Strong market positions, a broad geographic scale, and excellent product diversity. 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. Robust margins and ability to generate operating cash flow consistently through the cycle. Cyclicality, seasonality, and high capital and energy intensity of the building materials' industry. Good track record of containing operating costs and capital expenditure (capex). Significant working capital swings and intrayear working capital cash demand. Exposure to raw material input costs, energy costs, and foreign exchange (FX) swings. Strong liquidity, with a balanced and long-dated debt maturity profile. The acquisition of Schenker-Winkler Holding (SWH), the holding company (holdco)
