... de C.V.'s (Elementia) cash flow and profitability are supported by its pricing, cost pass-through strategies and the contribution of its cement business, which Fitch Ratings expects to be about 24% of EBITDA in 2014. In January 2014, Elementia acquired the fiber-cement business of CertainTeed Corporation, a subsidiary of Saint Gobain. With this acquisition, Elementia can achieve operational synergies, complement its commercial activities and increase its market presence in the U.S. Leverage Trending Down: For the LTM ended March 31, 2014, Elementia's gross leverage was 2.9x, comparing favorably to the 4.4x registered in the same period in 2013, and the still- high 3.3x recorded as of Dec. 31, 2013. Net debt to EBITDA for the LTM ended March 2014 was 2.2x, slightly above management's long-term target of 2.0x. Fitch estimates 2014 net debt to EBITDA to be around 1.9x and that Elementia will fund its future growth through internally generated...
