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). Disposal of Verallia Europe and South America in October 2015 for €2.95 billion, meaning that Saint-Gobain has additional cash on balance sheet that bolsters its already strong liquidity. With Verallia Europe and South America now disposed of, Saint Gobain has one significant transaction currently still underway--the acquisition of Schenker-Winkler Holding (SWH), the holding company
