We're building an acquisition pipeline and expect that we will begin to more consistently acquire about a year from now. Our team has done a solid job integrating ForteBio, and we anticipate that it will exceed our preacquisition model for both growth and return.
I'll now move to our outlook generally. The global economy is concerning with a large dose of uncertainty. We assume that Europe will worsen, particularly for our Industrial business, China will grow but only significantly in about 1/3 of our vertical markets and the Microelectronics global end markets will not recover as previously assumed. However, all in, I think we have gotten ahead of the concerns, and we have a plan to deliver reasonable results in the face of a choppy environment.
Consistent with this, as you know, we've committed to $100 million in structural cost improvement over the next 3 years. We are targeting that half of that will be accomplished in fiscal year 2013, this year. This program is well underway, and I'm confident that we will achieve our target. It's critical that we rightsize our fixed cost structure at the same time that we reposition SG&A to take advantage of where growth can be achieved.
So let's move to the quarter discussion. We executed a strong recovery from our ERP-induced challenges in Q3. Nearly all of the shipments that were deferred into Q4 shipped in Q4, bringing down our past dues significantly in the quarter. To be clear, again, we have a long way to go to claim best practice, but the team should be congratulated for how well they worked across function and with our external supply chain to restore confidence. Very solid execution.Read the rest of this transcript for free on seekingalpha.com
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