Badger Meter, Inc. (Badger Meter) is a manufacturer and marketer of products incorporating liquid flow measurement and control technologies serving markets worldwide. Its products are used in a variety of applications to measure and control the flow of liquids, but primarily water. The Company’s product lines fall into two general categories: utility and industrial. The utility category comprises residential and commercial water meters that are used by water utilities as the basis for generating water and wastewater revenues. The market for these product lines is North America, primarily the United States, because these meters are designed and manufactured to conform to standards promulgated by the American Water Works Association. Industrial product line sales comprise the remainder of the Company’s sales and include precision valves, electromagnetic inductive flow meters, impeller flow meters, and turbine and positive displacement industrial flow meters.