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. Broad exposure to the cyclical new construction sector and more limited exposure to the volatile auto industry. Sensitivity to energy and raw materials costs and exchange rate swings. Good track record of containing operating costs and capital expenditure (capex). Two significant transactions currently underway--the disposal of the Verallia glass packaging Europe and the acquisition of Schenker-Winkler Holding (SWH), the holding company (holdco) that owns a controlling stake in Sika AG. Exposure to asbestos liabilities in the U.S. The stable outlook reflects our anticipation of good organic trading performance in 2015, translating into broadly
