Saint-Gobain, a French firm, and Pilkington PLC, a British firm, are arch rivals in the European flat-glass business. After Britain's exit from the ERM in September 1992, the pound fell by 15% against the franc.
a. What was the likely impact on Saint-Gobain's profitability of the pound devaluation?

b. What was the likely impact on Pilkington’s profitability of the pound devaluation?