Element Solutions (ESI) is a specialty chemicals company that supplies consumable process chemistries used in electronics manufacturing and industrial surface finishing. Because ESI's products are consumed during customers' manufacturing processes, the business generates a recurring revenue stream as customers continuously repurchase them. Electronics makes up roughly 70% of revenue, spanning three verticals: Assembly Solutions (solder pastes, fluxes, and adhesives used to join components), Circuitry Solutions (wet chemical processes for PCB fabrication, including metallization and electroplating), and Semiconductor Solutions (plating chemistries and die-attach materials for chip fabrication and advanced packaging). The remaining ~30% of revenue comes from the Specialties segment, which sells surface finishing chemistries to industrial customers in automotive, appliances, and plumbing, as well as hydraulic fluids for offshore oil and gas drilling. ESI sells through a direct technical sales force, and its chemistries must be precisely qualified into customer production lines — making switching costs high and the customer base sticky. ESI targets organic growth of 2-3 percentage points above underlying end markets by focusing on high-value, fast-growing niches like advanced semiconductor packaging and high layer count server boards. ESI has also made two recent tuck-in acquisitions — Micromax and EFC Gases — expected to contribute ~$70M of combined EBITDA in 2026. The business is asset-light, targeting capex of ~2% of sales, with free cash flow conversion of ~50% of adjusted EBITDA.