Superior product, geographic, and business diversity. Large size and leading competitive positions in all activities. Exposure to renovation end markets, energy saving applications, and local rather than global competition. Broad exposure to the cyclical new construction sector and more limited exposure to the volatile auto industry. Sensitivity to energy and raw materials costs and exchange rate swings. Good track record of containing operating costs and capital expenditures. An acquisitive growth and investment strategy, which the company is currently tempering. Exposure to asbestos liabilities in the U.S. The stable outlook on France-based Compagnie de Saint-Gobain reflects Standard&Poor's Ratings Services' anticipation of likely improved trading performance in 2014, translating into broadly stable net debt and credit metrics commensurate with the
