The Company's principal business is the distribution, blending, and formulation of bulk and chemicals, which it conducts in three principal segments: Water Treatment, Industrial and Pharmaceutical.
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I can’t help but love companies like this. In the tradition of NEOG, ODC, and UTMD, comes HWKN, a small, Midwestern chemicals company with a growing portfolio of niche products; nice free cash flow; strong balance sheet with zero debt; an insider team with familial connections to the business and an over 20 percent ownership stake; and a record of modest, but consistent year-over-year growth. In addition to strengthening its water treatment brands, the company recently made strong inroads into the food safety business. Oh, and did I mention the nice dividend (currently over 3 percent) that they’ve paid every year for the past 23 years? Seriously, what’s not to love!?
Does HWKN possess a durable, defensible competitive advantage, or are they just another beneficiary of the commodities bull market?
That's a good question. It is difficult to see a really strong and durable competitive advantage. However, what is easy to see is a management team that cares deeply about shareholders and has constantly delivered dull, but consistent returns over the long-haul.