Most of our businesses performed exceptionally well in spite of higher raw material costs and weak European currencies, with 11 of 18 strategic business units delivering double digit earnings growth.

Most of our businesses performed exceptionally well in spite of higher raw material costs and weak European currencies, with 11 of 18 strategic business units delivering double digit earnings growth,

Recent movements in long-leading economic indicators and in raw material prices offer hope that an end to the spreading global downturn is in sight, ... Despite that, we continue to take actions necessary to emerge from these difficult times as a much stronger company.

Hope is the raw material of losers.

This transformation plan is designed not only to improve the short-term health of these businesses but also to ensure a future of sustainable, profitable growth.

Our view of the global economy suggests several more quarters of low volume growth and continued price pressure, ... Lower raw material costs and more favorable currency comparison. combined with results from our productivity focus should all contribute to our ability to weather this cycle more favorably than in the past.