As I said earlier, we are very pleased with the progress of our recent North American acquisitions. Torchmate has been a great addition right out of the gate. The products fit well with our customers and has been embraced by our industrial distribution channel. The team of people at Torchmate are energized and we are thrilled to have them on our team.

Our products has been focused on the development of new orbital welding systems. These products are used extensively in industries supporting the construction and maintenance of the energy infrastructure. The new orbital welding products have been released with great enthusiasm by key customers.

Techalloy makes nickel based alloy and stainless steel welding consumables. These products are important to the energy related industries. Techalloy was carved out of Central Wire. We have since consolidated operations in Baltimore, installed SAP, integrated the products into Lincoln’s portfolio and begun to manage the business for improved profitability. We will be moving the Techalloy operation into our Cleaveland operations in the future and we were just awarded a significant financial incentive package from the State of Ohio to help facilitate this move.

Business conditions in North America operations were stronger in the quarter. Overall industrial activity represented in key measures such as industrial production and capacity utilization across factories in the United States, both ran ahead of last year’s comparable. Industrial production in the US, excluding the high-tech segment was trending at 3.9% ahead of 2010 as of December 2011.

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