Donaldson manufactures filtration systems and replacement parts that protect engines, industrial machinery, and manufacturing processes from contaminants. The company operates across three segments: Mobile Solutions, Industrial Solutions, and Life Sciences. Mobile Solutions supplies air, liquid, and emissions filtration for heavy-duty off-road equipment and commercial vehicles. Industrial Solutions provides dust collectors, compressed air purification systems, power generation gas turbine inlets, and aerospace filtration. Life Sciences offers high-purity filtration for hard disk drives, food and beverage processing, pharmaceuticals, and bioprocessing. Donaldson uses a razor-and-blade business model. The company sells initial filtration systems directly to equipment manufacturers, establishing an installed base that drives recurring demand for consumable replacement filters throughout equipment lifecycles. Donaldson distributes replacement filters through original equipment manufacturer dealer networks and independent distributors. Donaldson's strategy emphasizes expanding into adjacent applications like data center cooling, growing connected services, and acquiring filtration businesses with recurring aftermarket demand.