Strong market positions in the niche resin-based consumer product industry, with the majority of group revenue generated in North America and Western Europe. Portfolio of recognizable proprietary brands, which supports the group merchandising strategy and brand equity development. Profitability metrics are exposed to volatility in raw material prices, in particular polypropylene, as well as any deficiency in the logistical footprint or procedures. Significant pressure for continued investment in research and development (R&D) to support new product development and organic growth, and preserve market share. High availability of substitutes across most product categories with underlying demand determined by consumer tastes and preferences in each region. S&P Global Ratings-adjusted debt to EBITDA of 8.0x-9.0x reflecting the non-common equity securities in the capital
