ESAB makes welding and cutting products for industrial fabrication. The company operates through two product lines: Fabrication Technology (FABTECH) and Gas Control Equipment. FABTECH covers welding consumables (filler metals, fluxes, and electrodes), welding and cutting equipment, and automation and robotics systems. Customers use these products across oil & gas, infrastructure, defense, transportation, and general manufacturing. Gas Control covers regulators, flow meters, manifolds, and integrated systems that manage industrial and medical gases, serving both industrial users and hospitals. ESAB sells through independent distributors and a direct sales force. The company organizes into two geographic segments: Americas (~48% of revenue) and EMEA & APAC (~52%). ESAB's revenue mix is broadly split between consumables, which are recurring and stable, and equipment and gas control, which are more cyclical but carry higher margins. Gas control, the highest-margin product line with gross margins in the mid-40s, has grown from roughly 10% to 18% of total revenue, with a target of 25% by 2028. ESAB describes itself as an "industrial compounder," combining organic growth with acquisitions — completing 15 deals since its 2022 spin-off. The most notable recent deal is EWM, a German arc welding and robotics business with roughly EUR 120M in revenue and gross margins above 40%. ESAB's margin expansion strategy rests on pricing discipline, manufacturing efficiency, and a deliberate mix shift toward higher-margin equipment and gas control. Approximately 80% of manufacturing is done in-region, reducing tariff and FX exposure.