Graco makes fluid and powder handling equipment — pumps, sprayers, dispensers, and related systems — used across industrial and commercial applications. Products handle paint, coatings, adhesives, sealants, lubricants, and specialty chemicals. Graco's two largest end markets are contractors and construction (airless paint sprayers, spray foam systems, line striping equipment) and industrial manufacturing (factory liquid finishing systems, powder coating, adhesive and sealant dispensing, and lubrication systems). Graco sells primarily through specialized third-party distributors globally, with some direct sales for large turnkey systems. The company operates three segments: Contractor (~48% of sales), Industrial (~45%), and Expansion Markets (~7%). Customers buy Graco equipment because it reduces labor costs, improves material efficiency, and handles difficult-to-process fluids — justifying a premium price on an ROI basis. Graco's manufacturing base is largely fixed-cost, so profitability is highly sensitive to volume swings tied to construction cycles and industrial capital spending. The large installed base drives recurring aftermarket demand for parts and accessories. Graco's growth strategy rests on new product development (~4% of revenue spent on R&D), geographic expansion into emerging markets, and M&A targeting niche, technology-differentiated businesses. Recent acquisitions include Corob, which added paint dispensing and tinting systems for paint retailers and was integrated into the Contractor segment.