The fundamentals of our business are strong. We have a transformed portfolio that is focused on high quality, high margin activities in Personal Care, Coatings and Talc. These premium performance additive businesses have enduring competitive advantages centred on access to differentiated resources, unique technology and market leading formulation capabilities.
Innovation is at the heart of what we do. Elementis is a global leader in performance-driven additives that help create innovative solutions for our customers. Leveraging our capabilities in rheology, surface chemistry and formulation, we help customers respond to their biggest challenges through deep partnerships, ongoing technical support and consistent quality, service and delivery. This focus on market leading innovation will drive our growth.
These premium performance additive businesses are exposed to significant structural growth opportunities which Elementis is well positioned to capture. In Personal Care, the growth of premium cosmetics in Asia, natural skin care ingredients and AP Actives are clear opportunities for our unique hectorite clay and technology platforms. Vehicle light weighting, emission regulations and reduced single use plastic consumption will drive strong sustainable demand for our Talc ingredients. In Coatings there are clear growth opportunities in premium decorative, waterborne industrial additives and adhesives & sealants.
Strong cash generation is a hallmark of Elementis. Looking forward, we target operating cash conversion of at least 90%, supported by working capital and capital expenditure discipline. The execution of our medium term Innovation, Growth and Efficiency priorities combined with strong cash generation will facilitate sustained reinvestment for organic growth and a clear deleveraging profile. Our medium term leverage objective is under 1.5x EBITDA, with further reduction thereafter, and is anticipated to drive significant shareholder returns.