The outcome of this long-term focus, you can see on this slide, the return to our shareholders compared with the Standard & Poor 500 companies, there is always the saying a picture tells you more than a 1000 words. I think this picture here shows why many of our shareholders like the long-term focus of our company.
With this, I pass it over to Steve.
St e ve Hagge – Chief Operating Officer
Thanks Peter and good morning everyone. I am going to take couple of minutes and talk about Aptar’s strategy.Now, as Peter talked about, we operate in the niche of the overall packaging industry. And I think if you take a look at the slide here, the overall packaging industry is estimated to be about $500 billion. But within that, we’re part of really a subset of that, so if you come down to that Caps & Closures market on a worldwide basis, that’s estimated to be about $32 billion, and breaking that down further, we really play in the dispensing part of that Caps & Closures market, the dispensing systems part. That represents about $8 billion in revenue. Now, Aptar is the largest player in that representing about 25% of that dispensing systems niche. Now, when we look at overall growth for Aptar, I think it’s good to step back and say how has Aptar been able to grow? When you look at consumer products companies, it’s been generally a GDP growth company. Aptar is really a GDP plus growth company over the last 30 years and a good deal of that is converting. It’s converting from non-dispensing to dispensing systems. So, as we look to do that, I mean, those were significant growth opportunities and we will talk a little bit about that. One of the ways we do that is helping our customers differentiate their package and also convert from non-dispensing to dispensing systems. So, the next slide, if you take a look is an excellent example of this. This is Coppertone. If you go back to Coppertone on the far left part of this slide, Coppertone was in a glass jar with the screw of metal cap like in the 60s and 70s. You don’t know how tough it was to find that picture by the way.