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. Exposure to the cyclical new construction sector and, to a much smaller extent, to the volatile auto industry. Sensitivity to the cost of energy and raw materials, and foreign currency exchange fluctuations. Good track record of containing operating costs and capital expenditures. An acquisitive growth and investment strategy, which is currently being reined in. Exposure to asbestos liabilities in the U.S., and antitrust litigation in Europe related to flat glass. Standard&Poor's Ratings Services' negative outlook on France-based construction and engineered materials manufacturer and distributor Compagnie de Saint-Gobain reflects its
