While Atkore is a valued supplier to many distributors, and extremely important to many manufacturer reps, even with their “multi-rep / territory” strategy, many have wondered about the company’s longer-term future.

Atkore “Cleaning Up”?

Over the past few years, the company has divested of many interests, most notably those in the HDPE sector.

And the company has been pretty open that it was going through a “strategic review,” which led to the streamlining. Bill Waltz, who had planned to retire, was asked to remain through the review process.

The company also had three major lawsuits relating to PVC pipe antitrust issues.

In the first quarter the company resolved two of its lawsuits for a combined $136.5 million.

Now it has resolved the final lawsuit, for $50 million. According to Investing.com, “The settlement concludes a two-year legal process that began with earlier agreements totaling $136.5 million with direct-purchaser and indirect-purchaser classes announced on April 28. The combined settlements across all three plaintiff classes total $186.5 million.”

While this has been going on in the background, the business continues to perform, up 11% in Q1, 8.1% in the electrical space.

When they shared 2026 Outlook, the sense was it is bright with mid-single digit performance for the metal conduit, fittings and flexible conduit categories and high single digits for the plastic side of their business.

And with the price of commodities, top line could be even better. Bottom line is dependent upon purchasing skills, how they manage pricing, and if they can win in the data center segment.

There was not much that management could do with the lawsuits surrounding the company but, now that it is back to more of a pureplay company … electrical and mechanical tube, what could its future hold, especially since it has more than $440 million prior to the $50 million settlement.

The stock price, since January, is up 33%. Is this due to performance? Investing in the construction aspect of data centers? A corollary investment due to copper and metal commodity pricing? Or could it be “entities” acquiring stock either for some type of acquisition or expecting an acquisition?

With that amount of cash, Atkore could:

• Consider an internal restructure that combines some brands (convert some to product categories), streamline sales management (and yes, reps), and seek efficiencies while evaluating growth opportunities to invest in.
• Become an electrical acquirer, perhaps to strengthen some parts of its business?
• Someone shared the idea of them selling selected brands, either based upon performance, investment level needed, or competitive environment (and hence willingness to compete and/or market size.)
• Be an intriguing entry point for a strategic company, potentially European, that is not a major player, or a bolt-on for a strategic player with complementary products?
• Or maybe this is an entry point for a PE firm? Of for a PE firm to add to a portfolio of other electrical companies?

Presumably, there will be management changes at Atkore, probably by the end of the year, given that Bill was asked to stay on during the strategic review process … and probably to settle the lawsuits. Now that the lawsuits are settled and most, maybe all, of the divestitures are done, does he stay to facilitate the sale of the company or to craft a vision for the future of the company?

What do you think is next at / for Atkore?