Company Overview: Kewaunee Scientific Corporation

Industry & Core Business Activities:
Kewaunee Scientific Corporation is a leading designer, manufacturer, and installer of laboratory, healthcare, and technical furniture and infrastructure products. The company specializes in creating customized and standard solutions for various scientific and medical facilities, including:

• Steel and wood casework
• Fume hoods
• Modular and adaptable laboratory systems
• Moveable workstations and standalone benches
• Biological safety cabinets
• Epoxy resin work surfaces and sinks

Key Acquisition:
On November 1, 2024, the company acquired Nu Aire, Inc., a prominent manufacturer of biological safety cabinets, airflow products, CO2 incubators, ultralow freezers, animal handling equipment, and pharmacy compounding isolators. This acquisition expands the company's product portfolio and enhances its capabilities in biosafety and laboratory solutions.

Market & Customer Base:

• Products are primarily sold to pharmaceutical, biotechnology, industrial, chemical research, educational institutions, healthcare facilities, governmental agencies, and manufacturing plants.
• Sales are executed through direct purchase orders, contracts, dealers, subsidiaries in Singapore and India, and a national distributor.

Employees & Operations:

• As of April 30, 2025, the company employed 793 individuals domestically and 446 internationally, totaling approximately 1,239 employees.
• The company operates three manufacturing facilities in Statesville, North Carolina, and a facility in Plymouth, Minnesota. Additional capabilities are in Long Lake, Minnesota, and internationally in Bangalore, India, Singapore, and Saudi Arabia.

Financial Highlights (Fiscal year ending April 30, 2025):

• Total Revenue: $240.5 million
• Domestic Segment Revenue: $179.4 million (up 30.7% from FY 2024)
• International Segment Revenue: $61.1 million (decreased 8.2% from FY 2024) due to project delays in India
• Net Income: $11.4 million (decreased from $18.8 million in FY 2024)
• Gross Profit Margin: 28.6% (improved from 25.5% in FY 2024)
• Order Backlog: $214.6 million at April 30, 2025, compared to $155.6 million at April 30, 2024, with an estimated 93% to be shipped in FY 2026

Business Model & Market Position:

• The company operates in a highly competitive industry with many bids going through public tenders and extended delivery timelines due to building construction schedules.
• Key raw materials include steel, stainless steel, hardwoods, plywood, paints, chemicals, and hardware, sourced from multiple suppliers.
• Customers' payment terms often span long periods, requiring substantial working capital.

Growth Strategy & Market Risks:

• Focus on international expansion, leveraging distribution partnerships established in various regions.
• Risks include losing large customers, reliance on key management, cybersecurity threats, economic and political instability (both domestically and internationally), supply chain disruptions, raw material price fluctuations, and compliance with global regulations.
• The recent acquisition of Nu Aire enhances product diversification, strengthens market position, and accelerates growth into biosafety and laboratory equipment markets.

Summary:
Kewaunee Scientific Corporation is a well-established manufacturer and installer of specialized scientific and healthcare furniture and infrastructure with a global footprint. The 2025 fiscal year saw significant revenue growth, driven mainly by domestic operations following Nu Aire's acquisition. The company has a strong backlog, employs over 1,200 personnel, and continues to expand its product offerings and international presence while managing industry and geopolitical risks.