About CompX International

CompX International Inc. operates as a manufacturer of security products used in the postal, recreational transportation, office and institutional furniture, cabinetry, tool storage, healthcare and a variety of other industries. The company is also a leading manufacturer of wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls and trim tabs for the recreational marine industry. The company's products are principally designed for use in medium to high-end product applications where design, quality and durability are valued by the company's customers. As of December 31, 2023, NL Industries, Inc. (NL) owned approximately 87% of the company's outstanding common stock; Valhi, Inc. (VHI) owned approximately 83% of NL's outstanding common stock; and a subsidiary of Contran Corporation owned approximately 91% of Valhi's outstanding common stock. The company manufactures engineered components utilized in a variety of applications and industries. The company manufactures mechanical and electrical cabinet locks and other locking mechanisms used in postal, recreational transportation, office and institutional furniture, cabinetry, tool storage and healthcare applications. The company also manufactures wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories for the recreational marine and other industries. Business Segments The company has two operating business segments - Security Products and Marine Components. Manufacturing, Operations and Products Security Products The company's Security Products segment manufactures mechanical and electrical cabinet locks and other locking mechanisms used in a variety of applications, including mailboxes, ignition systems, file cabinets, desk drawers, tool storage cabinets, high security medical cabinetry, integrated inventory and access control secured narcotics boxes, electronic circuit panels, storage compartments, gas station security, vending and cash containment machines. The company's Security Products segment has one manufacturing facility in Mauldin, South Carolina and one in Grayslake, Illinois which is shared with Marine Components. The company is a North American market leader in the manufacture and sale of cabinet locks and other locking mechanisms. These products include disc tumbler locks, which provide moderate security and generally represent the lowest cost lock the company produces; pin tumbler locks which are more costly to produce and are used in applications requiring higher levels of security, including KeSet and System 64 (which each allow the user to change the keying on a single lock 64 times without removing the lock from its enclosure), TuBar and Turbine; and the company's CompX eLock and StealthLock electronic locks, which provide stand-alone or networked security and audit trail capability for drug storage and other valuables through the use of a proximity card, magnetic stripe, radio frequency or other keypad credential. A substantial portion of the company's Security Products' sales consist of products with specialized adaptations to an individual customer's specifications, some of which are listed above. The company also has a standardized product line suitable for many customers, which is offered through a North American distribution network to locksmith and smaller original equipment manufacturer ('OEM') distributors via the company's STOCK LOCKS distribution program. Marine Components The company's Marine Components segment manufactures and distributes wake enhancement systems, stainless steel exhaust components, gauges, throttle controls, trim tabs and related hardware and accessories primarily for ski/wakeboard boats (tow boats) and performance boats. The company's Marine Components segment has a facility in Neenah, Wisconsin and a facility in Grayslake, Illinois, which is shared with Security Products. The company's specialty Marine Component products are high precision components designed to operate within tight tolerances in the highly demanding marine environment. These products include wake enhancement devices, trim tabs, steering wheels and billet aluminum accessories; original equipment and aftermarket stainless steel exhaust headers, exhaust pipes, mufflers and other exhaust components; high performance gauges, such as GPS speedometers and tachometers; mechanical and electronic controls and throttles; dash panels, LED indicators, and wire harnesses; and grab handles, pin cleats and other accessories. Patents and Trademarks Patents generally have a term of 20 years, and the company's patents have remaining terms ranging from less than 1 year to 17 years at December 31, 2023. The company's major trademarks and brand names in addition to CompX include: Security Products: CompX Security Products, Lockview, National Cabinet Lock, System 64, Fort Lock, SlamCAM, Timberline Lock, RegulatoR, Chicago Lock, CompXpress, STOCK LOCKS, GEM, KeSet, Turbine, TuBar, NARC iD, StealthLock, NARC, ACE, ecoForce, ACE II, Pearl, and CompX eLock. Marine Components: CompX Marine, Custom Marine, Livorsi Marine, Livorsi II Marine, CMI Industrial, Custom Marine Stainless Exhaust, The #1 Choice in Performance Boating, Mega Rim, Race Rim, Vantage View, and GEN-X. Sales, Marketing and Distribution A majority of the company's component sales are direct to large OEM customers through the company's factory-based sales and marketing professionals supported by engineers working in concert with field salespeople and independent manufacturer's representatives. The company selects manufacturer's representatives based on special skills in certain markets or relationships with customers. In addition to sales to large OEM customers, a substantial portion of the company's Security Products sales are made through distributors. The company has a significant North American market share of cabinet lock security product sales as a result of the locksmith distribution channel. The company supports its locksmith distributor sales with a line of standardized products used by the largest segments of the marketplace. These products are packaged and merchandised for easy availability and handling by distributors and end users. The company sells to a diverse customer base with only one customer representing 10% or more of the company's sales in 2023 (United States Postal Service representing 24% of which 11% related to a pilot project). History CompX International Inc. was founded in 1993. The company was incorporated in Delaware in 1993.