{"product_id":"treibacher-five-forces-analysis","title":"Treibacher Industrie AG 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\u003eTreibacher Industrie AG operates in a niche specialty chemicals market where supplier concentration and technological know‑how raise barriers, while diversified end‑markets temper buyer power and substitute threats.\u003c\/p\u003e\n\u003cp\u003eThis brief snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore Treibacher Industrie AG’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\u003eRare Earth Mineral Concentration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRare earth supply is highly concentrated: China accounted for ~60% of global refined rare earth oxide production in 2023, giving suppliers strong pricing and availability leverage over Treibacher Industrie AG.\u003c\/p\u003e\n\u003cp\u003eGeopolitical tensions and China’s occasional export quotas can abruptly disrupt feedstock for advanced alloys, risking price spikes—neodymium prices rose ~45% in 2021–2023 during supply constraints.\u003c\/p\u003e\n\u003cp\u003eTreibacher must stockpile critical elements and develop alternative sources (Australia, USA recycling, 2024 projects) to reduce supply-chain weaponization risk and protect 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\u003eVolatility in Refractory Metal Pricing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eVolatility in vanadium and tungsten prices—vanadium up ~38% in 2024 and tungsten up ~22% on tight supply—gives ore suppliers episodic leverage, letting them push costs onto Treibacher or force margin squeeze.\u003c\/p\u003e\n\u003cp\u003eTreibacher uses multi-year contracts covering ~60–70% of feedstock and periodic price collars to hedge, but scarcity of high-grade ore and 2024 global mine disruptions keep supplier power structurally high.\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\u003eEnergy Intensity and Utility Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eTreibacher Industrie AG depends heavily on stable, low-cost energy for smelting and refining; in 2024 industrial electricity prices in Austria averaged ~0.19 EUR\/kWh versus EU average 0.16 EUR\/kWh, raising input cost risk. Energy suppliers in Europe gained leverage as renewables integration and grid constraints pushed price volatility—wholesale power swings reached ±40% year-over-year in 2023. A 10% rise in electricity costs can cut specialty-chemical margins by roughly 3–6 percentage points, so procurement and long-term contracts are strategic priorities.\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\u003eStringent ESG and Traceability Requirements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eStringent ESG and traceability rules force suppliers to deliver detailed provenance and CO2 data for minerals, narrowing qualified suppliers to those meeting EU Conflict Minerals Regulation and Corporate Sustainability Reporting Directive standards.\u003c\/p\u003e\n\u003cp\u003eWith only an estimated 15-20% of global mineral producers meeting EU-level traceability in 2024, compliant suppliers command 10-25% price premia for certified feedstock, raising input costs for Treibacher Industrie AG.\u003c\/p\u003e\n\u003cp\u003eHere’s the quick math: if 2024 raw-material spend was EUR 200m, a 15% premium raises costs by EUR 30m; sourcing delays also risk production slowdowns.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eQualified suppliers ~15-20% (2024)\u003c\/li\u003e\n\u003cli\u003ePrice premia 10-25%\u003c\/li\u003e\n\u003cli\u003eExample: EUR 200m spend → +EUR 30m at 15%\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\u003eTechnological Specialization of Equipment Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe specialized machinery for high-purity chemical processing and recycling comes from a few global engineering firms, giving suppliers strong leverage over Treibacher Industrie AG because their proprietary tech is critical to product purity and yield.\u003c\/p\u003e\n\u003cp\u003eHigh switching costs—capital outlays often \u0026gt;€10m per plant—and recurring service contracts (typically 5–10% of equipment value annually) create long-term dependency and raise supplier bargaining power.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLimited global OEMs\u003c\/li\u003e\n\u003cli\u003eCapex \u0026gt;€10m per plant\u003c\/li\u003e\n\u003cli\u003eService fees 5–10% yearly\u003c\/li\u003e\n\u003cli\u003eHigh switching costs, long contracts\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\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\u003eRare‑earth supply chokepoints, ESG premia and rising energy costs squeeze Treibacher margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers hold high leverage: concentrated rare-earth supply (China ~60% refined REO, 2023), limited high‑grade ore, and few OEMs for processing plants raise switching costs and price power; energy costs (Austria industrial €0.19\/kWh, 2024) and ESG-compliant feedstock scarcity (15–20% suppliers compliant, 2024) add 10–25% premia, squeezing Treibacher margins.\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\u003eChina REO share (2023)\u003c\/td\u003e\n\u003ctd\u003e~60%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompliant suppliers (2024)\u003c\/td\u003e\n\u003ctd\u003e15–20%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrice premia for compliant feedstock\u003c\/td\u003e\n\u003ctd\u003e10–25%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAustria industrial power (2024)\u003c\/td\u003e\n\u003ctd\u003e€0.19\/kWh\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapex per plant\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;€10m\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 assessment of Treibacher Industrie AG, uncovering competitive pressures, supplier and buyer influence, substitution risks, and barriers that shape its pricing power and strategic resilience.\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\u003eA concise Porter's Five Forces one-sheet for Treibacher Industrie AG—quickly spot supplier or buyer pressure and make faster strategic decisions.\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 of Industrial End-Users\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpa significant share of treibacher industrie ag revenue in from large oems automotive aerospace and electronics giving these customers outsized bargaining power due to volume spec control. multinationals dictate technical specs timelines forcing absorb customization costs cap pricing. their multi-sourcing procurement lowers supplier margins industry data show a bps squeeze on specialty material suppliers since this concentration raises customer churn pricing risk for treibacher.\u003e\n\u003c\/pa\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\u003eHigh Product Differentiation and Customization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe specialized nature of Treibacher’s advanced materials means it often co-develops custom formulations with clients, raising buyers’ switching costs but creating dependence: losing one large contract can cut capacity utilization sharply—Treibacher reported 2024 revenue €310m, so a single 10% customer loss could impact ~€31m and disrupt production planning.\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\u003ePrice Sensitivity in Commodity-Linked Segments\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eIn commodity-like alloy segments, Treibacher faces high price sensitivity: buyers often switch to lower-cost suppliers if a 5–10% premium vs global spot metal prices isn’t matched by performance. Customers benchmark Treibacher’s offers against LME\/COMEX spot movements (e.g., 2024 chromium up 8%, tin down 12%), constraining unilateral price hikes and forcing ongoing cost cuts and productivity gains to protect margins.\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\u003eDemand for Circular Economy Integration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eModern industrial buyers now press for high recycled content; 2024 EU rules target 50% recycled content in certain metal uses, giving customers leverage to pick suppliers with certified closed-loop recycling.\u003c\/p\u003e\n\u003cp\u003eTreibacher’s recycling of industrial residues—processing \u0026gt;20,000 tonnes\/year of secondary raw materials in 2023—is a clear advantage, yet ties revenue to buyers’ evolving sustainability criteria and audits.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 demand shift: buyers favor closed-loop suppliers\u003c\/li\u003e\n\u003cli\u003eTreibacher recycled \u0026gt;20,000 t in 2023\u003c\/li\u003e\n\u003cli\u003eEU\/industry targets raise compliance costs\u003c\/li\u003e\n\u003cli\u003eCustomer audits increase bargaining power\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\u003eAvailability of Transparent Market Data\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe chemicals sector’s digital shift gives buyers real-time price feeds and global supply visibility, cutting information asymmetry that once favored producers; a 2024 McKinsey survey found 62% of chemical buyers use digital platforms for pricing and sourcing. This forces Treibacher Industrie AG to compete on service, data, and integrated solutions, not just product purity and delivery.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e62% of buyers use digital sourcing (McKinsey 2024)\u003c\/li\u003e\n\u003cli\u003eReal-time pricing lowers margins negotiated by suppliers\u003c\/li\u003e\n\u003cli\u003eCustomers demand service, analytics, and logistics transparency\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\u003eOEM Power, Price Pressure \u0026amp; Recycling Mandates: €31m Risk on €310m Revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cpcustomers of revenue hold high bargaining power via volume control multi-sourcing and digital price visibility use platforms mckinsey forcing treibacher to absorb customization cap pricing a loss hit on revenue. recycled-content rules targets raise compliance leverage recycled\u003e20,000 t in 2023.\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\u003e€310m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShare from large OEMs\u003c\/td\u003e\n\u003ctd\u003e55%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImpact of 10% customer loss\u003c\/td\u003e\n\u003ctd\u003e~€31m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRecycled material processed (2023)\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;20,000 t\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBuyers using digital sourcing (McKinsey 2024)\u003c\/td\u003e\n\u003ctd\u003e62%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU recycled content target (2024)\u003c\/td\u003e\n\u003ctd\u003e50%\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\/pcustomers\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;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eTreibacher Industrie AG Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Treibacher Industrie AG Porter’s Five Forces analysis you'll receive immediately after purchase—no surprises, no placeholders. The document displayed here is the same professionally written, fully formatted file ready for download and use the moment you buy. You're looking at the actual deliverable; once payment is complete you'll get instant access to this exact document. No mockups or samples—what you see is what you’ll get.\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":56746752016761,"sku":"treibacher-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/treibacher-five-forces-analysis.png?v=1772191538","url":"https:\/\/matrixbcg.com\/products\/treibacher-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}