Active portfolio management continues to represent a key element in the further development of the Henkel Group. Both the acquisition and sale of trademark rights and businesses are integral to our strategy. We follow a clear approach: Our assessment of potential acquisitions is based on whether the targets are available, fit Henkel’s strategy, and are financially attractive. Acquisitions allow us to grow more strongly in promising markets or to gain access to new markets and technologies. In the process, we reap the benefits of both earnings and cost synergies in most cases.