Strong Financial Discipline

Our Priorities

• Invest in organic growth opportunities, primarily through RD&E and capital investments
• Utilize selective M&A to expand market access or strengthen product portfolio
• Provide attractive shareholder returns
• Preserve financial strength with strong and efficient balance sheet

Our Approach

• Scale capital investments when we have an advantaged product, a manufacturing process with a leading cost position, and committed demand from customers
• Reapply and repurpose our insights and assets to decrease our cost of innovation and increase profitability
• Share cost and risk of investments with customers to ensure strong returns and secure cash flows
• Reward shareholders with dividends and opportunistic share repurchases
• Maintain debt maturity profile that can be easily supported by operating cash flow, with no significant debt coming due in any given year