We also executed on our inorganic growth strategy in 2011 through the acquisition of Lawrence Pumps. In 2012, we will continue to seek out similar bolt-on opportunities, where we can purchase well-respected engineered technology that complements our product portfolio, has good brand recognition in an underserved markets. We look for opportunities where we can leverage our global sales force and aftermarket platform to grow the business and pull through additional products.

Additionally, we recently set in place a new COO leadership structure, which will help us drive our One Flowserve initiative. We are seeing that increasingly our customers want to face one supplier. Our Shell frame agreements are a great example of that trend. Our new structure will help us leverage our product offering and aftermarket capabilities for our common customers across common markets and more quickly respond to the global trend we are seeing.

We will also drive expense leverage and common processes through our unified organization. Tom will give you more details on his plan around the new structure and where he sees opportunities for leverage and operational improvement. I would just point you to the success we have had in combining our pump and seal groups, as well as Tom's success in improving FCD's operational performance and margins over the last few years. We believe our more unified leadership structure will help us drive a strong culture of operational excellence through a common focus across the company.

Looking forward to 2012, we expect continued momentum in our short cycle and aftermarket businesses, and we expect the long cycle business to remain competitive, but slowly growing. We have seen some increased coating activity around several large mega projects that have been announced or expected to be announced relatively soon. Although we are optimistic about these projects on the horizon, given the long cycle nature of this aspect of our business, we will not see an immediate impact on our results, as we must still produce lower margin, large projects in our backlog in 2012.

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