The business of National Presto Industries, Inc. consists of three business
segments. For a further discussion of the Company’s business, the segments
in which it operates, and financial information about the segments, please refer
to Note L to the Consolidated Financial Statements. The Housewares/Small Appliance
segment designs, markets and distributes housewares and small electrical appliances,
including pressure cookers and canners, kitchen electrics, and comfort appliances.
The Defense segment manufactures 40mm ammunition, precision mechanical and electro-mechanical
assemblies, medium caliber cartridge cases; performs Load, Assemble and Pack
(LAP) operations on ordnance-related products primarily for the U.S. Government
and prime contractors; produces and sells a variety of less lethal products
and support accessories, and provides training for the use of less lethal products;
and manufactures detonators, booster pellets, release cartridges, lead azide,
and other military energetic devices and materials. The Absorbent Products segment
manufactures and sells private label and branded adult incontinence products.
Housewares and electrical appliances sold by the Company include pressure cookers
and canners; the Presto Control Master® heat control single thermostatic
control line of skillets in several sizes, griddles, woks and multi-purpose
cookers; deep fryers of various sizes; waffle makers; pizza ovens; slicer/shredders;
electric heaters; corn poppers (hot air, oil, and microwave); dehydrators; rice
cookers; microwave bacon cookers; coffeemakers and coffeemaker accessories;
electric tea kettles; electric knife sharpeners; a line of kitchen gadgets;
and timers. Pressure cookers and canners are available in various sizes and
are fabricated of aluminum and, in the case of cookers, of stainless steel,
as well.
AMTEC Corporation was acquired on February 24, 2001, and manufactures 40mm
ammunition, and precision mechanical and electro-mechanical products for the
U.S. Department of Defense (DOD) and DOD prime contractors. AMTEC’s 75,000
square foot manufacturing facility located in Janesville, Wisconsin is focused
on producing niche market ordnance products (such as training ammunition, fuzes,
firing devices, and initiators). AMTEC is also the prime contractor for the
40mm ammunition system to the DOD.
The Absorbent Products segment business (Presto Absorbent Products, Inc.) was
formed on November 21, 2001 to purchase assets from RMED International, a company
that manufactured primarily private label diapers. On October 6, 2003, the segment
purchased the assets of NCN Hygienic Products, Inc., a Marietta, Georgia company
which manufactured adult incontinence products and puppy pads, which were likewise
primarily private label products. Focus continues to be on private label, although
branded product is produced under the “PRESTO” label. The absorbent
products business is capital intensive. New absorbent product equipment is extremely
complex. Not only is considerable time required to secure and install the equipment,
but even more time is required to develop the requisite employee skill sets
to utilize the equipment efficiently. Sales channels must be in place to sell
the increased capacity that results from new equipment and improved efficiency
in operations.
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