Steel Partners Holdings L.P. (SPLP) is a diversified global holding company that owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, banking, defense, supply chain management, logistics, and youth sports.
SPLP is managed by SP General Services LLC (the Manager). The company’s wholly-owned subsidiary, Steel Partners Holdings GP Inc. (the General Partner), serves as the company’s general partner.
Segments
SPLP opera...
Steel Partners Holdings L.P. (SPLP) is a diversified global holding company that owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, banking, defense, supply chain management, logistics, and youth sports.
SPLP is managed by SP General Services LLC (the Manager). The company’s wholly-owned subsidiary, Steel Partners Holdings GP Inc. (the General Partner), serves as the company’s general partner.
Segments
SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services and Supply Chain. Corporate and Other consists of several consolidated subsidiaries, including Steel Services Ltd. (Steel Services), which, through management services agreements, provides services to the company and some of its companies, which include assignment of C-Level management personnel, legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources and other similar services.
Diversified Industrial Segment
The Diversified Industrial segment is consisted of manufacturers of engineered niche industrial products, with leading market positions in many of the markets it serves. The businesses in this segment distribute products to customers through their sales personnel, outside sales representatives, and distributors in North and South America, Europe, Australia, Asia, and several other international markets. Below is additional information related to the businesses within the Diversified Industrial segment.
Joining Materials - The Joining Materials business primarily fabricates precious metals and related 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. These brazing alloys are fabricated into a variety of engineered forms and are used in many industries, including electrical, appliance, transportation, energy, and general industrial, where dissimilar material and metal joining applications are required. Joining Materials' operating income from precious metal products is principally derived from the value-add of casting and fabricating processes and not from the direct purchase and resale of precious metals. The Joining Materials business enters into commodity futures and forward contracts to mitigate the impact of price fluctuations on its owned precious and certain non-precious metal inventories that are not subject to fixed price contracts.
Tubing - The Tubing business manufactures a wide variety of stainless and low carbon steel tubing products. The Tubing business manufactures continuous seamless stainless steel tubing coils, serving primarily the petrochemical and oil and gas infrastructure markets. The Tubing business also manufactures mechanical and fluid-carrying welded low carbon tubing used for diverse industries, including the automotive, heavy truck, heating, cooling, and oil and gas markets.
Building Materials - The Building Materials business manufactures and supplies products primarily to the commercial construction and building industries. It manufactures fasteners, adhesives, 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, as well as 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 - The Performance Materials business manufactures woven substrates of fiberglass, quartz, carbon, 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 commercial and military aerospace components, printed electronic circuit boards, automotive and industrial components, and substrates for commercial and military armor applications.
Electrical Products - The Electrical Products business designs, manufactures, and markets power electronics, motion control, power protection, power quality electromagnetic equipment, and custom ball-screws, gears, and gearboxes used in a variety of medical, commercial and military aerospace, computer, datacom, industrial, specialty LED lighting, test and measurement, and telecom applications. Its products are generally incorporated into larger systems to improve operating performance, safety, reliability, and efficiency.
Kasco Blades and Route Repair Services (Kasco) - The Kasco business provides meat-room blade products, repair services, and distributed products for the meat and deli departments of supermarkets, meat and fish processing plants, and for distributors of electrical saws and cutting equipment, principally in North America and Europe. The Kasco business also provides cutting blades for bakeries, in addition to wood cutting blade products for the sawmill industry, pallet manufacturing, and pallet recycling in North America.
Specialized Films - The Specialized Films business includes Dunmore Corporation in the U.S. and Dunmore Europe GmbH in Germany (collectively, Dunmore), which manufacture and distribute coated, laminated, and metallized films for engineered applications in the imaging, aerospace, insulation, and solar photo-voltaic markets and also provide products for custom and special applications.
Energy Segment
The Energy segment provides drilling and production services to the oil and gas industry and owns a youth sports business. Below is additional information related to the consolidated businesses within the Energy segment.
Steel Energy - The Energy business provides completion, recompletion, and production services to exploration and production companies in the oil and gas business. The services provided include well completion and recompletion, well maintenance and workover, flow testing, down hole pumping, plug and abandonment, well logging, and perforating wireline services. The Energy segment primarily provides its services to customers' extraction and production operations in North Dakota and Montana in the Bakken basin, Colorado and Wyoming in the Niobrara basin, Texas in the Permian basin, and New Mexico in the San Juan basin.
Steel Sports - Steel Sports is a social impact company committed to creating a new standard in youth sports and coaching while forging the next generation of leaders. The organization strives to provide a first-class youth sports experience, emphasizing positive experiences and instilling the core values of Teamwork, Respect, Integrity, and Commitment.
Financial Services Segment
Through its subsidiary WebFinancial Holding Corporation (WebBank), the company owns 100% of WebBank, which is an FDIC-insured state-chartered industrial bank headquartered in Utah. WebBank is subject to comprehensive regulation, examination, and supervision of the FDIC and the State of Utah Department of Financial Institutions (UDFI). WebBank is not considered a bank for Bank Holding Company Act purposes and, as such, SPLP is not regulated as a bank holding company. WebBank's deposits are insured by the FDIC up to the maximum allowed by law. WebBank engages in a full range of banking activities, including originating loans, issuing credit cards, and taking deposits that are federally insured. WebBank originates and funds consumer and small business loans through lending programs with unaffiliated companies that market and service the programs (Marketing Partners), where the Marketing Partners subsequently purchase the loans or interests in the loans that are originated by WebBank. WebBank also has private-label financing programs that are branded for a specific retailer, manufacturer, dealer channel, proprietary network, and bank card programs. WebBank participates in syndicated commercial and industrial, as well as asset-based credit facilities and asset-based securitizations through relationships with other financial institutions. Through its subsidiary, National Partners PFco, LLC (National Partners), WebBank provides commercial premium finance solutions for national insurance brokerages, independent insurance agencies, and insureds in key markets throughout the U.S. National Partners was acquired in April 2019.
Supply Chain Segment
The Supply Chain segment consists primarily of the operations of Steel Connect, Inc.'s (Steel Connect or STCN) wholly-owned subsidiary, ModusLink Corporation (ModusLink or Supply Chain), which is an end-to-end global supply chain solutions and e-commerce provider serving clients in markets such as consumer electronics, communications, computing, software, and retail. ModusLink designs and executes critical elements in its clients' global supply chains to improve speed to market, product customization, flexibility, cost, quality, and service. These benefits are delivered through a combination of industry expertise, innovative service solutions, and integrated operations, proven business processes, an expansive global footprint, and world-class technology. ModusLink has an integrated network of strategically located facilities in various countries, including numerous sites throughout North America, Europe, and Asia.
Corporate and Other
Corporate and Other consists of several consolidated subsidiaries, including Steel Services, as well as equity method and other investments, and cash and cash equivalents. Its income or loss includes certain unallocated general corporate expenses. Steel Services has management services agreements with certain of the company’s consolidated subsidiaries and other related companies.
Governmental Regulation
WebBank is subject to regulatory capital requirements administered by the FDIC and legal requirements in connection with the consumer and business lending programs that it originates.
History
Steel Partners Holdings L.P. was founded in 1990 and is based in New York, New York. The company was incorporated in 2008.
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