...Leverage Main Credit Limitation: Elementia, S.A. de C.V.'s (Elementia) leverage at Dec. 31, 2013, as measured by total debt to EBITDA was high at 3.4x, above the company management's long-term target of total debt to EBITDA at or below 2.0x. The company's net debt to EBITDA at year-end 2013 was 2.4x. Fitch Ratings estimates net debt to EBITDA for 2014 to be around 2.0x and anticipates that Elementia will continue funding its future growth through a combination of internally generated cash and external financing. Continued Business Diversification: Elementia announced in December 2013 that it had agreed with the exterior products division of Saint Gobain to acquire the fiber cement business of its affiliate, Certain Teed Corporation, for an undisclosed amount. If the transaction is concluded favorably, Elementia could achieve operational synergies by having local manufacturing facilities in the U.S. that would complement the company's current commercial activities of its product portfolio...
