation, a global manufacturer of fluid motion control products, most recently as Vice President, Corporate Legal Services and Assistant Secretary. Prior to 2008, Mr. Alverson was associated with the law firms of Vinson & Elkins, LLP and Hallett & Perrin, P.C.

Danielle R. Garde, Senior Vice President

Ms. Garde is a Senior Vice President at CSW Industrials.

CSW Industrials (symbol: CSW) operates in several addressable markets through its three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. The market sizes for their main products and services are identified below:

Contractor Solutions Segment

This segment primarily focuses on products for heating, ventilation, air conditioning, and refrigeration (HVAC/R) applications, as well as plumbing applications, electrical, and firestopping consumables and accessories.

• For the global Heating, Ventilation, and Cooling (HVAC) system market, the size was valued at USD 165.88 billion in 2024 and is projected to grow to USD 256.95 billion by 2032.
• The U.S. HVAC System Market is projected to reach an estimated value of USD 62.03 billion by 2032.
• The global HVAC Refrigeration Systems market size is estimated at USD 251.42 billion in 2025 and is expected to boost sales to USD 465.36 billion by 2033.

Specialized Reliability Solutions Segment

This segment provides specialty lubricants, compounds, sealants, desiccant breather filtration products, and lubrication management systems, which are used in demanding environments like the mining, rail, energy (oil & gas), and general industrial sectors.

• The global Specialty Chemicals Market was valued at USD 978.97 billion in 2024 and is projected to reach USD 1,312.78 billion by 2030.
• The global Adhesives and Sealants Market is estimated at USD 85.38 billion in 2025 and is projected to reach USD 114.94 billion by 2030.

Engineered Building Solutions Segment

This segment offers code-driven, life-safety products for the construction, refurbishment, and modernization of commercial, institutional, and multi-family residential buildings. While CSW Industrials operates in the Building Products industry, a specific, directly quantifiable addressable market size for "Engineered Building Solutions" or its specific product categories (e.g., life-safety products for buildings) was not identified in the provided search results.

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• Strategic Acquisitions (Inorganic Growth): A primary driver of CSW Industrials' revenue growth has been, and is expected to continue to be, strategic acquisitions. Recent acquisitions such as Aspen Manufacturing, PSP Products, PF WaterWorks, and the announced MARS Parts acquisition (expected to close November 2025) have significantly expanded product offerings, particularly in the HVAC/R sector, and contributed substantially to revenue increases. The company consistently emphasizes its commitment to an M&A strategy and pursuing an acquisition pipeline of innovative companies and products that complement organic growth.
• New Product Introductions and Innovation: CSW Industrials places a strong focus on investing in innovative products and commercially attractive solutions. This strategy involves launching new products and solutions, which helps to enhance revenue growth across the markets served. An example of this is the focus on enhancing product lines, particularly in data center-related fire safety products.
• Expansion of Channels to Market and Market Share: The company aims to maximize its channels to market by growing its robust distribution network, which includes buying groups and national account relationships. This focus on strengthening its go-to-market strategy allows CSW Industrials to increase market share and leverage its logistics, supply agreements, and sales infrastructure for faster and more cost-effective sales.
• Organic Growth in Key Segments: While recent reports indicate some organic revenue decline in the Contractor Solutions segment, CSW Industrials anticipates mid to high single-digit organic growth in the coming quarters for Contractor Solutions. Furthermore, the Engineered Building Solutions segment has shown organic growth volume. The company's overall strategy is to deliver sustainable growth that exceeds the markets it serves, indicating an ongoing focus on organic expansion within its diversified industrial segments.

Share Repurchases

• A new $200 million share repurchase program was authorized on November 18, 2024, replacing an existing $100 million program and set to expire on December 31, 2026.
• In the quarter ended September 30, 2025, CSW Industrials repurchased 72,911 shares for $18.32 million.
• Since 2015, the company has returned over $200 million to shareholders through share repurchases and dividends.

Share Issuance

• On September 5, 2024, CSW Industrials upsized and priced a public offering of 1,100,000 shares of common stock at $285 per share, generating gross proceeds of approximately $313.5 million.
• The net proceeds from the September 2024 offering were intended to repay outstanding debt and for general corporate purposes, including potential future acquisitions.

Outbound Investments

• On November 4, 2025, CSW Industrials completed the acquisition of Motors & Armatures Parts (MARS Parts) for approximately $650 million in cash.
• On May 1, 2025, CSW Industrials completed the acquisition of Aspen Manufacturing for approximately $313.5 million in cash, enhancing its HVAC/R product portfolio.
• In February 2024, the company deployed $30.3 million for the acquisitions of Dust Free, Guardian Drain Lock, and Sure Grade Drain, focusing on indoor air quality and plumbing markets.

Capital Expenditures

• Capital expenditures for fiscal year 2024 were $16.6 million, following $14.0 million in fiscal year 2023.
• These expenditures have focused on capacity expansion, enterprise resource planning (ERP) systems, new product introductions, safety enhancements, and automation.
• CSWI's capital expenditures typically comprise approximately 2% of revenue.