The Company’s repositioning actions are primarily focused on its European Fluid Handling operations, to reduce costs through headcount reductions and process improvements, principally at its Krombach operations in Kreuztal, Germany. In addition, as part of a continuing cost reduction strategy, certain manufacturing operations are being transferred from facilities in Germany to Company facilities in lower cost regions. Repositioning costs of $0.2 million on a pre-tax basis were recorded in the third quarter of 2012.

        Third Quarter   Change
(dollars in millions) 2012   2011  
Sales $22.1 $23.8 ($1.8) (7%)
Operating Profit $2.8 $3.8 ($0.9) (25%)
Profit Margin 12.9% 15.9%

Third quarter 2012 sales from continuing operations of $22.1 million decreased 7%. Operating profit decreased 25%, reflecting deleverage of the lower sales volume.

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