I would now like to turn the conference over to Steve.
Stephen J. Hagge
Thanks, Matt, and good morning, everyone. Yesterday we reported results for the second quarter that were in line with the updated guidance we issued a couple of weeks ago. We also announced that we completed the Stelmi acquisition in early July. We view this transaction as a very positive expansion of our pharma segments product portfolio, I’m happy to report that the underlying Stelmi business is doing very well and our integration work has already begun and that the customer feedback on the transaction has been very positive.
Bob will discuss the financial impact of the transaction a bit later. The second quarter was a challenging one. Currency exchange rates had a significant negative impact on our sales and earnings. Also broad based softness in Europe affected each of our business segments, but on the positive side, we experienced strong growth in Latin America and Asia.Overall, we were able to grow core sales, in spite of the challenges. Thanks to our innovative industry leading products, our widespread global presence, and a variety of markets we serve and the dedication of our talented employees. Even with the difficult economic environment, I’m very encouraged by the level of project activity across each of our segments. Now looking at the segments – looking at our segments performance for the second quarter, our Beauty & Home segment primarily serves the fragrance/cosmetic and personal care markets. These two markets were affected by the slow down in Europe in this quarter. Project activity remains at good level for our Beauty & Home products and we participated in several new launches by customer this quarter, including several new fragrances, a new men skincare, several new cosmetic products launch using our innovative dispensing solutions, including our fully recyclable airless pump.
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