This report does not constitute a rating action. Overview Key strengths Key risks Fourth-largest biaxially oriented polypropylene (BOPP) producer globally, with a market share of about 4% in 2024 and S&P Global Ratings-adjusted EBITDA of $136.5 million. Highly fragmented, commoditized, and competitive BOPP film industry. High share of resilient food packaging end-markets and a pass-through model. Narrow product focus, with exposure to a single packaging substrate. Global production footprint with 11 production facilities across six continents. Adjusted EBITDA margin of about 11.8% in 2024, which is relatively low compared with global peers. We believe the U.S. administration's policy implementations, specifically with regard to tariffs, and the potential effects on economies, supply chains, and credit conditions globally are highly unpredictable. As
