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Overview of Hayward Holdings Inc. (HAYW)
Hayward Holdings Inc. is a prominent global manufacturer and marketer of energy-efficient and technologically advanced pool and spa equipment, as well as industrial flow control products. Headquartered in Charlotte, North Carolina, the company serves both residential and commercial markets, offering a comprehensive range of products designed to enhance the ownership experience for pool and spa users. With over 80 years of industry experience, Hayward has established itself as a trusted name in pool equipment innovation, emphasizing energy efficiency, automation, safety, and reliability.
Core Business Areas
Hayward's product portfolio spans a wide array of pool and spa equipment, including:
- Pumps: High-efficiency pumps designed to reduce energy consumption while maintaining optimal water circulation.
- Filters: Advanced filtration systems for maintaining clean and healthy pool water.
- Heaters: Energy-efficient heating solutions for year-round pool use.
- Sanitization Systems: Salt chlorinators and other sanitization technologies for water quality management.
- Lighting: LED lighting systems that combine energy savings with aesthetic appeal.
- Automation: Cutting-edge pool automation systems that integrate with smart home technologies for remote control and monitoring.
- Safety and Flow Control: Products designed to ensure safe and efficient pool operation.
These products cater to a diverse customer base, including individual pool owners, pool builders, contractors, and commercial facility operators such as hotels, resorts, and community centers.
Competitive Position and Market Significance
Hayward Holdings is recognized as one of the largest manufacturers of residential swimming pool equipment globally, with a growing presence in the commercial pool market. The company differentiates itself through its commitment to innovation and energy efficiency, addressing key market trends such as the increasing demand for sustainable solutions and smart home integration. By focusing on customer-centric design and advanced manufacturing processes, Hayward has built a reputation for reliability and performance in the pool and spa industry.
Business Model and Revenue Streams
Hayward generates revenue primarily through the sale of its products via a network of distributors, retailers, and direct channels. The company's business model is supported by its ability to offer a comprehensive suite of products that meet the diverse needs of its customers. Additionally, Hayward's focus on energy-efficient and automated solutions aligns with regulatory trends and consumer preferences, further strengthening its market position.
Industry Context and Challenges
The pool and spa equipment industry is influenced by factors such as seasonality, economic conditions, and evolving customer preferences. Hayward navigates these challenges by investing in research and development to stay ahead of industry trends, such as the growing adoption of IoT-enabled pool automation systems and the increasing emphasis on energy conservation. The company also faces competition from other manufacturers in the space, but its long-standing expertise and focus on innovation provide a competitive edge.
Conclusion
Hayward Holdings Inc. stands out as a key player in the pool and spa equipment market, leveraging its extensive experience and commitment to innovation to deliver high-quality, energy-efficient solutions. With a diverse product portfolio and a strong focus on customer satisfaction, the company continues to enhance the pool ownership experience for both residential and commercial users.
Hayward Holdings has been added to the Russell 1000® Index, effective June 28, 2021, as part of its annual reconstitution. This index includes the largest 1,000 companies in the Russell 3000® based on total market capitalization. CEO Kevin Holleran stated that this inclusion highlights Hayward's strong brand in the pool equipment market. The Russell indexes are critical benchmarks for investment managers, with approximately $10.6 trillion in assets linked to these indexes, signifying increased visibility and investor interest for Hayward.
Hayward Holdings (NYSE: HAYW) announced the opening of a 326,000 square-foot distribution center in Mocksville, N.C., its largest facility, to be operational by the end of 2021. This center will enhance service for expanding markets in North America, Europe, Australia, and Latin America. It complements the existing Clemmons facility, increasing Hayward's footprint to approximately 1.3 million square feet. The project also features a customer training center and reflects the company's commitment to meeting growing demand, especially amidst the current chlorine shortage.
Hayward Holdings, Inc. (NYSE: HAYW) reported a fire incident at its Yuncos, Spain production campus. Fortunately, all employees were safely evacuated without major injuries. The affected building produces fiberglass laminated filters; however, other manufacturing operations, including pumps and lighting, were not impacted. Production resumed the same day, ensuring continuity of service. CEO Kevin Holleran stated the business impact is not material and emphasized available alternative filtration technologies for customers during the investigation and rebuilding process.
Hayward Pool Products has expanded its OmniLogic app compatibility, enabling control of pool and spa features via an Apple Watch. This enhancement allows users to manage pump speeds, adjust temperatures, and choose lighting colors conveniently from their wrist without needing their phones. The OmniLogic app, favored by both pool owners and builders, boasts an average rating of 4.5 stars from over 1,500 reviews. The new feature is available for Apple Watch Series 3 and newer, running on WatchOS 7 and above.
Hayward Holdings (NYSE: HAYW) announced its participation in two upcoming investor conferences. The first is the William Blair’s 41st Annual Growth Stock Conference on June 2, 2021, at 3:40 p.m. ET, featuring CEO Kevin Holleran and CFO Eifion Jones. The second is the KeyBanc Capital Markets’ Virtual Industrials & Basic Materials Conference on June 3, 2021, at 12:00 p.m. ET, also with Holleran and Jones participating. Webcast links for both events can be found on Hayward’s investor relations website.
Hayward Holdings, Inc. (NYSE: HAYW) announced it secured a $1 billion senior secured term loan facility through its subsidiary, Hayward Industries, Inc. Proceeds will refinance existing loans, enhance cash reserves, and pay related fees. This refinancing is expected to reduce interest expense by $7-$10 million annually and extend maturity to 2028. The facility has a 0.50% original issue discount and a floating interest rate starting at LIBOR plus 2.75%. CFO Eifion Jones highlighted the enhanced financial flexibility for future growth.
Hayward Holdings (NYSE: HAYW) has launched HydraPure, a new pool water sanitization system utilizing advanced oxidation process (AOP) technology. This innovation aims to enhance pool safety while significantly decreasing chlorine use amid rising prices due to supply shortages. CEO Kevin Holleran highlighted the growing investment in outdoor spaces and the need for eco-friendly solutions. Additionally, Hayward continues its sponsorship of Olympic swimmer Kathleen Baker, emphasizing their commitment to quality pool water safety for swimmers.
Hayward Holdings, Inc. (NYSE: HAYW) will release its Q1 2021 earnings results on May 5, 2021, before market opens. A conference call to discuss the results is scheduled for the same day at 9:00 a.m. Eastern Time. Interested participants can register for the call or listen via a webcast on the company's Investor Relations website. A replay will be available after the call until May 19, 2021. Hayward is known for its innovative, energy-efficient pool and spa equipment, including popular brands like AquaVac and Super Pump.
Hayward Holdings has been awarded the ENERGY STAR Award for Excellence in Product Design 2021 by the U.S. EPA, acknowledging their commitment to energy efficiency. Their Ultra-high Efficiency pumps achieved the #1 rating in energy efficiency per new Department of Energy standards. With upcoming regulations in July impacting pump performance, Hayward's advancements in variable-speed pumps and the launch of the 100% Satisfaction Guarantee program reflect strong consumer confidence. The TriStar VS 900 pump boasts the highest WEF score in the industry.
Hayward Holdings, Inc. (NYSE: HAYW) announced plans to relocate its corporate functions from Berkeley Heights, New Jersey to Charlotte and Clemmons, North Carolina. This strategic move will involve transferring approximately 90 corporate employees, including senior leadership and finance teams, to North Carolina, where an existing facility already employs around 850 people.
The relocation aims to enhance synergies, improve decision-making, and achieve long-term cost savings, ultimately benefiting business operations and customer service.
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