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Grainger for industrial and specialty chemicals.

Sysco for industrial chemicals and health ingredients.

Linde for specialized chemicals and ingredients.

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• Water Treatment Chemicals: Provides a comprehensive range of chemicals and solutions for municipal, industrial, and agricultural water treatment applications.
• Health & Nutrition Ingredients: Supplies specialty ingredients and custom formulations used in the food, dietary supplement, and pharmaceutical industries.
• Industrial Chemicals: Distributes and manufactures a wide array of bulk and packaged chemicals for diverse industrial manufacturing and processing customers.

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Hawkins, Inc. (symbol: HWKN) primarily sells its chemical products, solutions, and services to other companies (B2B model), not directly to individual consumers.

According to its public filings, Hawkins serves thousands of customers throughout the United States and certain international countries. The company has a highly diversified customer base, and no single customer accounted for 10% or more of its net sales in recent fiscal years. Therefore, specific names of major customers are not publicly disclosed.

However, based on its three primary operating segments, Hawkins serves a diverse range of customer companies and organizations across various industries. These customer categories include:

• Water Treatment Customers: This segment serves entities requiring chemicals and equipment for water purification and wastewater treatment.
  • Municipalities: Cities, towns, and governmental agencies that operate public water treatment plants for drinking water and municipal wastewater treatment facilities.
  • Industrial Facilities: A wide range of industrial clients, including power generation plants, manufacturing facilities, and food processing plants, that require process water treatment, cooling water treatment, and industrial wastewater treatment solutions.
• Industrial Customers: This segment distributes, blends, and manufactures industrial chemicals for a broad array of manufacturing and processing industries.
  • Food & Beverage Manufacturers: Companies producing various food products, beverages, and ingredients.
  • Pharmaceutical Manufacturers: Producers of prescription and over-the-counter medications.
  • Personal Care Product Manufacturers: Companies making cosmetics, toiletries, cleaning products, and other personal care items.
  • Agricultural Chemical Producers: Manufacturers of fertilizers, pesticides, and other agricultural inputs.
  • Energy Sector Companies: Clients in industries such as oil and gas exploration, refining, and power generation.
  • Other Industrial Manufacturers: A wide range of businesses that utilize chemicals as raw materials or processing aids in their operations.
• Health & Nutrition Customers: This segment formulates and distributes specialty ingredients for various health-related products.
  • Dietary Supplement Manufacturers: Companies that produce vitamins, minerals, herbal supplements, and other nutritional supplements.
  • Functional Food and Beverage Companies: Manufacturers developing food and drink products with added health benefits or specific nutritional profiles.
  • Pharmaceutical and Biotech Companies: For specialized ingredients used in drug formulations or biotechnological applications.

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Patrick H. Hawkins, President and Chief Executive Officer

Patrick H. Hawkins has served as Chief Executive Officer and President of Hawkins, Inc. since March 2011, having been President since March 2010. He joined the company in 1992 and has held various roles including Business Director – Food and Pharmaceuticals, Business Manager – Food and Co-Extrusion Products, Sales Representative – Food Ingredients, Plant Manager, Quality Director, and Technical Director. He also serves as Chief Executive Officer at Stauber Performance Ingredients, Inc., a company acquired by Hawkins in 2015, which was instrumental in creating Hawkins' food and nutrition group. His grandfather founded Hawkins, Inc. in 1938.

Jeffrey P. Oldenkamp, Executive Vice President and Chief Financial Officer

Jeffrey P. Oldenkamp joined Hawkins in May 2017 and assumed the roles of Chief Financial Officer, Executive Vice President, and Treasurer in June 2017. Before joining Hawkins, he served as Chief Financial Officer of MTS Systems Corporation, a supplier of high-performance test systems and sensors, from January 2015. Prior to that, he was Vice President of Finance for the MTS Test business from January 2014 to January 2015. His experience also includes various financial leadership positions at Nilfisk-Advance, Inc., a global manufacturer of professional cleaning equipment, where he was Americas Operations Chief Financial Officer and Vice President from January 2012 to January 2014, and at Emerson Electric, Inc.

Richard G. Erstad, Vice President, General Counsel and Secretary

Richard G. Erstad has been Vice President, General Counsel and Secretary of Hawkins since November 2008. Before joining Hawkins, he was General Counsel and Secretary of BUCA, Inc., a restaurant company, from 2005 to 2008. From 1996 to 2005, Mr. Erstad was an attorney with the corporate group of Faegre & Benson LLP, where his practice focused on securities law and mergers and acquisitions.

Shirley A. Rozeboom, Vice President - Health and Nutrition

Shirley A. Rozeboom holds the position of Vice President - Health and Nutrition at Hawkins, Inc.

Douglas A. Lange, Vice President – Water Treatment Group

Douglas A. Lange has served as Vice President – Water Treatment Group since June 2020, having joined Hawkins in January 2019. He brings 25 years of experience from the specialty adhesives industry, where he led business growth through new market expansion and location start-ups in the USA, Germany, and China for companies such as H.B. Fuller, Franklin International, and Bright Wood Corp.

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1. Economic Downturns and Industrial End-Market Cyclicality: Hawkins operates within the chemical industry, which is inherently cyclical. The demand for the company's products is significantly influenced by general economic conditions and the cyclical nature of the industries it serves, such as industrial manufacturing and energy. A slowdown in these key end markets could lead to reduced demand for Hawkins' products and services, adversely affecting its sales and financial performance.
2. Intense Competition and Price Pressure: Hawkins operates in a highly competitive environment, particularly within the specialty chemicals and ingredients distribution market. The company faces significant competition and price pressure from larger entities with broader product offerings and greater scale and cost efficiencies. This competitive landscape can exert pressure on profit margins and market share.
3. Raw Material Price Volatility and Supply Chain Disruptions: Hawkins is reliant on raw materials for its products, making it susceptible to market fluctuations in raw material prices. Such volatility can significantly impact production costs and profit margins if the company is unable to pass these increases on to customers. Furthermore, disruptions within the company's supply chain and transportation network have negatively impacted and could continue to negatively impact its production, financial condition, and results of operations.

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Hawkins, Inc. (HWKN) operates through three primary business segments: Water Treatment, Industrial Solutions, and Food & Health Sciences.

• Water Treatment: The U.S. water treatment chemicals market generated a revenue of approximately USD 7.73 billion in 2024 and is projected to reach about USD 9.26 billion by 2030, growing at a CAGR of 3% from 2025 to 2030. Another estimate places the U.S. market size at USD 7.50 billion in 2024, expected to reach around USD 10.91 billion by 2034 with a CAGR of 3.82% from 2025 to 2034. North America's water treatment chemicals market was valued at USD 10.71 billion in 2024 and is anticipated to grow at a CAGR of 3.75% during the forecast year. Globally, the water and wastewater treatment chemicals market is estimated to reach USD 43.3 billion in 2025 and is projected to grow to USD 61.8 billion by 2032, with a 5.2% CAGR.
• Industrial Solutions (Industrial Chemicals and Custom Blending): This segment primarily falls under the broader specialty and commodity chemicals markets. The North America specialty chemicals market generated a revenue of USD 236.23 billion in 2024 and is expected to grow at a CAGR of 4.5% from 2025 to 2030, reaching a projected revenue of USD 307.32 billion by 2030. Another report states the North America specialty chemical market is valued at USD 155.6 billion. The North America commodity chemicals market was valued at USD 54.2 billion in 2024 and is expected to reach USD 85.61 billion by 2033, growing at a CAGR of 5.21% from 2025 to 2033.
• Food & Health Sciences (Food Ingredients, Nutraceuticals, and Pharmaceutical Ingredients): The global specialty food ingredients market size was estimated at USD 101.9 billion in 2023 and is projected to reach USD 144.9 billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030. Another source states the global food ingredients market size was valued at USD 351.42 billion in 2024 and is projected to reach approximately USD 561.61 billion by 2034, expanding at a CAGR of 4.80% from 2025 to 2034. The U.S. food ingredients market size was calculated at USD 113.60 billion in 2024 and is projected to be worth around USD 185.07 billion by 2034, poised to grow at a CAGR of 5% from 2025 to 2034.

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Hawkins, Inc. (HWKN) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:

1. Strategic Acquisitions in the Water Treatment Segment: Hawkins has consistently emphasized and executed a strategy of expanding its Water Treatment segment through acquisitions. Recent examples include adding six Water Treatment locations through the acquisitions of Water Solutions Unlimited, Inc. and The Miami Products & Chemical Co. in Q3 fiscal 2024. These acquisitions have significantly boosted sales in the Water Treatment segment, contributing to its strong growth and making it the company's largest reporting segment.

2. Organic Growth within the Water Treatment Segment: Beyond acquisitions, Hawkins has also demonstrated organic volume growth in its Water Treatment business. For instance, in Q3 fiscal 2025, the Water Treatment segment's 22% revenue growth was attributed to both recent acquisitions and a 9% organic volume increase. Analysts also note the water treatment business has driven overall growth with organic increases.

3. Expansion in the Health and Nutrition Segment: The company anticipates continued growth within its Health and Nutrition segment, particularly driven by increased sales of manufactured products and specialty distributed products. This segment has shown improved margins on certain products, contributing to gross profit growth.

4. Strategic Market Focus through Segment Realignment: Hawkins' strategic realignment into three segments—Water Treatment, Food & Health Sciences, and Industrial Solutions—is designed to better capitalize on specialized markets and customer needs. This focused approach is expected to unlock opportunities for expansion, particularly in the specialty ingredients market.

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Share Repurchases

• Hawkins' shares outstanding decreased by 0.19% in one year, indicating share repurchases.
• A buyback yield of 0.19% was reported for Hawkins in the last 12 months.

Outbound Investments

• In April 2025, Hawkins acquired Watersurplus, a company specializing in sustainable water treatment solutions, including engineering, equipment, and PFAS removal services.
• Hawkins completed the acquisition of PhillTech, LLC in July 2025, expanding its water treatment business with the addition of coagulant and corrosion control product manufacturing and distribution.
• On October 27, 2023, Hawkins acquired Water Solutions Unlimited for $75 million, comprising an initial $60 million and a potential additional $15 million based on achieving an earnings target.

Capital Expenditures

• Hawkins reported capital expenditures of -$44.15 million for the trailing twelve months ending September 2025.
• These capital expenditures are primarily focused on acquiring or upgrading physical assets such as property, industrial buildings, or equipment to support its industrial, water treatment, and health and nutrition segments.