World's largest producer of acrylamide-based synthetic polymers used for water treatment Low-cost production of acrylamide by enzymatic process Good geographic diversification by sales and production Significant leverage and low capital returns Low diversification for a chemical company due to pure focus on acrylamide-based products High exposure to polypropylene and transport costs, and the need to pass them on to protect margins The ratings on France-based specialty and intermediate water treatment chemical producer SPCM S.A. reflect the group's aggressive leverage following major investments in new production facilities and a significant share buyback tied to a minority shareholder payout. The ratings also take into account the group's overall relatively small size and somewhat limited product diversification. SPCM owns 100% of the SNF
