Here are a few analogies to describe Minerals Technologies (MTX):

• It's like DuPont or BASF for industrial minerals, supplying a diverse range of specialized mineral-based ingredients and solutions to manufacturers.
• Think of them as the Archer Daniels Midland (ADM) of industrial minerals, processing raw minerals into specialized ingredients for countless industrial applications.

• Bentonite and related products: Specialty mineral products for applications in metal casting, household, personal care, environmental, and building materials.
• Leonardite: A natural mineral product.
• Precipitated Calcium Carbonate (PCC): This synthetic mineral is used in paper, packaging, building materials, paint, and pharmaceutical industries.
• Quicklime: This calcium-based product is utilized across various industries including building materials, glass, and chemicals.
• Natural Mineral Products (Limestone and Talc): These raw minerals are supplied for industries such as paper, ceramics, and polymers.
• Monolithic and Shaped Refractory Materials: These heat-resistant materials, along with supporting products and services, are essential for high-temperature applications in steel, non-ferrous metal, and glass industries.
• Calcium Metal and Metallurgical Wire Products: These specialized products serve the steel and non-ferrous metal industries.

Minerals Technologies Inc. (MTX) sells primarily to other companies (Business-to-Business, B2B) across a diverse range of industries. The provided company description does not name specific major customer companies. Instead, it describes the industries and sectors where its products are utilized. Based on this information, the major categories of customer companies served by MTX include:

• Industrial Manufacturing Companies: This broad category encompasses companies in heavy industries such as steel, non-ferrous metals, glass, ceramics, and metal casting. It also includes manufacturers in the paper and packaging, paint and coatings, polymer, and automotive industries.
• Construction and Infrastructure Firms: MTX supplies products for non-residential construction, environmental projects, infrastructure development, and general building materials. This category includes construction companies, environmental engineering firms, and manufacturers of building products.
• Specialty and Consumer Goods Manufacturers: This segment includes companies that incorporate MTX's specialty minerals and materials into their final products. These customers operate in industries such as household and personal care product manufacturing, food processing, and pharmaceuticals.

Douglas T. Dietrich, Chairman of the Board and Chief Executive Officer

Douglas T. Dietrich has served as the Chief Executive Officer of Minerals Technologies since December 2016 and was elected Chairman of the Board in March 2021. He has 35 years of experience in industrial goods, mining, metals, and manufacturing. Mr. Dietrich joined Minerals Technologies in 2007, holding key management positions including Chief Financial Officer, Senior Vice President - Finance and Treasury, and Vice President - Corporate Development and Treasury, where he led corporate strategy and M&A initiatives. Before joining Minerals Technologies, he held several leadership roles at Alcoa Inc., such as Vice President, Alcoa Wheel Products - Automotive Wheels; President, Alcoa Latin America Extrusions; General Manager, Global Rod and Bar Products; and Manager, Business Development and Strategic Global Sourcing - Asia and Latin America. Earlier in his career, Mr. Dietrich worked for Eaton Corporation and Westinghouse Electric Corporation in various engineering and operations management roles.

Erik C. Aldag, Senior Vice President, Finance and Treasury, and Chief Financial Officer

Erik C. Aldag was appointed Chief Financial Officer in November 2022. He joined Minerals Technologies in 2017 as Director, Financial Planning & Analysis, and subsequently assumed responsibility for Investor Relations in 2020. Mr. Aldag possesses a broad background in corporate finance, investor relations, financial planning & analysis, business unit finance, corporate accounting, internal audit, global shared services, and plant controllership. He has led finance teams both in the U.S. and internationally in companies serving consumer and industrial markets, including serving as Finance Director of The Chia Co., a global consumer packaged foods supplier, and holding various positions at Alcoa Inc.

D.J. Monagle, III, Group President, Consumer & Specialties

D.J. Monagle, III joined Minerals Technologies in 2003 as Director, Global Marketing, Paper PCC. He served in various capacities including Vice President, North America, Paper PCC; Vice President, the Americas, Paper PCC; Senior Vice President and Managing Director, Paper PCC of Specialty Minerals; and Chief Operating Officer. Prior to joining Minerals Technologies, Mr. Monagle worked for the Paper Technology Group at Hercules Inc. from 1990 to 2003, holding sales and marketing positions of increasing responsibility. From 1985 to 1990, he served as an aviation officer in the U.S. Army's 11th Armored Cavalry Regiment, leaving as a troop commander with the rank of Captain.

Brett Argirakis, Group President, Engineered Solutions

Brett Argirakis is the Group President for the Engineered Solutions segment at Minerals Technologies. In this role, he is responsible for managing high-temperature technologies and environmental products.

Jonathan J. Hastings, Senior Vice President, Strategy and M&A

Jonathan J. Hastings serves as Senior Vice President, Strategy and Mergers and Acquisitions for Minerals Technologies. He focuses on inorganic growth and strategic positioning for the company.

Key Risks for Minerals Technologies (MTX)

1. Cyclicality of End-Use Industries: Minerals Technologies' diverse product portfolio serves industries such as steel, non-ferrous metals, glass, automotive, building materials, and paper. Many of these sectors are inherently cyclical and highly sensitive to economic conditions, industrial production levels, and consumer spending. A significant downturn or sustained weakness in one or more of these key end-use markets could lead to reduced demand for MTX's specialty mineral and refractory products, negatively impacting its revenues and profitability.
2. Raw Material Cost and Availability: As a producer of mineral-based products, Minerals Technologies relies heavily on the cost and consistent availability of essential raw materials, including bentonite, leonardite, limestone, and talc. Fluctuations in the prices of these raw materials, as well as increases in energy, logistics, and transportation costs associated with mining, processing, and delivering its products, could significantly erode profit margins. Supply chain disruptions or difficulties in sourcing critical raw materials could also hinder production and fulfillment.
3. Environmental Regulations and Operational Compliance: Given its operations involving mineral extraction, processing, and manufacturing across multiple global regions, Minerals Technologies is subject to a wide array of environmental, health, and safety regulations. Stricter environmental policies, new regulations, or changes in enforcement practices could necessitate significant capital expenditures for compliance, increase operating costs, or restrict operational flexibility. Non-compliance could also result in substantial fines, penalties, legal liabilities, and reputational damage.

The addressable markets for Minerals Technologies' main products and services are as follows:

• Bentonite: The global bentonite market was valued at approximately USD 7.2 billion in 2025 and is projected to grow to USD 10.24 billion by 2034. Asia Pacific dominated this market, holding a 34% share in 2025.
• Precipitated Calcium Carbonate (PCC): The global precipitated calcium carbonate market was estimated at USD 20.8 billion in 2024 and is projected to reach around USD 28.8 billion by 2030. Asia Pacific dominated the global PCC market with the largest revenue share of 46.9% in 2022.
• Quicklime: The global quicklime market size was valued at USD 33.6 billion in 2025 and is projected to grow to USD 42.6 billion by 2034. In 2025, Asia Pacific dominated the quicklime market with a 66% market share.
• Talc: The global talc market size was valued at USD 2.18 billion in 2025. This market is projected to grow to USD 2.93 billion by 2034. Asia Pacific held the largest share of the global talc market, accounting for 55.04% in 2025.
• Refractory Materials: The global refractories market size was estimated at USD 47.88 billion in 2025 and is projected to reach USD 95.96 billion by 2033. Asia Pacific dominated the refractories market with the largest revenue share of over 75% in 2025.
• Calcium Metal: The global calcium metal market size was valued at approximately USD 543 million in 2023, with projections indicating a rise to around USD 870 million by 2032. Asia Pacific holds the largest market share in the calcium metal market.

Minerals Technologies Inc. (MTX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Continued Growth in Household & Personal Care (HPC) Products: The company anticipates revenue growth from its Household & Personal Care product line, particularly in its cat litter business and other specialty applications such as edible oil and renewable fuel purification, and animal feed additives. Private label products within the pet care market are also expected to contribute significantly as they are growing faster than branded alternatives.
2. Strategic Capital Investments in High-Growth Areas: Minerals Technologies has allocated significant capital towards strategic growth investments, targeting an estimated $100 million in incremental revenue over the next 12-18 months. These investments are specifically aimed at expanding capacity and capabilities in areas like Pet Care, Bleaching Earth, Paper & Packaging, and the adoption of MINDScan installations.
3. Geographical Expansion, particularly in Asia: The company is focused on expanding its presence in the Asia-Pacific region. This includes continued growth in its Asia foundry business and the establishment of new paper and packaging satellite plants in countries such as China and India, with a particular emphasis on packaging applications.
4. Expansion in Environmental & Infrastructure Product Lines: Within the Engineered Solutions segment, Minerals Technologies is experiencing and expects continued sales growth driven by its Environmental & Infrastructure product lines, including infrastructure drilling, offshore services, and environmental lining systems.

Share Repurchases

• Minerals Technologies repurchased $58.5 million in shares during 2025.
• The company repurchased $64 million of shares in 2024.
• A $200 million share repurchase program was authorized in October 2024, with $50 million repurchased through the third quarter of 2025.

Share Issuance

• Minerals Technologies reported $0 million in stock issuance for the trailing twelve months ended December 2025.

Outbound Investments

• In October 2025, Minerals Technologies announced an investment at its Uşak City, Turkey plant to support the growth of its Rafinol™ line of products for the natural oil purification market, including renewable fuels and edible oils.
• The company is making strategic investments in its high-growth Household & Personal Care segment.
• Ongoing investments include capacity expansions for high-growth, sustainable products such as sustainable aviation fuel purification, animal health solutions, fabric care, and pet litter in Asia.

Capital Expenditures

• Capital expenditures for the trailing twelve months ended December 2025 were approximately $107.10 million.
• In 2025, the company made timely investments focused on growth projects and strategic initiatives to position for a strong 2026.
• Minerals Technologies anticipates $50 million in new revenue investments in 2026, targeting mid-single-digit growth.