This report does not constitute a rating action. Overview Key strengths Key risks Portfolio of established brands with good market position in somewhat diversified end markets. Operates in cyclical and highly competitive industries. Long-term relationships with blue-chip customers and distribution partners. Concentrated customer base and geographic exposure, particularly in the packaging and aerospace segments. Above-average margins and good cash flow generation that help fund business reinvestment and contribute to the company's solid liquidity position. Relatively small scale and scope of operations. Cost-saving initiatives and solid growth improved operating margins across all three business segments and S&P Global Ratings-adjusted EBITDA margins to 15.9% through the first half of 2025 compared to 15.0% in the first half of 2024. Strong revenue growth
