Overview Key strengths Key risks Diverse business mix, with a roughly 60%/40% split between short- and long-cycle orders, and a presence in the aerospace and defense, building technologies, safety, automation, and performance materials markets. Exposed to cyclical and competitive industries, with the potential for multi-year periods of slow or contracting growth in some markets. Strong leadership positions (generally No. 1 or No. 2) in its addressable markets. Appetite for acquisitions and aggressive capital deployment policies could lead to weaker-than-expected credit measures. Good geographic diversity with an increasing exposure to high-growth regions, such as India, China, and the Middle East. Despite a largely in-country/for-country supply chain, trade tensions could limit its business performance in high-growth regions. A solid track record of
