Fiscal period ending 2025-09-26 versus 2024-09-27
— view filing on EDGAR →
China concentration has grown materially — now 25% of sales and 19 manufacturing sites — meaningfully amplifying geopolitical and trade-disruption exposure. Offsetting this, the prior BIS/DDTC regulatory investigations (with $6M penalty and open-ended liability) appear resolved, and upcoming CFC attribution rule elimination removes a structural tax compliance burden from 2026. The net picture is mixed: a real geopolitical escalation against two meaningful regulatory easings.
2 company-specific
· 1 eased/removed
· 1 common-mode
Company-specific changes
Revised
China exposure increased materially: manufacturing sites rose 18→19 and customer sales jumped 20%→25%, amplifying geopolitical and trade risk.
Global political, economic, and military instability could negatively affect sales or profitability. Our workforce; manufacturing, research, administrative, and sales facilities; markets; customers…
Revised
Automotive exposure declined 44% to 41%; end-market mix restructured with new segments disclosed (digital data networks, aerospace/defense). Boilerplate language largely unchanged; risk profile rebalanced but not materially worsened or eased.
Risks Relating to the Industry in Which We Operate We are dependent on the automotive and other industries and significant periodic downturns have had material adverse effects on our results of…
Eased / removed
Revised
Prior year disclosed ongoing BIS/DDTC investigations with $6M penalty and unquantified exposure. Current year removes all investigation details, suggesting resolution or closure of material regulatory matters.
If any of our operations are found not to comply with applicable antitrust or competition laws or applicable trade regulations, our business may suffer. Our operations are subject to applicable…
Also disclosed — common-mode (Global tax reform pillar two)
Global tax reform pillar two
Revised
Recently enacted legislation eliminates CFC attribution rules after December 31, 2025, removing a material tax compliance burden for U.S. shareholders starting 2026.
U.S. federal tax laws could result in adverse consequences to U.S. persons treated as owning 10% or more of our shares. Although we are an Irish company, application of certain U.S. tax law ownership…