Steel Partners Holdings L.P. is a global diversified holding company that engages
in multiple businesses through consolidated subsidiaries, associated companies
and other interests. It owns and operates businesses, and has significant investments
in companies, in various industries, including diversified industrial products,
energy, defense, supply chain management and logistics, banking, and youth sports.
Each of our companies has its own management team with significant experience
in their industries. Our subsidiary, SP Corporate Services LLC (“SP Corporate”),
through Management Services Agreements, provides services to us and some of
our companies which include assignment of C-Level management personnel, as well
as a variety of services including legal, tax, accounting, treasury, consulting,
auditing, administrative, compliance, environmental health and safety, human
resources, marketing, investor relations and other similar services.
HNH (NASDAQ (CM): HNH) is a diversified manufacturer of engineered niche industrial
products with leading market positions in many of the markets it serves. Four
of our representatives serve on HNHs seven-member board of directors, one of
whom serves as Chairman. Our representatives also serve as the Executive Chairman
(Principal Executive Officer), Chief Financial
Joining Materials - HNHs Joining Materials business primarily fabricates
precious metals and their alloys into brazing alloys. Brazing alloys are used
to join similar and dissimilar metals, as well as specialty metals and some
ceramics, with strong, hermetic joints. The Joining Materials business offers
these metal joining products in a wide variety of alloys, including gold, silver,
palladium, copper, nickel, aluminum and tin. Operating income from precious
metal products is principally derived from the "value added" of processing
and fabricating and not from the purchase and resale of precious metals.
Tubing - HNHs Tubing business manufactures and produces value added fabrications
for a wide variety of steel tubing products such as continuous seamless stainless
steel tubing coils for the petrochemical infrastructure and shipbuilding markets
and small diameter coil tubing for the aerospace, defense and semiconductor
fabrication markets. This unit also manufactures welded carbon steel tubing
in coiled and straight lengths with a primary focus on products for the transportation,
appliance and heating and oil and gas industries.
Building Materials - HNHs Building Materials business manufactures and supplies
products primarily to the commercial construction and building industries. It
manufactures fasteners and fastening systems for the U.S. commercial low slope
roofing industry, which are sold to building and roofing material wholesalers,
roofing contractors and private label roofing system manufacturers, and a line
of engineered specialty fasteners for the building products industry for fastening
applications in the remodeling and construction of homes, decking and landscaping.
Performance Materials - HNHs Performance Materials business manufactures sheet
and mechanically formed glass and aramid materials for specialty applications
in a wide expanse of markets requiring highly engineered components. Its products
are used in a wide range of advanced composite applications, such as civilian
and military aerospace components, printed electronic circuit boards, filtration
and insulation products, specialty commercial construction substrates, automotive
and industrial components, and soft body armor for civilian and military applications.
HNHs Performance Materials business is currently comprised solely of the operations
of JPS Industries, Inc. ("JPS"), which HNH acquired on July 2, 2015.
Kasco Blades and Route Repair Services ("Kasco") - HNHs Kasco business
provides meat-room blade products, repair services and resale products for the
meat and deli departments of supermarkets, restaurants, meat and fish processing
plants, and for distributors of electrical saws and cutting equipment, principally
in North America and Europe. Kasco also provides wood cutting blade products
for the pallet manufacturing, pallet recycler and portable saw mill industries
in North America.
WFH LLC (formerly known as CoSine) operates through its subsidiary API, which
CoSine obtained control over on April 17, 2015. On December 31, 2015 CoSine
was merged into and with WFH LLC, with WFH LLC being the surviving company.
API is a manufacturer and distributor of foils, films and laminates used to
enhance the visual appeal and authenticating brands and packaging. APIs Laminates
and Foils businesses produce carton board laminates and foils for the packaging
of consumer goods as well as the food & confectionery, health & beauty,
personal care, greeting cards, books, magazines, footwear & sports goods
and office & promotional products industries. APIs Holographics business
manufactures holographic products for use on premium branded goods in various
industries, as well as use in government and institutional documents and currencies.
We continuously evaluate the retention and disposition of existing operations
and investigate possible acquisitions of new businesses, often focusing on businesses
that are selling substantially below intrinsic value. We consider possible synergies
and economies of scale in operating and/or making determinations to acquire
or dispose of companies. We seek additional means to reduce costs and to encourage
integration of operations and the building of business relationships among our
companies consistent with our desire that our unitholders benefit from the diversified
holding company structure.
We strive to enhance the business operations of our companies and increase long-term
value for unitholders and stakeholders through balance sheet improvements, strategic
allocation of capital and operational and growth initiatives. We use a set of
tools and processes called the Steel Business System to drive operational and
sales efficiencies across each of our business units. The Steel Business System
is designed to drive strategy deployment and sales and marketing based on lean
principles. Our operational initiatives include creating efficiencies through
consolidated purchasing and materials sourcing provided by the Steel Partners
Purchasing Council, which arranges shared purchasing programs and is reducing
costs for, and providing other benefits to, a number of our companies. We strive
to reduce our companies operational costs, and enhance growth and profitability,
through the implementation of Steel Partners Operational Excellence Programs,
which include the deployment of Lean Manufacturing, Design for Six Sigma, Six
Sigma and Strategy Deployment. We are focused on reducing corporate overhead
of our companies by centralizing certain administrative and corporate services
through Steel Partners Corporate Services that provides management, consulting
and advisory services.
Generally, we seek to actively acquire and maintain control over our companies
through our ability to influence their policies. Depending on the size of our
ownership interests in any given company, this may be achieved by obtaining
board representation and overseeing and providing assistance to the existing
management team. We generally view our companies as long-term holdings and we
expect to realize value by operating them with a view towards fostering growth
and maximizing their value rather than through the sale of ownership interests.
The securities of some of the companies in which we have interests are traded
on national securities exchanges, while others are privately held or not actively
traded.
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