MINERALS TECHNOLOGIES INC (MTX) Business

Item 1.  Business

Minerals Technologies Inc. (together with its subsidiaries, the “Company,” “MTI,” “we,” “us” or “our”) is a global, technology-driven specialty minerals company that develops, produces, and markets a wide range of minerals and mineral-based products and services. We are the world's largest producer of bentonite and a leading producer of calcium carbonate. Our products and minerals are an essential part of everyday life for millions of people around the world.

The Company's vertical integration extends from mine to market: we directly source minerals from our globally distributed reserves, transform them at our plants through proprietary technologies and applications into fit-for-purpose products, and market these products to customers across a range of industries. This process is driven by our world-class manufacturing, R&D capabilities, efficient approach to new product development, and company-wide focus on innovation and Operational Excellence.

At December 31, 2025, the Company's operations are reflected in the following two reportable business segments under which we managed our operations, assessed performance, and reported earnings: Consumer & Specialties and Engineered Solutions.

The Consumer & Specialties segment serves consumer end markets directly with mineral-to-market finished products and also provides specialty mineral-based solutions and technologies that are an essential component of our customers’ finished products.

The Engineered Solutions segment serves industrial end markets with engineered systems, mineral blends, and technologies that are designed to improve our customers’ manufacturing processes and projects.

The Company is focused on executing our growth strategy of expanding our business into faster-growing markets and geographies, strengthening our leadership positions in existing markets, and introducing innovative, high-value products.

The following table sets forth the percentage of our revenues generated from each segment for each of our last three fiscal years:

See Note 21 to the Consolidated Financial Statements for additional details on our two business segments.

CONSUMER & SPECIALTIES SEGMENT

The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-market household products, as well as specialty additives that become functional components in a variety of consumer and industrial goods. This segment includes two product lines: Household & Personal Care and Specialty Additives.

Household & Personal Care Products and Markets

The Household & Personal Care product line delivers mineral-to-market products to a variety of consumer-oriented markets, including cat litter, personal care, fabric care, edible oil and renewable fuel purification, animal health, and agriculture. This product line uses a core technology that we call “Functional Additives,” which is the use of unique minerals and additives to deliver functionality to our products and our customers’ products.

The Company’s cat litter products include sodium bentonite-based scoopable (clumping), lightweight, alternative, and non-clumping cat litters sold throughout North America, Europe, and Asia. The Company's cat litter products are marketed on a business-to-business basis under the SIVO™ global brand. The Company’s scoopable products’ clump-forming capability traps urine, reducing waste by allowing for easy removal of only the odor-producing elements from the litter box. The Company is a provider of private-label cat litter to retail partners, as well as a provider of packaged and bulk cat litter to globally recognized national brands. The Company’s internal transportation group provides logistics services and is a key component of our capability in supplying customers on a national basis. The Company has completed a number of acquisitions of cat litter manufacturers over the past several years in both the European and North American markets.

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The Company also produces several other bentonite and leonardite-based proprietary solutions for consumer and industrial applications, such as:

Filtration media for edible oil and renewable fuels, including sustainable aviation fuels, for which the company's differentiated product allows for the targeted removal of specific contaminants.

Natural bentonite feed additives to improve animals’ digestive health through gastrointestinal binding of mycotoxins.

Filtration media for beverage clarification.

Agricultural products to improve plant harvests, plant health, and crop yield.

In addition, the Company supplies fabric care products and additives consisting of high-grade, agglomerated bentonite and other mineral additives that perform as softening agents in certain powdered-detergent formulations or act as carriers for colorants, surfactants, and fragrances. These fabric care products are formulated to adapt to our customers’ changing technical requirements.

The Company also manufactures personal care ingredients for cosmetic anti-aging formulations and advanced delivery system technologies for the sustained release of retinoid and other actives in cosmetic, OTC, and prescription formulations. It also produces mineral ingredients providing improved feel and viscosity control in cosmetic formulations. Products range from ingredient sales to fully formulated finished goods.

The Company’s Household & Personal Care net sales were $512.8 million, $530.0 million, and $517.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Specialty Additives Products and Markets

The Specialty Additives product line delivers mineral additives to a variety of consumer and industrial end markets, including paper and packaging, food and pharmaceutical, sealants and adhesives, paints and coatings, and plastics. This product line uses a core technology that we call “Crystal Engineering,” and involves proprietary processes to synthesize crystal type, size, and morphology to achieve specific functionality.

The Company manufactures customized Precipitated Calcium Carbonate (PCC) and Ground Calcium Carbonate (GCC) products using proprietary processes for the paper, paperboard, and fiber-based packaging industry. Each product is designed to provide the optimum balance of paper properties including brightness, opacity, bulk, strength, and improved printability. The majority of this product line's sales to paper or packaging makers originate from “satellite” plants. A satellite plant is a manufacturing facility located near a paper or packaging mill thereby eliminating the cost of transporting product from remote production sites to the paper or packaging mill for our customers.

The Company owns, operates, and maintains all of its satellite facilities and owns or licenses the related technology. Generally, the Company and its customers enter into long-term evergreen agreements, initially ten to fifteen years in length, pursuant to which the Company supplies substantially all of the customers' requirements. The Company is generally permitted to sell to third parties products produced at a satellite plant in excess of the host mill’s requirements.

Additionally, the Company offers mineral solutions for filler and coating applications in both containerboard and cartonboard packaging. Growth in the packaging segment is driven by trends in consumption, e-commerce, and demand for sustainable packaging solutions.

The Company also produces and sells a full range of specialized PCC products on a merchant basis for non-paper and packaging applications, including surface-treated and untreated grades of PCC to the polymer industry for use in automotive and construction applications, and to the adhesives industry. The Company’s PCC is also used by the pharmaceutical industries as a source of calcium, as a buffering agent in tablets, food applications, and as a mild abrasive in toothpaste.

In addition, the Company mines and processes GCC products at its reserves in the eastern and western parts of the United States. GCC is used and sold in the construction, automotive, and consumer markets in addition to packaging applications. Our high-quality limestone and dolomitic limestone are defined primarily by the chemistry and color characteristics of the ore bodies. We serve multiple markets from each of our operations, each of which has different requirements relating to a combination of chemical and physical properties.

The Company’s Specialty Additives net sales were $584.9 million, $610.2 million, and $642.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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ENGINEERED SOLUTIONS SEGMENT

The Engineered Solutions segment provides advanced process technologies and solutions that are designed to improve our customers’ manufacturing processes and projects. This segment includes two product lines: High-Temperature Technologies and Environmental & Infrastructure.

High-Temperature Technologies Products and Markets

The High-Temperature Technologies product line delivers mineral-based blends, technologies, and systems to the foundry, steel, glass, aluminum, and other high-temperature processing industries. This product line uses a core technology that we call “Engineered Blends” and is the development of tailored blends of specific minerals and additives to enhance customer processes and product performance.

For the foundry industry, this product line produces custom-blended mineral and non-mineral products, also known as Green Sand Bonds, to strengthen sand molds for casting for auto and heavy truck parts, agriculture, and construction equipment, municipal, infrastructure, and other industrial castings markets. These products help our customers in the foundry industry improve productivity by reducing scrap from defects and poor surface quality. Our ADDITROL® blends also improve the efficiency and recycling of sand blends in mold sand systems by lowering clay consumption and improve air quality by reducing volatile organic compound emissions. Our mine to mold operational capability has resulted in providing a consistent high-quality product, technical support, and reliable on-time delivery service valued by our customers.

The Company also offers a broad range of monolithic and pre-cast refractory products and related systems and services for the steel industry.

The Company sells the following refractory products:

Gunnable monolithic refractory products and application systems to users of basic oxygen furnaces and electric arc furnaces for application on furnace walls to prolong the life of furnace linings.

Monolithic refractory materials and pre-cast refractory shapes for iron and steel ladles, vacuum degassers, continuous casting tundishes, blast furnaces, and reheating furnaces.

Refractory shapes and linings to the glass, cement, aluminum, petrochemicals, power generation, and other non-steel industries.

The Company’s proprietary application equipment is used to apply refractory materials to the walls of steel-making furnaces and other high temperature vessels to maintain and extend their useful life. MINSCAN® refractory application machines allow for remote-controlled application of the Company’s refractory products in steel-making furnaces, as well as in steel ladles. This helps the steel-making industry to achieve their employee safety goals and increase productivity. These application systems and the technologically advanced refractory materials developed in the Company’s research laboratories have been well accepted by the Company’s customers. These solutions allow steel makers to improve their performance through, among other things, the application of monolithic refractories to furnace linings while the furnace is at operating temperature, thereby eliminating the need for furnace cool-down periods and steel-production interruption. The result is a lower overall cost for steel makers.

Refractory product sales are often supported by Company-supplied proprietary application equipment, laser measurement systems, and on-site technical service support. The Company’s technical service staff and application equipment assist customers to achieve desired productivity objectives. The Company’s technicians are also able to conduct laser measurement of refractory wear, sometimes in conjunction with robotic application tools, to improve refractory performance at many customer locations. The Company believes that these services, together with its refractory product offerings, provide it with a strategic marketing advantage. The Company also produces a number of other technologically advanced products for the steel industry, including calcium metal, metallurgical wire products, and a number of metal treatment specialty products.

The Company also produces a specialized line of carbon composites and PYROID® pyrolitic graphite, primarily for the aerospace and electronics industries.

The Company’s High-Temperature Technologies net sales were $704.7 million, $713.2 million, and $720.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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Environmental & Infrastructure Products and Markets

The Environmental & Infrastructure product line offers project-based products and solutions for environmental remediation, water treatment, building materials, and infrastructure. This product line uses a core technology that we call “Particle Surface Modification” and is the modification of the outer layer of our minerals through chemistry.

The Company’s geosynthetic clay lining systems are used for lining and capping landfills, mine waste disposal sites, and industrial waste storage sites such as bauxite residue and coal ash waste. The Company also provides associated geosynthetic materials for these applications, including geotextiles and drainage geocomposites. The vapor intrusion mitigation applications include specialized technologies to prevent gas vapor intrusion in new building construction. Products offered include Liquid Boot® vapor barrier, a spray applied system that works as a stand-alone or in conjunction with various membrane systems to provide best in class performance.

Additionally, the Company offers a wide variety of both active and passive waterproofing and greenroof technologies for use in protecting structures from groundwater intrusion. The end users of these products are specialty subcontractors trained by the company in the proper installation of all our products.

The Company is also well known in the environmental remediation industry providing technologies that address a variety of complex and aggressive contaminants in soil, groundwater, and marine sediment. The reactive capping technologies and solutions are used to effectively contain residual contamination and to reduce costs associated with ex-situ remedies. The Company also specializes in treating soil, groundwater, landfill leachate, surface waters and drinking water sources contaminated with Per-and polyfluoroalkyl substances (PFAS) and Perfluorooctane sulfonate (PFOS) with our FLUORO-SORB® adsorbent.

The Company's drilling products are used in environmental and geotechnical drilling applications, horizontal directional drilling, mineral exploration, and foundation construction, as well as in oil and gas well drilling. Bentonite imparts thickening and suspension properties that facilitate the transport of rock cuttings to the surface during the drilling process. It also contributes to a drilling fluid’s ability to lubricate the drill bit and coat the underground formations to prevent hole collapse and drill-bit seizing.

Additionally, within this product line, the Company provides offshore filtration and well testing services to improve the production, cost, compliance, and environmental impact of activities performed globally in the oil and gas industry.

The Company’s Environmental & Infrastructure net sales were $270.2 million, $265.1, million and $288.8 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Marketing and Sales

The Company relies principally on its worldwide direct sales force to market its products. The direct sales force is augmented by technical service teams that are familiar with the industries to which the Company markets its products, and by several regional distributors. The Company’s sales force works closely with the Company’s technical service staff to solve technical and other issues faced by the Company’s customers.

In the Consumer & Specialties segment, the Company is a provider of private-label cat litter to retail partners, as well as a provider of packaged and bulk cat litter to globally recognized national brands. In addition, the Company’s sales team and technical services staff assist paper producers in ongoing evaluations of the use of PCC for paper coating and filling applications as well as PCC and GCC use in the packaging, automotive, construction, and household goods markets.

In the Engineered Solutions segment, the Company relies on industry-specialized technically oriented salespersons. For the foundry market, these sales teams provide expertise to educate our customers on the bentonite blend properties and to aid them in producing castings efficiently. Certain other products are distributed through networks of distributors and representatives, who warehouse specific products at strategic locations. In addition, the Company’s technical service personnel advise on the use of refractory materials, and, in many cases pursuant to service agreements, apply the refractory materials to the customers’ furnaces and other vessels. Our staff includes sales professionals and technical support engineers who analyze the suitability of our products in relation to the customer’s specific application and the conditions that products will endure or the environment in which they will operate.

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The continued use of skilled technical service teams is an important component of the Company’s business strategy. The Company works closely with its customers to ensure that their requirements are satisfied, and it often trains and supports customer personnel in the use of the Company’s products. The Company oversees domestic marketing and sales activities principally from Bethlehem, Pennsylvania and Hoffman Estates, Illinois, and from regional sales offices located elsewhere in the United States. The Company’s international marketing and sales efforts are directed from regional centers located in Brazil, Canada, China, Germany, India, Japan, Netherlands, Spain, Turkey, and the United Kingdom. The Company believes that its worldwide network of sales personnel and manufacturing sites facilitates continued international expansion.

Raw Materials

The Company depends in part on having an adequate supply of raw materials for its manufacturing operations, particularly lime and carbon dioxide for the Specialty Additives product line, and magnesia and alumina for the High-Temperature Technologies operations. We also depend on having an adequate supply of bentonite, leonardite, and limestone. Supplies of bentonite, leonardite, and limestone are mainly provided through the Company’s own mining operations and we depend on having adequate access to ore reserves of appropriate quality at such mining operations.

The Company uses lime in the production of PCC and is a significant purchaser of lime worldwide. Generally, the lime utilized in our business is readily available from numerous sources and we purchase lime under long-term supply contracts from unaffiliated suppliers located in close geographic proximity to the Company’s PCC plants. We currently supply some quantities of lime to third parties that are in close proximity to our Adams, Massachusetts plant and could supply small quantities of lime to certain of our PCC satellite facilities that are in close geographic proximity to the Adams plant. Carbon dioxide is readily available in exhaust gas from the host mills for our satellites, or other operations at our merchant facilities.

The principal raw materials used in the Company’s monolithic refractory products are refractory-grade magnesia and various forms of alumina silicates. Approximately 57% of the Company’s magnesia requirements were purchased from sources in China over the past five years. The price and availability of bulk raw materials from China are subject to fluctuations that could affect the Company’s sales to its customers. In addition, the volatility of transportation costs and application of U.S. tariffs have also affected the delivered cost of raw materials imported from China to North America and Europe. The Company has developed alternate sources of magnesia that have diversified our supply of magnesia. The amount sourced from China and other locations can vary from year to year depending upon price and availability from each source. The alumina we utilize in our business is readily available from numerous sources. The Company also purchases calcium metal, calcium silicide, carbon, and various alloys for use in the production of metallurgical wire products and uses lime and aluminum in the production of calcium metal.

In addition to bentonite and leonardite provided through our mining operations, the principal raw materials for the products we supply to the foundry industry in our High-Temperature Technologies product line are coal, soda ash, and chromite, all of which are readily available from numerous sources.

Mineral Reserves and Mining Process

The Company relies on access to bentonite reserves to support our businesses. The Company has reserves of sodium and calcium bentonite at various locations in the U.S., including Wyoming, Montana, South Dakota, Nevada, and Alabama, as well as in Australia, China, Slovakia, and Turkey. Through the Company’s affiliations and joint ventures, the Company also has access to bentonite deposits in Mexico. The Company owns or controls the properties on which the bentonite reserves are located through long-term leases, royalty agreements (including easement and right of way agreements), and patented and unpatented mining claims. No single or group of mining claims or leases is significant or material to the financial condition or operations of our Company or our segments.

In general, our bentonite reserves are immediately adjacent to, or within sixty miles of, one of the related processing plants. All of the properties on which our reserves are located are either physically accessible for the purposes of mining and hauling or the cost of obtaining physical access would not be material. Access to processing facilities from the mining areas is generally by private road, public highway, or railroad. For most of our leased properties and mining claims, there are multiple means of access.

The Specialty Additives product line is supported by the Company’s limestone reserves located in the western and eastern parts of the United States. The Company generally owns and surface mines these reserves and processes its products at nearby processing plants.

The Company has ongoing exploration and development activities for all of its mineral interests with the intent to increase its proven and probable reserves.

See Item 2, “Properties,” for more information with respect to these facilities and mines.

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The Company relies on shipping cargos of bentonite from the United States, Turkey, and China to customers, as well as our own subsidiaries, and we are sensitive to our ability to recover these shipping costs.

Competition

The Company is continually engaged in efforts to develop new products and technologies and refine existing products and technologies in order to remain competitive and to position itself as a market leader. The Company is the world's largest producer of bentonite and a leading producer of calcium carbonate.

The Company competes on the basis of product quality, service, technical support, price, product availability, and logistics. There are numerous major producers of competing products and various regional suppliers in the areas the Company serves. Within the Consumer & Specialties segment, the Company is a global leader in private-label cat litter, North America bulk clumping cat litter, and European premium cat litter. With respect to its PCC products, the Company competes for sales to the paper and packaging industry with other minerals, such as GCC and kaolin, based in large part upon technological know-how, patents, and processes that allow the Company to deliver PCC that it believes imparts gloss, brightness, opacity, and other properties to paper and packaging on an economical basis. The Company is the leading manufacturer and supplier of PCC to the paper industry and specialty PCC in North America. The Company competes in sales of its GCC products based primarily upon quality, price, and geographic location.

With respect to the Company’s High-Temperature Technologies products, competitive conditions vary by geographic region. Competition is based upon the performance characteristics of the product (including strength, consistency, thermal durability, and ease of application), price, and the availability of technical support. We believe the Company is the world’s largest producer and supplier of Green Sand Bonds, as well as the leader in refractory laser measurement systems, North American monolithic refractories, and solid core calcium wire.

With respect to the Environmental & Infrastructure product line, the Company competes with geosynthetic clay liner manufacturers worldwide, several suppliers of alternative lining technologies, and providers of soil and environmental remediation solutions and products. In addition, our filtration and well-testing services compete with other oil and gas services companies. In building materials applications, the Company competes in a highly fragmented market comprised of a wide variety of alternative technologies. A number of integrated bentonite companies compete with the Company’s drilling products.

Seasonality

Some of our products within the Environmental & Infrastructure product line in the Engineered Solutions segment are impacted by weather and soil conditions. Many of the products cannot be applied in wet or winter weather conditions and, as such, sales and profits tend to be greater during the period from April through October. Sales in our Specialty Additives product line, within the Consumer & Specialties segment, are subject to similar seasonal patterns. In addition, the offshore oil and gas services are subject to natural disasters, such as hurricanes, which could lead to lower sales in the June to November months within the Environmental and Infrastructure product line.

Research and Development

Research and
development and continuous innovation are one of the growth pillars of our
Company. Our leadership positions across product lines are defined by our
ability to understand our customers’ needs and deliver solutions that create
sustainable, long-term value.

All
of our product lines are based on advanced, proprietary technologies that are
applied during the manufacturing process. The Company’s
internal research team has dedicated years of experience to analyzing
properties of minerals and synthetic materials while developing processes and
applications to enhance their performance. Our core
technologies of Functional Additives, Crystal Engineering, Engineered Blends,
and Particle Surface Modification are fundamental to our four major product lines. Our
focus is on delivering the most efficient, high-performing, and innovative
solutions to our customers. The combination of our unique, differentiated
global mineral reserves and our technologies and application know-how allows us
to continually develop new products focused on secular and sustainable trends.

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In the Household
& Personal Care product line, the Company’s
research and development efforts employ our Functional Additives core
technology to support both our private-label and branded products. In pet
care, we work with our customers to develop new formulations and packaging
solutions. For our other specialized products, we are focused on expanding our
offering of natural and sustainable solutions for a variety of products
including edible oil and renewable fuel purification, animal health, personal
care, fabric care, and agricultural products.

In the Specialty
Additives product line, the Company’s research and development efforts include
application of our Crystal Engineering technology to create new PCC and GCC
solutions for paper and packaging applications, including the repurposing of
customer waste for use as a filler. We are also continually looking for new
ways to apply our specialty PCC expertise to new markets and solutions as well
as enhance our existing offerings.

In
the High-Temperature Technologies product line, our main objective
is to design products and applications based on our customers’ needs by using
our Engineered Blends core technology. We develop solutions for broader applications within the steel
production process and are developing new blends for our foundry customers in
order to further enhance their productivity and sustainability profile.

In the Environmental
& Infrastructure product line, our Particle Surface Modification core
technology
is used to develop products that meet critical
performance criteria for a variety of customers. Our focus is on developing new
solutions for waterproofing and environmental remediation. Our team is also
working on developing treatment solutions for a broader range of contaminated water
conditions to meet drinking water standards, building on the proven
effectiveness of our FLOURO-SORB® Adsorbent.

For the years ended December 31, 2025, 2024, and 2023, the Company spent approximately $22.9 million, $23.0 million, and $21.2 million, respectively, on research and development. The Company’s research and development spending as a percentage of sales was approximately 1.1%, 1.1%, and 1.0% for 2025, 2024 and 2023, respectively.

The Company maintains its primary research facilities in Bethlehem and Easton, Pennsylvania and Hoffman Estates, Illinois. It also has research and development facilities in China, England, Germany, Ireland, Japan, Turkey, and additional sites in the United States. Approximately 216 employees worldwide are engaged in research and development.

The Company has an active new product and process development program. Each year, numerous new product and process ideas are submitted and undergo a rigorous stage gate evaluation process. As a result, the Company commercializes a number of these products each year. Many of our products also contribute to improving our customers' sustainability profile.

Patents and Trademarks

The Company owns or has the right to use approximately 232 patents and approximately 1,808 trademarks related to its business. Our patents expire between 2026 and 2041. Our trademarks continue indefinitely. The Company believes that its rights under its existing patents, patent applications, and trademarks are of value to its operations, but no one patent, application, or trademark is material to the conduct of the Company’s business as a whole.

Insurance

The Company maintains liability and property insurance and insurance for business interruption in the event of damage to its production facilities and certain other insurance covering risks associated with its business. The Company believes such insurance is adequate for the operation of its business. There is no assurance that in the future the Company will be able to maintain the coverage currently in place or that the premiums will not increase substantially.

Human Capital Resources

Our people power the success of MTI. They are the cornerstone of our operational excellence and safety first culture, key to our ability to execute on our growth strategies, and vital to our success. Our core values — people, excellence, honesty, customer focus, and accountability — guide our actions.

Workforce Demographics

As of December 31, 2025, the Company employed 3,782 persons globally, located in over 30 countries. Of these, 1,755 (46%) were located in North America, 931 (25%) were located in Asia, 902 (24%) were located in Europe, and 194 (5%) were located in Latin America.

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Focus on Safety

Safety comes first at MTI. The health and safety of our people, partners, and communities is our top priority. Our “safety-first” culture has been built through dedication, continuous improvement, and active engagement. Creating a safe work environment by continuously identifying and reducing workplace risks and by reinforcing safe behaviors means that employees will return to their families every day in the same condition in which they came to work. While we believe zero-injuries is attainable, we have set goals of 1.00 for Total Recordable Incident Rate (TRIR, which is the number of recordable injuries per 100 employees) and 0.10 for Lost Workday Injury Rate (LWIR, which is the number of lost workday injuries per 100 employees), and we continue to make strides to drive incidents below these levels.  In 2025, our TRIR was 0.54 and our LWIR was 0.14. This safety-first mindset helps us attract and retain top talent from around the world and drives continuous improvement in our manufacturing operations.

Operational Excellence Culture

Our Operational Excellence (OE) journey, rooted in the active engagement of our employees, began almost two decades ago when we developed a comprehensive and highly structured business system of lean principles closely integrated with safe and reliable work practices. We’ve significantly advanced OE across all aspects of our company, fostering a culture of continuous improvement where each employee recognizes the importance of applying these people-focused principles and tools to solve challenges, constantly refine our processes, identify and remove risk and waste, and deliver value to our customers. Every day, MTI employees show their engagement and apply their skills in ways that deliver measurable outcomes and create both business and social value.

Human Capital Management and Inclusion

Our people are essential to the successful delivery of the MTI strategy and to sustaining superior business performance. Our people strategy and programs are designed and implemented in support of our business and strategic objectives. We accelerate the development of our employees, strengthen our leadership capabilities, and enhance employee performance through a wide variety of formal and informal training initiatives, development programs, and regular succession plan reviews.

MTI recognizes that its employees are most likely to thrive when they have the resources to meet their needs in both their professional and personal lives. In support of this belief, the Company is committed to providing compensation that is competitive, equitable, and allows employees to share in the Company’s success through various incentive compensation programs. We design compensation programs and strategies that are built upon the foundational philosophies of market competitiveness and performance. We also offer a comprehensive and valuable benefits program that promotes physical, emotional, and financial wellness with the goal of supporting employees and their families. While offerings vary around the world, employees can access medical, dental, vision, and free life insurance on the first day of employment. Additional benefits include 100% company paid tuition assistance, free counseling through our Employee Assistance Program, a robust fertility and family building benefit, paid time off, and paid maternity leave.

We believe workforce diversity, especially
diversity of perspectives, strengthens our performance-driven culture and is
vital to business success. Diversity and inclusion are embedded in our core
values and sustainability strategy. Empowered teams, inclusive culture, and
open expression of viewpoints help us drive long-term shareholder value. Our
commitment is reflected in our policies, performance management, leadership development, and our CEO-led Global Inclusion Council. These efforts
have reshaped benefits, enhanced leader training, fostered meaningful dialogue,
and aligned our organization.

Environmental, Health, and Safety Matters and Government Regulation

The Company’s operations are subject to federal, state, local, and foreign laws and regulations relating to the environment and health and safety. In particular, we are subject to certain requirements under the Clean Air Act. In addition, certain of the Company’s operations involve and have involved the use and release of substances that have been and are classified as toxic or hazardous within the meaning of these laws and regulations. Environmental operating permits are, or may be, required for certain of the Company’s operations and such permits are subject to modification, renewal, and revocation. We are also subject to land reclamation requirements relating to our mining operations. In addition to environmental and health and safety laws and regulations, we are subject to a wide variety of other federal, state, local, and foreign laws and regulations in the countries where we conduct business. The Company regularly monitors and reviews its operations, procedures, and policies for compliance with these laws and regulations. Compliance with these laws and regulations often requires the dedication of time and effort of employees, as well as financial resources. The Company believes its operations are in substantial compliance with these laws and regulations and that there are no violations that would have a material effect on the Company. Despite these compliance efforts, some risk of environmental and other damage is inherent in the Company’s operations, as it is with other companies engaged in similar businesses, and there can be no assurance that material violations will not occur in the future. In fiscal 2025, compliance with the regulations applicable to us did not have a material effect on our capital expenditures, earnings, or competitive position, and the cost of compliance with these laws and regulations is not expected to have a material adverse effect on the Company in the future.

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Sustainability is core to who we are and the foundation of how we operate our company. At MTI, we are focused on providing the safest workplace for our employees, reducing our environmental impact, preserving natural resources, and making positive contributions to our local communities — all of which are ingrained in our values. For the past 17 years, MTI has published an annual Sustainability Report that describes our efforts in continuous improvement regarding our safety culture, environmental performance, new product development, social impact, and community engagement. Over the past several years, we have taken meaningful steps to advance our broad range of sustainability initiatives, including establishing 2025 environmental reduction targets in six focus areas: Scope 1 and Scope 2 CO2 emissions, airborne pollutants, water used, water discharged, and process waste disposed, each on an absolute basis and per ton of production for each of our focus areas. By 2024, we met or exceeded our targets in eleven out of twelve total environmental emission and discharge reduction targets.

Laws and regulations are subject to change. See Item 1A, Risk Factors, for information regarding the possible effects that compliance with new laws and regulations, including those relating to climate change, may have on our businesses and operating results.

Under the terms of certain agreements entered into in connection with the Company’s initial public offering in 1992, Pfizer Inc. (“Pfizer”) agreed to indemnify the Company against certain liabilities being retained by Pfizer and its subsidiaries including, but not limited to, pending lawsuits and claims, and any lawsuits or claims brought at any time in the future alleging damages or injury from the use, handling of, or exposure to any product sold by Pfizer’s specialty minerals business prior to the closing of the initial public offering.

Available Information

The Company maintains an internet website located at http://www.mineralstech.com. Its reports on Forms 10-K, 10-Q, and 8-K, and amendments to those reports, as well as its Proxy Statement and filings under Section 16 of the Securities Exchange Act of 1934 are available free of charge through the Investor Relations page of its website, as soon as reasonably practicable after they are filed with, or furnished to, the Securities and Exchange Commission (“SEC”). Investors may access these reports through the Company’s website by navigating to “Investors,” then to “Financials,” and then to “SEC Filings.”