AMPHENOL CORP DE

The Company’s product development strategy is to rely on product design teams at each of our operating units around the world working collaboratively with customers, which often results in the Company obtaining approved vendor status for its customers’ new products and programs. The Company generally focuses its research and development efforts primarily on those product areas that it believes have the potential for broad market applications and significant sales within a one- to three-year period. The Company seeks to have its products become widely accepted within the industry for similar applications and products manufactured by other potential customers, which the Company believes will provide additional sources of future revenue. At the end of 2023, our research, development and engineering efforts, which relate to the creation of new and improved products and processes, were supported by approximately 4,000 of our employees and were performed primarily by individual operating units focused on specific markets and product technologies.