Could you speak to all the competitive advantages of Carlisle.

If you take a look at their history, they still have employees today that were in the 20, 25, and 30-year time frame of being on board with the company. So, consistency. I would say the other thing is the quality of the products that we've made over the years. One advantage of Carlisle is they have vertically integrated a lot of the products they made, including accessories, where some competitors still rely on third parties. The potential that it gives Carlisle is increased margin from having that integration in the marketplace without giving up price. It especially pays off in leaner times when the market softens, and you have to be more competitive. We've been able to gain efficiencies on the manufacturing side without giving up quality, helping to maintain margin overall.

Are there any switching costs for a contractor or distributor to move away from Carlisle's products?

That's a great question. For the most part, the answer is no. John Altmeyer used to always emphasize that we're in the business of converting chemicals. By most accounts, our competitors make similar products. He always stressed that contractors have a choice, and switching costs are often minimal. Our ability to provide a better service experience for customers, complete SAP MRP platform integration, field service, and incremental product development, while standing behind our products, are the defining factors that attract people to Carlisle.

Given that context, how do you view their pricing power?

I would say Carlisle has the ability to command better margins. When they can't, they rely on the fact that they produce many of their own products, especially accessories, which have better margins than some of the commodity products. Looking at the mix, over the long run, we can maintain margins. From anecdotal experience with another commercial single-ply company that was for sale not long ago, we compared their margin profiles with ours and were pleasantly surprised. We confirmed that our business, from an OI EBITDA basis, was significantly better than that other company.