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Perimeter Solutions, S.A. (PRM) is a global provider of high-quality firefighting products and phosphorus-based specialty chemicals. The company operates in two main business segments, offering solutions for fire safety and industrial applications. Its products are used by government agencies, commercial entities, and industries worldwide to address critical safety and operational needs.
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Fire Safety - Manufactures fire retardants, firefighting foams, and specialized equipment to combat wildfires, structural fires, and flammable liquid fires. Provides services such as air base retardant storage, mixing, and delivery equipment, as well as mobile retardant bases and custom-designed firefighting equipment.
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Specialty Products - Produces phosphorus pentasulfide (P2S5) for use in lubricant additives, agricultural applications, mining chemicals, and emerging electric battery technologies. Supplies key components like Zinc Dialkyldithiophosphates (ZDDP) for engine oils, which provide anti-wear protection and oxidation inhibition.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Edward Goldberg ExecutiveBoard | Vice Chairman | None | Edward Goldberg transitioned from CEO to Vice Chairman in March 2023, focusing on strategic matters in Fire Safety. | |
Haitham Khouri ExecutiveBoard | Chief Executive Officer | Member of EverArc Founders LLC | Haitham Khouri is the CEO of PRM, overseeing strategic direction and corporate governance. He joined the Board in June 2021 and became CEO in March 2023. | |
Jeffrey Emery Executive | President of Global Fire Safety | None | Jeffrey Emery has been President of Global Fire Safety since May 2022, with prior experience in industrial automation and safety. | |
Kyle Sable Executive | Chief Financial Officer | None | Kyle Sable is the CFO of PRM, responsible for financial strategy. He was promoted to CFO in November 2023. | |
Noriko Yokozuka Executive | General Counsel and Chief Administrative Officer | None | Noriko Yokozuka has been with PRM since March 2018, overseeing legal and compliance matters. | |
Shannon Horn Executive | Business Director, North America Retardant and Services | None | Shannon Horn joined PRM in 2019, bringing over 30 years of experience in fire safety. | |
Stephen Cornwall Executive | President of Specialty Products | None | Stephen Cornwall has over 27 years in the chemical industry and has been with PRM since December 2019. | |
Jorge L. Valladares III Board | Director | None | Jorge L. Valladares III is a director at PRM, nominated in April 2024. | |
Sean Hennessy Board | Director | Board of Directors of TransDigm | Sean Hennessy has been a director since November 2021, with a background in finance and corporate governance. | |
Tracy Britt Cool Board | Director | Co-Founder of Kanbrick, Co-Founder of Smart Woman Securities | Tracy Britt Cool has been a director since November 2021, with extensive leadership experience and a background in investment. | |
Vivek Raj Board | Director | None | Vivek Raj is an Independent Director at PRM, serving on several committees since June 2021. |
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Given the significant variability in wildfire seasons and the fact that 2024's strong performance was partly due to a return to normal demand after an unusually mild 2023, how confident are you that the adjusted EBITDA growth is sustainable in future years?
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The acquisition of IMS expands your business into the PCB market, which seems quite different from your core competencies in fire safety and specialty chemicals; can you explain how this aligns with your strategic goals and what synergies you expect to achieve?
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You mentioned a desire to increase your leverage ratio through M&A to levels around 3.5x net debt to EBITDA; how do you plan to balance this increased leverage with the need to maintain financial flexibility and manage potential risks?
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Despite stating that tariffs and new governmental policies will have negligible impact on your business, what specific measures are you taking to mitigate potential future risks from supply chain disruptions or regulatory changes?
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With a significant uptick in capital expenditures focused predominantly on the Fire Safety segment, how will you ensure these investments yield the attractive returns you anticipate, especially if future fire seasons don't align with your expectations?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
USDA Forest Service | Major government customer for firefighting products | Fire Safety | 34% of 2024 consolidated revenue |
U.S. Bureau of Land Management | Major government customer for firefighting products | Fire Safety | 11% of 2024 consolidated revenue |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
SK Intermediate | 2021 | The Business Combination with SK Intermediate was completed on November 9, 2021 and involved PSSA, EverArc Holdings Limited, SK Invictus Holdings, and related entities. The deal combined an equity contribution (10 million 6.50% Redeemable Preferred Shares valued at $100 million) and a cash sale (approximately $1.9 billion), resulting in a total fair value consideration of $1,331,151,000 and the recognition of $1,045,895,000 in goodwill, driven by industry expertise and innovation, with funding from various sources and a subsequent NYSE listing under “PRM”. |