Broad diversification by product, end market, customer, and region; Exposure to cyclical and competitive industries but with strong leadership positions (generally No. 1 or No. 2) in addressable markets; Low capital intensity, enabling consistent free cash flow; Strong operating margins, with adjusted EBITDA margin of about 35%; Exposure to cyclical industrial markets; and An acquisition strategy that adds some integration risk. Consistent free operating cash flow (FOCF) generation well in excess of $700 million annually; Capacity to pursue financial objectives, including acquisitions and a moderately increasing dividend, while maintaining credit measures commensurate with a "modest" profile; and Stable profitability strengthened by favorable end-market conditions, margin expansion opportunities in acquired businesses, and growth initiatives. The outlook is stable. Standard&Poor's
