Exposure to cyclical and mature end markets, including energy, petrochemicals, chemicals, and general industrial. Exposure to regulatory risks in energy-related business. High dependence on coal-fired power generation, undermining longer-term business prospects. Strong competitive pressures in mature markets. Exposure to some project execution risks in heat transfer solutions. Relatively narrow product focus. Leading niche market positions. Solid EBITDA margins at about 15% of sales. Relatively sizeable aftermarket business. Sound geographic diversification. A highly leveraged financial risk profile, with debt to EBITDA exceeding 5x, and funds from operations (FFO) to debt of less than 12%. A high interest burden that restricts cash flow generation. Moderate maintenance capital expenditure needs, at less than 2% of total revenues. Adequate liquidity. The stable outlook on
