loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation costs and toys.

Americans found themselves with a lot of money in the bank, and as they spent that money on goods, demand collided with a global supply chain that was too fragile to catch up.

Virus outbreaks shut down factories, ports faced backlogs and a dearth of truckers roiled transit routes. Americans still managed to buy more goods than ever before in 2021, and foreign factories sent a record sum of products to U.S. shops and doorsteps. But all that shopping wasn’t enough to satisfy consumer demand.

stop spending at the start of the pandemic helped to swell savings stockpiles.

And the Federal Reserve’s interest rates are at rock bottom, which has bolstered demand for big purchases made on credit, from houses and cars to business investments like machinery and computers. Families have been taking on more housing and auto debt, data from the Federal Reserve Bank of New York shows, helping to pump up those sectors.

But if stimulus-driven demand is fueling inflation, the diagnosis could come with a silver lining. It may be easier to temper consumer spending than to rapidly reorient tangled supply lines.

People may naturally begin to buy less as government help fades. Spending could shift away from goods and back toward services if the pandemic abates. And the Fed’s policies work on demand — not supply.

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The Company is New to Dallas, but the Founder is Not: Glenn Gehan Launches DFW Division of GFO Home

DALLAS–(BUSINESS WIRE)–The name Gehan is a very familiar one in Dallas. Glenn Gehan co-founded Gehan Homes, now the ninth largest private homebuilder in the United States, with his father and brothers in 1991. In 2018 Gehan launched GFO Home in Austin, and has now expanded the company into Dallas, where they are already seeing massive demand and success.

As a fourth-generation homebuilder with deep roots in the city, expanding his new company to Dallas was always the plan, Gehan says.

“The residential market is strong in Dallas, with the second-highest number of people moving here compared to all U.S. metro regions. We specifically target the move-up homebuyer, and we’ve had tremendous success; far more than even our most optimistic expectations,” Gehan says.

GFO Home’s leadership team has together built more than 25,000 homes over two decades and all of that experience went into creating a new and different company, launched in the hottest real estate market in the U.S.

The company builds high-end, architect-designed homes aimed at the move-up homebuyer market. GFO Home houses tend to be the highest quality in every community they’re in, on larger than average homesites and with better designs, elevations, and standard features than their competitors.

In Dallas, GFO has 54 homes under construction, with 19 ready for quick-move in, in six communities and the company is in negotiations with eight additional communities. GFO just opened new model homes in Inspiration, an award-winning master-planned community in Wylie; and in Lakeview Downs, featuring one-acre homesites in the Highland Park peninsula on Lavon Lake. A model in the Woodbridge community will open this quarter as well.

As a corporate citizen, GFO is already giving back to the DFW area in a big way, investing a total of $80,000 in the Dallas Children’s Advocacy Center, which improves the lives of abused children; and Genesis Women’s Shelter, which provides shelter and support for women who have experienced domestic violence.

GFO’s future plans include expansion into Houston, and eventually other large cities in Texas.

About GFO Home

GFO Home builds high-end modern homes in Dallas and Austin. The company was founded by Glenn Gehan in 2018 following the sale of Gehan Homes, the ninth largest private homebuilder in the United States. Gehan and his leadership team have collectively built more than 25,000 homes in two decades. GFO quickly became the fastest-growing homebuilder in Austin and is now building homes in six communities in Dallas. The company gives back to its communities and is a major donor to local charities in both cities.

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Your Inflation Questions, Answered

Inflation is high and has been for months. It’s weighing on consumer confidence, making policymakers nervous and threatening to eat away at household paychecks well into 2022.

This is the first time many adults have experienced meaningful inflation: Price gains had been largely quiescent since the late 1980s. When the Consumer Price Index climbed 7 percent in the year through December, it was the fastest pace since 1982.

Naturally, people have questions about what this will mean for their pocketbooks, their finances and their economic futures.

Closely intertwined with price worries are concerns about interest rates: The Federal Reserve is poised to raise borrowing costs to try to slow down demand and keep the situation under control.

furniture and camping gear.

That rapid consumption is running up against constrained supply. Factories shut down early in the pandemic, and in parts of Asia, they continue to do so as Omicron cases surge. There aren’t enough containers to ship all of the goods people want to buy, and ports have become clogged trying to process so many imports.

expanding their profits.

In theory, competition should eat away at extra earnings over time. New firms should jump into the market to sell that same products for less and steal away the customer. Existing competitors should ramp up production to meet demand.

But this may be a unappealing time for new firms to enter the market. Established companies may be hesitant to expand production if doing so involved a lot of investment, because it is not clear how long today’s strong demand will last.

“It is a very uncertain environment,” said Matthew Luzzetti, chief U.S. economist at Deutsche Bank. “A new firm stepping in is a lot of investment, with a lot of financial risk.”

Until companies can produce and transport enough of a given product to go around — as long as shortages remain — companies will be able to raise prices without running much risk of losing customers to a competitor.

In past periods of inflation, do employers typically increase wages or award higher-than-average yearly increases to help employees offset inflation? If so, in what industries is this practice most common? — Annmarie Kutz, Erie, Pa.

There is no standard historical experience with wages and inflation, Mary C. Daly, president of the Federal Reserve Bank of San Francisco, said during an interview with The New York Times on Twitter Spaces last week.

lower-wage service industries have been competing mightily for workers in recent months, and pay is climbing faster there.

“The history isn’t so clear that cost of living translates into higher wages, but that’s largely because inflation has been low and stable for a very long time,” Ms. Daly said.

in December projected that price gains will drop back below 3 percent by the end of the year, and will level off to normal levels over the longer term.

are adjusted for inflation, so those should keep pace with price gains. Bonds that pay back fixed rates do less well during periods of inflation, while stock investments — though riskier — tend to rise more quickly than consumer prices. Ms. Benz recommends holding assets across an array of securities, potentially including inflation-protected securities such as some exchange-traded funds or Treasury Inflation Protected Securities, commonly called TIPS.

“It argues against having too much in cash,” Ms. Benz said. “That’s too much dead money.”

We currently have low unemployment, strong wage growth (largely through attrition / voluntary retirements), easy monetary policy and now rising inflation. What are other periods of time when the United States had these conditions? How did things work out then? — Harshal Patel, Moorestown, N.J.

Jared Bernstein, a member of the White House Council of Economic Advisers, pointed to the post-World War II period as a reference point for the present moment.

“Demand was strong, and supply was constrained,” he said in an interview. “That’s a very instructive path for us.”

The good news about that example is that supply eventually caught up, and prices came down without spurring any greater crisis.

Other, more worried commentators have drawn parallels between now and the 1970s, when the Fed was slow to raise rates as unemployment fell and prices rose — and inflation jumped out of control. But many economists have argued that important differences separate that period from this one: Workers were more heavily unionized and may have had more bargaining power to push for higher wages back then, and the Fed was slow to react for years on end. This time, it’s already gearing up to respond.

about price controls in a recent article, and vocal minority think the 1970s experience unfairly tarnished the idea and that it might be worthwhile to reopen the debate.

“This is a great suppressed topic,” said James K. Galbraith, an economist at the University of Texas. “It was absolutely mainstream from the start of World War II until the Reagan administration.”

If inflation is being caused by supply chain problems, how will raising interest rates help? — Larry Harris, Ventura, Calif.

Kristin J. Forbes, an economist at the Massachusetts Institute of Technology, said that a big part of today’s inflation ties to roiled supply chains, which monetary policy can’t do much to fix.

But trade is actually happening at elevated levels even amid the disruptions. Factories are producing, ships are shipping, and consumers are buying at a rapid clip. It is just that supply is not keeping up with that booming demand. Higher interest rates can relieve pressure on demand, making it more expensive to buy a boat or a car, cooling off the housing market and slowing business investment.

“A good part of the supply chain problems, you can’t do anything about,” Ms. Forbes said. “But you can affect demand. And it is the combination of the two which determines inflation.”

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Beitel Group, a NY-based Single-Family Office, Files Plans for a 470 Unit Residential Building

NEW YORK–(BUSINESS WIRE)–Beitel Group, a NY-based single-family office, files plans for a 470 unit residential building. This is the largest number of planned units in Mott Haven over the past year.

Permits have been filed for a 13-story residential building at 120 East 144th Street in Mott Haven, The Bronx. Located between Walton and Gerard Avenues, the interior lot is one block from the 149 Street – Grand Concourse subway station, serviced by the 2, 4, and 5 trains.

The proposed 140-foot-tall development will yield 306,893 square feet designated for residential space. The concrete-based structure will also have a cellar, a 96-foot-long rear yard, and 155 enclosed parking spaces.

Beitel Group

A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Beitel currently owns and operates a multifamily portfolio spanning nine states, consisting of 10,000+ units.

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Newly Formed Impact Housing to Fill Void in Home Ownership Market with Attainable Solutions for Working Families

ATLANTA–(BUSINESS WIRE)–Atlanta-based EcoVest Capital and Place Properties announce the formation of Impact Housing Group. Impact Housing is the country’s first fully integrated, volumetric modular company. Its mission is to provide a solution for affordable homes for America’s working families.

Among the most pressing social needs in the country is to provide attainable housing close to where people work and want to live. As a critical step toward that goal, Impact Housing has acquired a facility in Baxley, Georgia. This facility will be able to assemble 50+ affordable single-family homes per month. At that level of production, the plant will generate 170 new, living-wage jobs. The location of the facility allows Impact Housing to serve the southeastern market. In addition, Impact Housing is under contract to build another volumetric modular plant in Oconee, South Carolina, with plans to build a third plant, beginning in Q4 of 2022.

Cecil Phillips, former executive assistant to the governor of Georgia and past chair of Atlanta Housing, has been named president and CEO of Impact Housing. Phillips has a highly successful track record providing affordable housing for students, armed forces, and working families. According to Phillips, “Beginning in the Southeast and expanding throughout the country, Impact Housing will provide top-rated, quality-engineered and designed housing to serve communities which are frustrated by the deficit of affordable housing for working families. We will provide affordable housing to these markets by developing communities, as well as by selling homes to third-party owners and developers.”

Alan Solon is Chairman and CEO of EcoVest Capital, Inc., an Atlanta-based real estate investment management company and serves as chairman of Impact Housing Group. As CEO of EcoVest, Solon is focused on Environmental, Social and Governance (ESG) pertaining to sound real estate investment and development ventures. “For many working-class families,” says Solon, “inventory is extremely limited for new, affordable, high-quality homes for purchase in the neighborhoods where they work and live. The goal of Impact Housing is to provide an answer to the largest problem in this sector, making attractive, well-constructed homes attainable for these families.”

It’s Phillips’ and Solon’s shared belief that attainable housing can become a reality in the Missing Middle by revolutionizing volumetric modular housing into modern day solutions that families will be proud to live in and call home. Phillips and Solon also believe that you don’t have to sacrifice design and quality for profit. Impact Housing’s manufactured homes are assembled inside the plant then delivered to the site, reducing the time and costs of each home. With no major improvements in efficiency, productivity, or costs in the housing industry in more than 50 years, Phillips and Solon decided to launch Impact Housing where their experience and expertise will yield a viable solution to the housing crisis in the U.S.

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BBX Capital, Inc. to Participate in Sidoti & Company Winter Virtual Small Cap Conference

FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) announced today that the Company plans to participate in the upcoming Sidoti & Company Winter Virtual Small Cap Conference on January 19 and 20, 2022.

Mr. Jarett Levan, President and Chief Executive Officer of BBX Capital, will host one-on-one meetings with investors during the virtual conference. Joining Mr. Levan will be Mr. Brett Sheppard, Chief Financial Officer, and Mr. Leo Hinkley, Investor Relations Officer.

To register for the one-on-one meetings, visit www.sidoti.com/events. Registration is free, and you do not need to be a Sidoti client.

About BBX Capital, Inc.: BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) is a Florida-based diversified holding company whose principal holdings include BBX Capital Real Estate, BBX Sweet Holdings, which includes IT’SUGAR, and Renin. For additional information, please visit www.BBXCapital.com.

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Supply Chain Woes Could Worsen as China Imposes Covid Lockdowns

WASHINGTON — Companies are bracing for another round of potentially debilitating supply chain disruptions as China, home to about a third of global manufacturing, imposes sweeping lockdowns in an attempt to keep the Omicron variant at bay.

The measures have already confined tens of millions of people to their homes in several Chinese cities and contributed to a suspension of connecting flights through Hong Kong from much of the world for the next month. At least 20 million people, or about 1.5 percent of China’s population, are in lockdown, mostly in the city of Xi’an in western China and in Henan Province in north-central China.

The country’s zero-tolerance policy has manufacturers — already on edge from spending the past two years dealing with crippling supply chain woes — worried about another round of shutdowns at Chinese factories and ports. Additional disruptions to the global supply chain would come at a particularly fraught moment for companies, which are struggling with rising prices for raw materials and shipping along with extended delivery times and worker shortages.

China used lockdowns, contact tracing and quarantines to halt the spread of the coronavirus nearly two years ago after its initial emergence in Wuhan. These tactics have been highly effective, but the extreme transmissibility of the Omicron variant poses the biggest test yet of China’s system.

Volkswagen and Toyota announced last week that they would temporarily suspend operations in Tianjin because of lockdowns.

Analysts warn that many industries could face disruptions in the flow of goods as China tries to stamp out any coronavirus infections ahead of the Winter Olympics, which will be held in Beijing next month. On Saturday, Beijing officials reported the city’s first case of the Omicron variant, prompting the authorities to lock down the infected person’s residential compound and workplace.

If extensive lockdowns become more widespread in China, their effects on supply chains could be felt across the United States. Major new disruptions could depress consumer confidence and exacerbate inflation, which is already at a 40-year high, posing challenges for the Biden administration and the Federal Reserve.

“Will the Chinese be able to control it or not I think is a really important question,” said Craig Allen, the president of the U.S.-China Business Council. “If they’re going to have to begin closing down port cities, you’re going to have additional supply chain disruptions.”

thrown the global delivery system out of whack. Transportation costs have skyrocketed, and ports and warehouses have experienced pileups of products waiting to be shipped or driven elsewhere while other parts of the supply chain are stymied by shortages.

For the 2021 holiday season, customers largely circumvented those challenges by ordering early. High shipping prices began to ease after the holiday rush, and some analysts speculated that next month’s Lunar New Year, when many Chinese factories will idle, might be a moment for ports, warehouses and trucking companies to catch up on moving backlogged orders and allow global supply chains to return to normal.

But the spread of the Omicron variant is foiling hopes for a fast recovery, highlighting not only how much America depends on Chinese goods, but also how fragile the supply chain remains within the United States.

American trucking companies and warehouses, already short of workers, are losing more of their employees to sickness and quarantines. Weather disruptions are leading to empty shelves in American supermarkets. Delivery times for products shipped from Chinese factories to the West Coast of the United States are as long as ever — stretching to a record high of 113 days in early January, according to Flexport, a logistics firm. That was up from fewer than 50 days at the beginning of 2019.

The Biden administration has undertaken a series of moves to try to alleviate bottlenecks both in the United States and abroad, including devoting $17 billion to improving American ports as part of the new infrastructure law. Major U.S. ports are handling more cargo than ever before and working through their backlog of containers — in part because ports have threatened additional fees for containers that sit too long in their yards.

Yet those greater efficiencies have been undercut by continuing problems at other stages of the supply chain, including a shortage of truckers and warehouse workers to move the goods to their final destination. A push to make the Port of Los Angeles operate 24/7, which was the centerpiece of the Biden administration’s efforts to address supply chain issues this fall, has still seen few trucks showing up for overnight pickups, according to port officials, and cargo ships are still waiting for weeks outside West Coast ports for their turn for a berth to dock in.

work slowdowns and shipping delays.

“If you have four closed doors to get through and one of them opens up, that doesn’t necessarily mean quick passage,” said Phil Levy, the chief economist at Flexport. “We should not delude ourselves that if our ports become 10 percent more efficient, we’ve solved the whole problem.”

Chris Netram, the managing vice president for tax and domestic economic policy at the National Association of Manufacturers, which represents 14,000 companies, said that American businesses had seen a succession of supply chain problems since the beginning of the pandemic.

“Right now, we are at the tail end of one flavor of those challenges, the port snarls,” he said, adding that Chinese lockdowns could be “the next flavor of this.”

Manufacturers are watching carefully to see whether more factories and ports in China might be forced to shutter if Omicron spreads in the coming weeks.

Neither Xi’an nor Henan Province, the site of China’s most expansive lockdowns, has an economy heavily reliant on exports, although Xi’an does produce some semiconductors, including for Samsung and Micron Technology, as well as commercial aircraft components.

Handel Jones, the chief executive of International Business Strategies, a chip consultancy, said the impact on Samsung and Micron would be limited, but he expressed worries about the potential for broader lockdowns in cities like Tianjin or Shanghai.

stay away from any vehicle collisions involving Olympic participants, to avoid infection.

Last year, terminal shutdowns in and around Ningbo and Shenzhen, respectively the world’s third- and fourth-largest container ports by volume, led to congestion and delays, and caused some ships to reroute to other ports.

But if the coronavirus does manage to enter a big port again, the effects could quickly be felt in the United States. “If one of the big container terminals goes into lockdown,” Mr. Huxley said, “it doesn’t take long for a big backlog to develop.”

Airfreight could also become more expensive and harder to obtain in the coming weeks as China has canceled dozens of flights to clamp down on another potential vector of infection. That could especially affect consumer electronics companies, which tend to ship high-value goods by air.

For American companies, the prospect of further supply chain troubles means there may be another scramble to secure Chinese-made products ahead of potential closures.

Lisa Williams, the chief executive of the World of EPI, a company that makes multicultural dolls, said the supply chain issues were putting pressure on companies like hers to get products on the shelves faster than ever, with retailers asking for goods for the fall to be shipped as early as May.

Dr. Williams, who was an academic specializing in logistics before she started her company, said an increase in the price of petroleum and other raw materials had pushed up the cost of the materials her company uses to make dolls, including plastic accessories, fibers for hair, fabrics for clothing and plastic for the dolls themselves. Her company has turned to far more expensive airfreight to get some shipments to the United States faster, further cutting into the firm’s margins.

“Everything is being moved up because everyone is anticipating the delay with supply chains,” she said. “So that compresses everything. It compresses the creativity, it compresses the amount of time we have to think through innovations we want to do.”

Ana Swanson reported from Washington, and Keith Bradsher from Beijing.

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Essex Reports Characteristics of 2021 Dividends

SAN MATEO, Calif.–(BUSINESS WIRE)–Essex Property Trust, Inc. (NYSE:ESS) announced today the income tax treatment for its 2021 distributions to shareholders. The 2021 distribution characteristics are as follows:

Common Stock – CUSIP Number 297178105:

Record

Payment

Cash

Distribution

Ordinary

Taxable

Return of

Capital

Gain

Unrecaptured

Section 1250

Capital Gain

 

Section

199A

Sec. 897

Capital

Date

Date

Per Share

Dividend

Capital

(20% rate)

(25% rate)

Dividend

Gains

1/4/2021

1/15/2021

$2.07750

$1.47343

$0.00000

$0.45854

$0.14553

$1.47343

$0.60407

3/31/2021

4/15/2021

$2.09000

$1.48229

$0.00000

$0.46130

$0.14641

$1.48229

$0.60771

6/30/2021

7/15/2021

$2.09000

$1.48229

$0.00000

$0.46130

$0.14641

$1.48229

$0.60771

9/30/2021

10/15/2021

$2.09000

$1.48229

$0.00000

$0.46130

$0.14641

$1.48229

$0.60771

 

Totals:

$8.34750

$5.92030

$0.00000

$1.84244

$0.58476

$5.92030

$2.42720

 

Percentages:

100%

70.923%

0.000%

22.072%

7.005%

 

 

For purposes of calculating alternative minimum taxable income under Sec. 55 of the Internal Revenue Code of 1986, the Company apportions $0.17 per common share attributable to depreciation assuming a full year of ownership.

The Company did not incur any foreign taxes during 2021.

Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment of Essex Property Trust, Inc. dividends.

About Essex Property Trust, Inc.

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes with an additional 3 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

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Hayward Adding Derek Spearman in New Vice President of US Manufacturing Position

BERKELEY HEIGHTS, N.J.–(BUSINESS WIRE)–Hayward Holdings, Inc. (NYSE: HAYW) (“Hayward”), global designer, manufacturer and marketer of a broad portfolio of pool equipment and technology, announces that Derek Spearman is joining the company as the Vice President of US Manufacturing. In this newly created role, Spearman will be responsible for all plant and planning operations for the company’s US-based plants.

I am honored to join the Hayward team, and I look forward to continuing to build upon its solid foundation,” Spearman said. “Hayward is uniquely positioned to capitalize on the rapidly changing manufacturing environment thanks to its great business model and talented management team. This is a tremendous opportunity, and I am looking forward to making an impact.”

Spearman is joining Hayward’s Global Operations Staff, which is led by Senior Vice President and Chief Supply Chain Officer Donald Smith.

Derek Spearman is joining Hayward in a new and vitally-important role where he will add additional experience, capacity and quality to what is already a world-class Operations team. Hayward will benefit greatly from Derek’s expertise in domestic and international operations leadership, Lean Manufacturing deployment, and strategic capacity and operational footprint design. I am excited for him to get started,” Smith said.

Spearman is joining Hayward after spending four years at Timken Company where he was the Vice President of Lovejoy Incorporated. At Timken, Spearman directed operations at five domestic and international plants staffed by more than 400 people, and he managed budgets exceeding $100 million.

Spearman has also previously held roles as a Director of Operations, Plant Manager, Six Sigma Blackbelt Lean Leader, Quality Director, and Area Manager with organizations such as GKN Driveline, Matcor-Matsu Group, Ford Motor Company, Eli Lilly, and Whirlpool Corporation.

Spearman earned an MBA from Webster University and a Bachelor of Science from Purdue University.

About Hayward Holdings, Inc.

Hayward Holdings, Inc. (NYSE:HAYW) is a leading global designer and manufacturer of pool equipment and technology all key to the SmartPad™ conversion strategy designed to provide a superior outdoor living experience. Hayward offers a full line of innovative, energy-efficient and sustainable residential and commercial pool equipment, including a complete line of advanced pumps, filters, heaters, automatic pool cleaners, LED lighting, internet of things (IoT) enabled controls, alternate sanitizers and water features.

This release contains forward-looking statements and information relating to the Company that are based on the beliefs of management as well as assumptions made by, and information currently available to management. When used in this release, words such as “may,” “will,” “should,” “could,” “intend,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “expect,” “plan,” “target,” “predict,” “project,” “seek” and similar expressions as they relate to us are intended to identify forward-looking statements. These statements reflect management’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. Hayward has based these forward-looking statements largely on management’s current expectations and projections about future events and financial trends that management believes may affect Hayward’s business, financial condition and results of operations. Important factors that could affect Hayward’s future results and could cause those results or other outcomes to differ materially from those indicated in the forward-looking statements include the following: our ability to execute on our growth strategies and expansion opportunities; our ability to maintain favorable relationships with suppliers and manage disruptions to our global supply chain and the availability of raw materials; our relationships with and the performance of distributors, builders, buying groups, retailers and servicers who sell our products to pool owners; competition from national and global companies, as well as lower cost manufacturers; impacts on our business from the sensitivity of our business to seasonality and unfavorable economic and business conditions; our ability to identify emerging technological and other trends in our target end markets; our ability to develop, manufacture and effectively and profitably market and sell our new planned and future products; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; our ability to attract and retain senior management and other qualified personnel; regulatory changes and developments affecting our current and future products; volatility in currency exchange rates; our ability to service our existing indebtedness and obtain additional capital to finance operations and our growth opportunities; impacts on our business from political, regulatory, economic, trade, and other risks associated with operating foreign businesses; our ability to establish and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of others; the impact of material cost and other inflation; the impact of changes in laws, regulations and administrative policy, including those that limit US tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; impacts on our business from the COVID-19 pandemic; and other risks and uncertainties set forth under “Risk Factors” in the prospectus for Hayward’s initial public offering and in Hayward’s subsequent SEC filings.

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