Strong brand names and No. 1 market positions in insulation and composites products, and No. 2 in residential roofing shingles. Solid industry fundamentals driven by growth in residential and commercial construction, maintenance, and repair activity (which drive roofing and insulation demand), and general economic growth that supports the composites business. Increasingly diversified geographic footprint with recent acquisitions in Europe. Narrowing margins as a result of transportation and input cost inflation, which we expect to improve following recent pricing increases. Exposure to cyclical construction end markets. Solid track record of consistent cash flow generation that we expect to continue, with free operating cash flow (FOCF, operating cash flow less capital spending) to debt consistently in the 15%-25% range. $940 million in
