{"product_id":"hexpol-five-forces-analysis","title":"HEXPOL Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eA Must-Have Tool for Decision-Makers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eHEXPOL faces moderate supplier power, diversified customer segments, and steady barriers to entry due to scale and technical know-how, but substitute materials and cyclical demand pose notable threats to margins.\u003c\/p\u003e\n\u003cp\u003eThis brief snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore HEXPOL’s competitive dynamics, market pressures, and strategic advantages in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRaw Material Price Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHEXPOL depends on synthetic rubber, carbon black and petrochemical chemicals; these inputs track crude oil and naphtha prices, so a 40% rise in Brent in 2024–25 would shave several hundred basis points off margins. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of Key Chemical Producers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe supply base for specialized polymers and additives is concentrated among a few global chemical giants (BASF, Dow, SABIC) that control roughly 40–60% of key polymer segments, giving them pricing power and the ability to prioritize large customers during shortages like the 2021–22 resin crunch. HEXPOL offsets this by keeping 50+ active suppliers and sourcing across 20+ countries, which plus its ~SEK 26.5bn 2024 revenue scale lets it negotiate better pricing and allocation. In 2023–24 HEXPOL reduced single-supplier spend to under 15% for critical resins, cutting outage risk. Still, sudden global feedstock shocks can spike input costs quickly, so supplier diversification remains essential.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eShift Toward Sustainable Feedstocks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs regulations tighten, demand for bio-based and recycled feedstocks is rising while supply remains thin; suppliers of high-grade sustainable inputs wield strong bargaining power—HEXPOL reported 2024 sales of SEK 12.6bn and noted feedstock cost pressure, with bio-based polymer availability \u0026lt;10% of total market in 2024, forcing HEXPOL to compete for scarce inputs to hit its 2030 net-zero and customer sustainability targets.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnergy and Utility Cost Pressure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eHEXPOL’s polymer manufacturing is energy-intensive, so regional electricity and gas price spikes materially raise COGS; Sweden industrial electricity rose ~18% in 2023 vs 2022, showing exposure to volatility.\u003c\/p\u003e\n\u003cp\u003eLocal utilities often act as monopolies\/oligopolies in key clusters, limiting HEXPOL’s rate negotiation and increasing supplier power.\u003c\/p\u003e\n\u003cp\u003eManagement targets energy efficiency and renewables procurement—HEXPOL reported a 12% reduction in site energy intensity 2021–2024 and aims for more PPA purchases to hedge prices.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigh exposure: energy is a major input\u003c\/li\u003e\n\u003cli\u003eRegional monopolies limit bargaining\u003c\/li\u003e\n\u003cli\u003e2023 Sweden power +18% vs 2022\u003c\/li\u003e\n\u003cli\u003eEnergy intensity down 12% (2021–2024)\u003c\/li\u003e\n\u003cli\u003eUsing PPAs\/renewables to hedge costs\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSupply Chain Lead Times and Logistics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cplogistics providers and shipping firms hold strong leverage for hexpol as container rate volatility saw peaks of usd in normalized to by while bulk freight raw polymers rose pressuring margins.\u003e\n\u003cphexpol cuts exposure by using a decentralized manufacturing footprint: plants worldwide in countries reducing long-haul moves and shortening lead times an estimated vs centralized models.\u003e\n\u003cp class=\"lst_crct\"\u003e\n\u003c\/p\u003e\u003cli\u003eGlobal container rate peak 3,500 USD\/FEU (2021); ~1,500 USD\/FEU (2024)\u003c\/li\u003e\n\u003cli\u003eBulk polymer freight +12% (2023)\u003c\/li\u003e\n\u003cli\u003eHEXPOL: 40+ plants, 17 countries\u003c\/li\u003e\n\u003cli\u003eEstimated 20–30% shorter lead times via decentralization\u003c\/li\u003e\n\n\u003c\/phexpol\u003e\u003c\/plogistics\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSupplier power and energy costs threaten HEXPOL margins despite scale and diversification\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers hold moderate-to-high power: feedstocks (synthetic rubber, carbon black, petrochemicals) track oil\/naphtha—Brent +40% in 2024–25 would cut margins by several hundred bps; top chemical groups (BASF, Dow, SABIC) control ~40–60% segments. HEXPOL’s 50+ suppliers, 40+ plants and SEK 26.5bn 2024 revenue reduce but don’t eliminate risk; bio-based supply \u0026lt;10% in 2024, energy costs and regional utility monopolies remain key levers.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024 revenue\u003c\/td\u003e\n\u003ctd\u003eSEK 26.5bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBio-feedstock share (2024)\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;10%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSupplier count\u003c\/td\u003e\n\u003ctd\u003e50+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePlants \/ countries\u003c\/td\u003e\n\u003ctd\u003e40+ \/ 17\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored Porter’s Five Forces analysis for HEXPOL that uncovers competitive intensity, buyer and supplier power, threat of entrants and substitutes, and identifies disruptive forces and strategic levers affecting its pricing, margins, and market positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eCompact Porter's Five Forces summary tailored to HEXPOL—rapidly assess supplier, buyer, rivalry, entrant, and substitute pressures for strategic clarity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration in the Automotive Sector\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eA significant share of HEXPOL’s 2024 sales—about 36% of SEK 15.3bn revenue—comes from the automotive sector, where a handful of OEMs (VW, Toyota, Stellantis) exert strong buying power.\u003c\/p\u003e\n\u003cp\u003eThese OEMs push for lower prices, strict quality (IATF 16949) and JIT delivery; HEXPOL reported 2.8% margin pressure in 2024 from OEM contracts.\u003c\/p\u003e\n\u003cp\u003eThe EV shift—projected \u0026gt;30% global light-vehicle EV share by end-2025—raises R\u0026amp;D and tooling costs, forcing HEXPOL to innovate while keeping unit costs down.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDemand for Specialized Customization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMany HEXPOL customers, especially in medical tech and industrial equipment, need polymer compounds engineered to precise specs, creating deep technical ties that raise switching costs; re-qualification can take 6–18 months and cost hundreds of thousands of dollars. This dependency reduces pure price bargaining by large buyers: HEXPOL reported 2024 specialty compounds revenue of SEK 7.1bn, underscoring the value of tailored solutions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTransparency and Digital Procurement\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDigital procurement platforms have raised price transparency in polymer compounding; industry surveys show 68% of industrial buyers used e-procurement in 2024, enabling rapid quote comparison and pressuring margins on standard products by roughly 3–5 percentage points.\u003c\/p\u003e\n\u003cp\u003eHEXPOL offsets this by selling technical support, custom formulations, and predictive maintenance services that account for about 22% of segment revenue in 2024, shifting competition from price to total cost of ownership.\u003c\/p\u003e\n\u003cp\u003eThese value-added services increase switching costs and help HEXPOL preserve blended gross margins, which held near 28% in FY2024 despite commoditization in select SKUs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSustainability and Circularity Requirements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eBy end-2025, major corporate customers require supplier carbon footprints and recycled content; 68% of global automotive OEMs report delisting rights for noncompliant suppliers, raising contract renewal stakes.\u003c\/p\u003e\n\u003cp\u003eBuyers’ bargaining power grows as 54% of procurement RFPs now score ESG metrics, so HEXPOL must supply low-carbon polymers to retain top-tier clients that account for ~40% of its revenue.\u003c\/p\u003e\n\u003cp\u003eFailure to meet these rules risks delisting, price pressure, and lost contracts; HEXPOL’s investment in recycled-content compounds and LCA (life-cycle assessment) data is therefore strategic.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e68% OEM delisting rights\u003c\/li\u003e\n\u003cli\u003e54% RFPs weight ESG\u003c\/li\u003e\n\u003cli\u003e~40% revenue exposed\u003c\/li\u003e\n\u003cli\u003eLow-carbon polymers required\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow Switching Costs for Standard Grades\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFor commodity-grade polymer compounds, switching costs stay low, so customers shift orders on small price moves; in 2024 HEXPOL reported 28% of sales from high-volume, low-margin segments where price sensitivity is high.\u003c\/p\u003e\n\u003cp\u003eThis drives intense competition and weak brand loyalty, so HEXPOL emphasizes operational excellence and lean manufacturing—its 2024 adjusted EBITDA margin of 11.2% reflects these efficiency gains.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLow switching costs → frequent supplier shifts\u003c\/li\u003e\n\u003cli\u003e28% sales in price-sensitive segments (2024)\u003c\/li\u003e\n\u003cli\u003eBrand loyalty minimal, high price competition\u003c\/li\u003e\n\u003cli\u003eHEXPOL focus: lean ops; 11.2% adj. EBITDA (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCustomers wield pricing power but specs \u0026amp; services sustain 28% gross margin\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCustomers hold moderate-to-high bargaining power: OEM concentration (36% of SEK 15.3bn in 2024) and e-procurement (68% use) push prices down, yet technical specs, re‑qualification (6–18 months) and value-added services (22% revenue) raise switching costs; blended gross margin ~28% and adj. EBITDA 11.2% in 2024 reflect this balance.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (2024)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAuto share\u003c\/td\u003e\n\u003ctd\u003e36% of SEK15.3bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ee-procurement\u003c\/td\u003e\n\u003ctd\u003e68%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue-add rev\u003c\/td\u003e\n\u003ctd\u003e22%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross margin\u003c\/td\u003e\n\u003ctd\u003e~28%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eHEXPOL Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact HEXPOL Porter's Five Forces analysis you'll receive immediately after purchase—no placeholders or mockups, fully formatted and ready for use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747041358201,"sku":"hexpol-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/hexpol-five-forces-analysis.png?v=1772194526","url":"https:\/\/matrixbcg.com\/products\/hexpol-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}