Worldwide leader in mineral-based specialty solutions, with top market shares in most of its segments. Strong diversification by product and region. Vertical integration into mining, providing profitability resilience and barriers to entry. Exposure to mature end-markets, resulting in modest organic growth, and to cyclical end markets. Strong recurring and predictable cash flow generation. Adjusted debt to EBITDA of about 2.5x on average, supported by a disciplined financial policy. Acquisitive track record, translating into varying leeway on credit metrics, albeit currently reduced following the Kerneos acquisition in mid-2017. The stable outlook on France-based leading provider of mineral-based specialty solutions Imerys SA reflects S&P Global Ratings' view that the group's meaningful business diversification, despite cyclical exposures, should help profits show a fair
