They believed in Latrobe, they believed in the cycle, and they believed in Carpenter and the synergies. So they swapped their equity for our equity. And what that did was that, not only kept very valuable players in the game with us, but it also meant that we were able to keep our balance sheet pretty clean, when you consider all the investments that we are making. And we’ll reference that and that gives us not only stability, but flexibility as we move forward.We also completed four acquisitions in the oil and gas industry. And we are very pleased about. As you can see the relative growth that Amega West our largest single acquisition in the areas had relative to the rig count growth. And the reasons for that are simple. There is a great team there in the right environment. They have very strong talents and connections in the marketplace, but with the backing of Carpenter, they’ve been able to get access to materials, technology, and other resources that have helped them to grow their business.
Carpenter Technology's CEO Hosts Investor & Analyst Conference Call (Transcript)
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