RESTRUCTURING CHARGES

11 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

The following is a reconciliation of the beginning and ending restructuring reserve balances for the years ended September 30, 2025 (11-month) and October 31, 2024:


(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2023	$	16.4	$	0.4	$	16.8
Costs incurred and charged to expense	(1.4)		6.8		5.4
Costs paid or otherwise settled	(10.2)		(7.1)		(17.3)
Balance at October 31, 2024	$	4.8	$	0.1	$	4.9
Costs incurred and charged to expense	28.2		12.1		40.3
Costs paid or otherwise settled	(11.7)		(11.8)		(23.5)
Balance at September 30, 2025	$	21.3	$	0.4	$	21.7

The focus for restructuring activities in 2025 was to optimize costs, rationalize and integrate operations and close underperforming plants in the Customized Polymer Solutions, Durable Metal Solutions, Sustainable Fiber Solutions and Integrated Solutions reportable segments. During the year ended September 30, 2025 (11-month), the Company recorded restructuring charges of $40.3 million, as compared to $5.4 million of restructuring charges recorded during the year ended October 31, 2024. The restructuring activity for the year ended September 30, 2025 (11-month) consisted of $28.2 million in employee separation costs and $12.1 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were seven plants closed or divested in 2025 and a total of 500 employees severed throughout 2025 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2024 was to optimize and integrate operations and close underperforming plants in the Sustainable Fiber Solutions reportable segment and to optimize and rationalize operations in the Customized Polymer Solutions, Durable Metal Solutions and Integrated Solutions reportable segment. During 2024, the Company recorded restructuring charges of $5.4 million, consisting of a ($9.0) million release of prior period restructuring severance accrual that was no longer probable of occurring, $7.6 million in employee separation costs and $6.8 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were four plants closed or divested in 2024 and a total of 126 employees severed throughout 2024 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2023 was to optimize and integrate operations and close underperforming plants in the Sustainable Fiber Solutions reportable segment and to optimize and rationalize operations in the Customized Polymer Solutions, Durable Metal Solutions and Integrated Solutions reportable segment. During 2023, the Company recorded restructuring charges of $18.7 million, consisting of $11.8 million in employee separation costs and $6.9 million in other restructuring costs, primarily consisting of professional fees incurred for services specifically associated with employee separation and relocation. There were nine plants closed or divested in 2023 and a total of 456 employees severed throughout 2023 as part of the Company’s restructuring efforts.

The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans or plans that are being formulated and have not been announced as of the filing date of this Form 10-KT. Remaining amounts expected to be incurred were $21.6 million as of September 30, 2025:


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the Eleven Months ended September 30, 2025		Amounts Remaining to be Incurred
Customized Polymer Solutions
Employee separation costs	$	5.0	$	4.2	0.8
Other restructuring costs	0.4		0.4		—
	5.4		4.6		0.8
Durable Metal Solutions
Employee separation costs	8.6		6.9		1.7
Other restructuring costs	8.3		0.7		7.6
	16.9		7.6		9.3
Sustainable Fiber Solutions
Employee separation costs	16.2		15.0		1.2
Other restructuring costs	19.8		10.7		9.1
	36.0		25.7		10.3
Integrated Solutions
Employee separation costs	2.3		2.1		0.2
Other restructuring costs	1.3		0.3		1.0
	3.6		2.4		1.2
Total	$	61.9	$	40.3	$	21.6