Management attributed 2025 performance hurdles to 'Liberation Day' market chaos, sustained Chinese domestic weakness, and a lack of industrial competitiveness in Europe. Operational focus shifted heavily toward 'what we can control,' resulting in the closure of seven facilities and a headcount reduction of approximately 500 employees, or 10% of the workforce. Despite volume challenges, the company achieved a 45% EBITDA-to-free-cash-flow conversion rate, prioritizing liquidity and dividend coverage ove ...