Alamo Group manufactures and sells purpose-built industrial and vegetation management equipment. The company serves two main customer bases: governmental and infrastructure customers (state and local governments, municipalities, utilities, and contractors), and vegetation management customers (farmers, ranchers, forestry operators, and tree care companies). Key products include vacuum trucks, hydro excavators, street sweepers, snow removal equipment, telescopic excavators, highway safety vehicles, rotary and boom-mounted mowers, wood chippers, stump grinders, and mulchers — sold under brands including Bush Hog, Rhino, Morbark, Rayco, and Timberwolf. Alamo sells primarily through a large independent dealer and distributor network globally, with some direct sales to large governmental customers. Replacement parts — a recurring, higher-margin revenue stream — represent roughly 16–17% of total sales. The company operates two segments: Industrial Equipment (~59% of revenue), which serves governmental and contractor markets and has been the recent growth driver, and Vegetation Management (~41% of revenue), which has faced pressure from weak agricultural commodity prices, elevated dealer interest rates, and excess channel inventory in forestry and tree care. Alamo has grown largely through tuck-in acquisitions of niche equipment manufacturers. The company enters 2025 with a clean balance sheet and significant liquidity, which management intends to deploy toward further M&A, targeting deals of roughly $100–150M in revenue in nondiscretionary, less cyclical end markets adjacent to its core business.