Performance Plastics – learn about plastic

In this video we’re going to talk about plastic: What it is, that there are different types and a glimpse of what you can make with it. Okay, so I’m sure you already know about some things about plastic. I mean it’s everywhere around us: Jerry cans (watering cans), packaging, flower pots, toys, containers, cups. A lot of stuff we have is made from plastic. You can literally find this on any place in the world Even in places where we don’t want to have it… and last year we produced a lot of it. I mean I cannot even imagine how much that is. In fact I couldn’t even pronounce it that’s why I wrote it down and this number is still growing every year because we keep producing more new plastic.

Which is kind of weird because on the one hand is made from oil which is a precious fossil fuel we’re running out of and on the other end it ends up on places in the world where we don’t want it, damaging our planet and environment In fact research says that less than 10 percent of our plastic actually gets recycled, so of all the new plastic we make a lot of it ends up in the wrong place. Time to get recycling, right? So plastic often looks and feels the same, but it’s probably not. In fact there are dozens of different types of plastic out there, but you can narrow it down into two main categories. So, for instance, this bowling ball is a thermal set, and this lunch box is a thermal plastic. And the biggest difference, is that the lunch box you can always remelt it so when you’re done with this you can melt the plastic again, and turn it back to another shape or its original shape.

And this bowling ball is made from a very hard polyurethane. It’s molded into this shape and afterwards you cannot remelt it. This is basically a block of material which you cannot really do anything with. And this one you can just remelt it and reuse it again. And luckily about 80% of the plastic is made from this type, which is good thing because this one is easy to recycle. In fact it often has this little logo on the bottom, which says that you can recycle it And this is what the plastic looked like as a raw material: small pellets that are used over the entire plastic industry to create new things.

Huge High Density Polyethylene rod

But even within this group of plastic there are many different types. But we can narrow them down again into several main groups, which basically all the plastic around you is made from. And each of them has their own difficult technical name like “Polypropylene”, “Polystyrene”. I don’t know where they make it so difficult, so often the shorter version is being used. It’s hard to tell the difference between two types of plastic. I mean they can have the same color, feel the same, and look the same but still being a different type. And this is actually the main problem with plastic how to separate the different types of plastic because they all have different properties, behaviors and melting temperatures. But there are a few tricks on how to get this done. Trick number one (and this is by far the easiest one): is look for the logo. If it has a recycle logo, you can see which type of plastic it is so this one is made from polypropylene.

Unfortunately not every plastic product has a logo like this… And then you need another– Trick number two is to remember it and this is actually often done in recycling plants. So for instance, flower pots: made from polypropylene Lego is made from ABS. The bottle caps are made from HDPE. But as you can imagine, there’s a lot of different plastics out there; a lot of things to remember so this goes wrong, and isn’t 100% accurate.

Another one is to look at the visual properties. For instance, polystyrene has this breakable sound, whereas polyethylene is more flexible and tough kind of plastic. And then there’s another technique which is called “the flame technique”. We don’t recommend this, but it’s a technique, so we’re going to show you. For instance, if you burn plastic you get a little flame, so, this one has a nice yellow flame. If we’re going to fire up this one… So and this has, like, this dark smoke, which is polystyrene. Like I said, we don’t recommend this technique. Yeah, it’s not nice. The last one is the floating technique. This is quite an interesting one, so, let’s say you have a lot of different types of plastic, mixed.

You can put them in the water, and some will sink and some will float. And then we’re going to add some water. So you can see some plastic floats, some will sink. But if we add some salt… So as you can see: the polypropylene and polyethylene floats, and the PET (Polyester or Polyethylene Terephthalate) sinks. And you can do this with other types of plastic as well by changing the density of the water, And all the more detailed information: like the different densities, or the different flame colors, or the visual properties you can download in our download pack.

So as we just learned there are many different types of plastic out there, and the ones that you can recycle basically all work according to the same principle. You need some heating and some pressure to mold it into something new and that’s pretty much the basic start of the entire plastic industry. They all work according to these principles. But they have a lot of variation, and by making a different combination of these techniques they can make a whole range of different products. And our machines are based on these techniques as well, only, simplified and made with local tools and materials, so you can build them yourself.

High Performance Plastic Materials Guide

Exactly how To Resolve Your Plastic Troubles

It is commonly mentioned polymers as opposed to plastics, because both terms are basic synonyms in the engineering-use. If the term high-performance thermoplastics is made use of, it is because both the criterion as well as technical in addition to high-performance plastics are always thermoplastics.

Thermosets and elastomers are beyond this category as well as create their very own classes.

High efficiency plastics differ from typical plastics and design plastics primarily by their temperature level stability, however additionally by their chemical resistance as well as mechanical residential or commercial properties, manufacturing quantity, and also price.
Performance Plastics

With numerous plastic materials on the market, exactly how can you selected the most effective quality for your application? This overview includes technical information, including mechanical residential or commercial properties as well as chemical resistance information, for a lot of the leading plastics including Nylon, Delrin® , Polypropylene, Acetal, PVC, Ultem®, and PVDF (Kynar®).

High efficiency plastics are playing a crucial role in the auto market nowadays.

The light weight of plastics makes for more fuel efficient cars. It is estimated that every 10% reduction in car weight leads to a 5% to 7% reduction in fuel usage. Existing financial and also environmental concerns make the creation of even more fuel efficient vehicles a top priority in the auto sector. We companion with our consumers’ designers to design and make injection molded thermoplastic services for their most difficult jobs.
Making Best Use Of Component Efficiency

We leverage our material knowledge to pick and/or develop Makrolon Polycarbonate substances possessing residential or commercial properties made to satisfy or surpass desired efficiency characteristics.

We are experts in the design as well as use direct gated, multi-cavity molding. Direct gating eliminates product waste related to runner systems, particularly appropriate when molding pricey polymers such as fluoropolymers (e.g., PFA, FEP, PVDF), and also other thermoplastics (e.g. PEEK, PEI, PEKK). A number of these same polymers are very large sensitive providing straight gating of detailed, slim walled components really challenging. Nevertheless, we have actually developed exclusive injection molding tooling, equipment and procedures making straight gating of these products feasible.

High performance polymers in applications

We have actually developed tooling methods promoting the over-molding of complex inserts typically thought to be to be as well slim or complicated to be limited in the mold and mildew. These strategies, coupled with our capability to hold incredibly limited tolerances and mold very thin walls, offers our clients higher layout flexibility establishing future generation products. With numerous plastic products on the marketplace, just how can you picked the best grade for your application

Fluoropolymers generally, have excellent dielectric residential or commercial properties and are resistant to atmospheric degradation.

While substantially less costly than PCTFE or PFA, FEP is really hard to process because of its low viscosity. Nonetheless, Performance Plastics has actually developed proprietary tooling and also procedures making it possible for the molding of little, thin-walled, complicated FEP components.

High performance plastics

Applications that need abrasion resistance, wear or a reduced friction coefficient, these design plastics offer superior efficiency when compounded with lubes such as PTFE and graphite Heat and shock immune applications in the glass and aerospace sectors Heat immune, emission proof, extremely protecting or defined carrying out products for the semiconductor and electrical design market, Sterilization and also hydrolysis proof components for medical devices Exhaust evidence and radiation resistant parts for vacuum innovation and also applications in the locations of X-ray innovation and also atomic energy Parts for the chemical sector

Efficiency Plastics Affordable Advantages

PEEK is heat resistant with excellent chemical as well as exhaustion resistance as well as thermal security. It displays remarkable mechanical as well as electrical properties, with an optimum continuous working temperature level of 480 ° F.
Makrolon or Tuffak Sheet is a tough, rigid, high strength clear polycarbonate which maintains its homes over a wide temperature level variety from -150 ° F to over 300 ° F.

Ultem® has a constant use temperature of 332 ° F. It is made use of widely in the electronic market as a result of its great arc resistance and dielectric constant. It is likewise a prime product for clinical applications as a result of its capacity to hold up against numerous autoclave steam sterilizations.

* Ultem is a registered trademark of Sabic Plastics.

Azusa Delrin Material Suppliers

Alan Robbins is betting everything he owns that the world will pay more for picnic tables, mailbox posts, and speed bumps if they’re made from recycled plastics

Yes, he’s heard the career advice line from The Graduate. (“I just want to say one word to you: plastics.”)

You see, if you’re Alan E. Robbins, 43, a sense of humor comes in handy.

You need one, given what he wants to do with the rest of his life. Robbins, a charming father of five, wants to make wood obsolete. Maybe concrete, too.

It’s not quite as silly as it sounds.

Robbins is president of a company, which takes recycled plastics — milk jugs are a primary source of raw material — and turns them into everything from mailbox posts, picnic tables, and speed bumps to retaining walls at Sea World. In many areas in the country, especially the Azusa and areas near by, recycling has become much more popular.

And no doubt there’s a desperate need for someone to do something with what the industry calls post-consumer (used) plastics. Recycled plastic materials are in demand.

With Americans producing 160 million tons of solid waste a year — that’s better than three pounds per person per day — landfills are beginning to overflow. And while plastics account for only 7% of those garbage heaps by weight, they make up 13% of their volume. Anything, even a mailbox post, that can reduce that amount of trash is something to be wished for.

Online Plastics

Azusa Plastic Information and Training

Even if that marker ink is designed to be permanent, it doesn't have to be. Words doodled on a container lid or scribble marks on a plastic tumbler used to hold markers are equally removable using basic items you likely already have around the house, such as citrus cleaners, rubbing alcohol or a dry-erase marker. Test the cleaning solutions in an inconspicuous area first to make sure they don't discolor the plastic.

(Ray Robert Green/Demand Media)

Resources

  • One Good Thing by Jillee: The Many Uses of Magic Erasers

Abs Plastic Products

Do-It-Yourself: Plastic Molding

sandpapier image by Thomas Aumann from Fotolia.com

If you would like paint hard plastic surfaces, you must consider some important factors prior to application. Unlike wood, hard plastic is nonporous, making it unable to absorb paint adhesives. This quality will cause plastic to shed new finishes unless it is pretreated with abrasion techniques. Abrasion will create a tooth for new paint to adhere to and will help to prevent future paint failure. You should also choose a particular type of paint based on the location and function of the plastic surface.

Resources

  • Popular Mechanics: 5 Pro Painting Tips Every Amateur Should Know

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How to Choose the Right Circular Saw Blade


Los Angeles County Machinable Plastic

El Segundo Delrin Material Suppliers

Alan Robbins is betting everything he owns that the world will pay more for picnic tables, mailbox posts, and speed bumps if they’re made from recycled plastics

Yes, he’s heard the career advice line from The Graduate. (“I just want to say one word to you: plastics.”)

You see, if you’re Alan E. Robbins, 43, a sense of humor comes in handy.

You need one, given what he wants to do with the rest of his life. Robbins, a charming father of five, wants to make wood obsolete. Maybe concrete, too.

It’s not quite as silly as it sounds.

Robbins is president of a company, which takes recycled plastics — milk jugs are a primary source of raw material — and turns them into everything from mailbox posts, picnic tables, and speed bumps to retaining walls at Sea World. In many areas in the country, especially the El Segundo and areas near by, recycling has become much more popular.

And no doubt there’s a desperate need for someone to do something with what the industry calls post-consumer (used) plastics. Recycled plastic materials are in demand.

With Americans producing 160 million tons of solid waste a year — that’s better than three pounds per person per day — landfills are beginning to overflow. And while plastics account for only 7% of those garbage heaps by weight, they make up 13% of their volume. Anything, even a mailbox post, that can reduce that amount of trash is something to be wished for.

Recycled Plastic Sheet Material

El Segundo Plastic Information and Training

The perfect circular saw blade exists for nearly every job. Don't mess up your project by using the wrong one.

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Clear Plastic Material

Recycling classes take saving the Earth seriously.

Molding Plastics At Home

"Why should I know how to mold my own plastic?" This isn't the first time I've heard this question. Let me explain:

You know those broken things you have laying around or even have just thrown away in the past, that when the original is pieced back together would be easy to mold a new part that could be more rigid than the broken and glued one if done correctly.

Think about how many things that you now throw away that, with a new little plastic piece, would be good as new. The statistics say that we Americans used enough plastic water bottles last year to go around the world 180 times. Most to be thrown into a land fill somewhere.

What if you had an idea to improve an existing part, or even prototyping a new part? Do you make your own jewelry from beads and such? Mold your own beads! Recycle (or upcycle in some cases) your old plastic.

Molding is the process of manufacturing by shaping pliable raw material using a rigid frame or model called a pattern. Using a pattern you create a mold. Using a mold you create a casted part, which is usually the end product.

A mold is a hollow block that is filled with a liquid-like or powdered plastic, glass, metal, or ceramic raw materials. The liquid hardens or sets inside the mold, adopting its shape. A mold is the opposite of a cast. A release agent is typically used to make removal of the hardened/set substance from the mold easier.

Using these techniques to recast old plastic can be healthier for the environment and make room for a new cottage industry that can be performed at home, as long as you do not overheat the plastic and cause more fumes that it would take to recover just throwing the plastic away.

A Common Hobby Plastic - Polymer Clay

Using a mold and fire method of polymer clay, some hobbyists are making some fantastically detailed trinkets and jewelry. Of course this is not a recycling method, it is a viable way to get started making some of the things to add detail to a piece of jewelry or art that might not be so easy with something more recyclable, such as injection or particulate molding.

Give some of these brands a try!

The Types Of Plastic

And the best ways to reuse them

Plastic No. 1: Includes most soft drink and water bottles, peanut butter containers, salad dressing containers and food trays that can go in the oven. Most recycling programs accept these, although only 20 percent end up getting recycled. Many drink containers can be lightly heated for vacu-forming. You could use them for particulate blending if you have already brought them down to their original size before vacu-forming in to a bottle shape. Many will shrink down to original size with only a medium amount of heat. Then pour your shavings into your mold. Typically not recommended for repour, unless you have a good system for chemically melting the plastic. This may require zoning commission and OSHA inspections, not to mention, talking to the EPA about how you intend to dispose of spent chemicals.

Plastic No. 2: Milk jugs, juice bottles, bleach, cereal box liners, shampoo bottles and many household cleaner bottles fit in this group. Most curbside recyclers take these items, but not other things in this category such as shopping and trash bags. Possible to reshrink but really not a good plastic for projects unless you find a good project to use them for.

Plastic No. 3: This is PVC, used most prominently for house siding. It's also in many bottles, wire jacketing, medical equipment, windows and piping. It's not commonly recycled. But Poly Vinyl Chloride is easily glued, seamed, and particulate molded with basic glues and heated molds. The PVC I am referring to is the hardened type, found in the siding and the plastic water pipe/electrical conduit, vinyl house siding and windows and most toys. There is also the softened type used for chew toys, rubber duckies, shower curtains and other products that we use every day. But the soft PVC isn't as easy to work with as the stiffer of the types.

Plastic No. 4: This flexible plastic is used in squeezable bottles, bread bags, dry cleaning and shopping bags, clothing, furniture and carpet. Some recycling programs accept this type of plastic, and some bags can be returned to the original store. I have a page that details how one company is making a plastic board very similar to plywood from carpet, but it isn't easy to do without a purpose built heat press or oven. But with that in mind the bread bags, shopping bags, plastic clothing, and other fabric made from nylon, can be heat set the same way on a smaller scale. I have seen enterprising people make jewelry, hand bags, art, and many other things from Wal-Mart Tumbleweeds, clothes and other styles of this plastic.

Again, bear in mind, that any time you heat plastics, you are running the risk of releasing fumes that are harmful to you and those around you. Chemically melting isn't much better. Use precaution and lots of cross ventilation!

Particulate Materials

Big name for an easy process

Particulates is a fancy word for powdered. To use a particulated product means you have first ground it into a powder. Using flour to bake bread is one easy analogy. Flour is usually ground up wheat or other grain.

While the Particulate Material industry tends to focus this application in powdered metallurgy and powdered ceramics, this technology can also be applied to plastics. Many recycling systems are now using compressed powder rather than melting the material back into the raw for transporting. Foam, aluminum, paper, iron, and organics can be done this way as well.

It is well known that the integrity of chemically dissolved plastics is much weaker than virgin material, but just like the fusion of a powdered metal forms a better bond as opposed to pour molding, so does powdered plastic, resulting in stronger parts.

Many parts in gear reduction and combustion engines are now formed from particulate materials.

How can you use this to your home advantage?

For one, there is little or no chemical smell from the reactants or the release of many toxins like the mercide compounds associated with heat melting plastic for reforming. For another, it would be fairly simple to implement a simple grinding mechanism to create plastic powders from basic recyclable products, to reform into your products.

Once powdered you would compact the product into your mold and heat to just under the plastics melting point making this process less toxic than even welding the plastic with a bonding agent or heat bonding. Compacting the product in layers if properly done, could make the product stronger too. Think plywood or a bullet-proof vest.

Picture this: Recycling your own pop and water bottles? Broken toys? Old computer cases? Old electronics, such as alarm clocks and microwave doors? How about making a living by stripping down a wrecked car that you buy for a few hundred dollars. There is a huge list of plastic parts in the new cars!

Kind of helps you to realize why I hated the cash for clunkers program huh?

What can you do with this new recycling stream? Form up sculptures, like the resin cast statues, to sell on Etsy or Ebay. Of course, polystyrene and the like aren't very UV light friendly so I wouldn't recommend any outdoor products unless you could purchase the inhibitors.

But What About Recyling My Water Bottles?

Setting up my own system?

First you have to put together your mold. There are several ways this can be achieved. Many people use RTV in either poly or silicon based units to create their two part molds, by making a negative of the part you are going to copy. Take for instance the question in my comments: broken lawn darts. This casting set should likely be in three pieces to allow for easy separation of each Fletch vane. I would use the best of the darts. Oil them with WD-40 or other slippery substance that silicone would not stick to. Next smear a very liberal amount of RTV on six small pieces of quarter inch paneling board. Make sure there will not be any bubbles.

Then carefully place each wet silicone piece onto the fletch vanes, making sure that all areas of the lawn dart are covered. It would be good to mark the individual pieces now with a marker. Wait a day or so for the RTV to cure. Using a utility knife, carefully separate the individual pieces. Hindsight in my own mistakes says to make sure you have also bonded the six pieces into three with a bracing piece. This can be siliconed in place as well, but make sure that your vanes are spaced evenly. Doing this properly will help in making sure your parts align properly for the next steps.

Once you have removed the original lawn dart from the mold, use your knife to open three small weep holes on the fletching edge of each vane. Next clamp your mold pieces together in the proper order. Then using a liquified plastic solution, usually created by dissolving the proper plastic into a solution of plastic weld glue. For the thin vanes of the fletching, particulate powder can be used, but being consistent in the fletching will be next to impossible. The ideal scenario would be to use the injection method after softening the injected plastic.

With this said, metal tipped lawn darts have been banned from use in the US and Canada because of injury and death. Parts can be imported, but kits and complete units are impounded by customs. This is not something to make to sell. However, this product is like the proper handling of a handgun. Education is essential for proper use. Use common sense. Anyone participating in a lawn dart game must understand that in 1988 the Trade Commission banned them after three deaths and a seven year old boy in Indiana suffered irreparable brain damage due to the metal tipped lawn darts.

Other Ideas

You could also use a ceramic or metal form to pour your liquid or powdered plastic into then heat or let set. Now let me be clear I'm not only saying a form made from metal or ceramic. I'm saying that the form could be made of anything as long as it with stood the heat of the molding process. Scrap wood can easily be shaped by standard wood working tools and made into the negative of your part. Of course, RTV Silicone mentioned above is a decently cheap method if you do not mind the smell.

For one piece molds, there are any number of ways to vacu-form your molds, using old vacuum cleaners and ovens to soften the plastic you will use for your mold. This might be handy for making a repair piece for an old doll or action figure. It is a method used often times by the plastic modelling community for numerous parts.

The four basic types of molding (particulate, pour, vacuu-forming and injection) could be used for a long time for manufacturing.

But are you going to mass produce your project? Are you going to need a quick setting system for a more rapid production?

Injection molding alone is used for many different industries. In essence, Injection Molding is using a machine to squeeze the hot or chemically melted plastic into the mold. Injection molding mated to the particulate molding process, can speed your production considerably, as well as, as mentioned before, quite possibly making a stronger product. Keeping your equipment clean helps keep the fumes at bay as well. Stray plastic material can out gas for a long time after it has melted, and every time it is heated releases even more fumes.

I had thought that by this time I would have figured out a better system but arc heating and torch/flame heating are out of the question because of keeping the fumes to a minimum. So for now I use an array of several old soldering irons that are placed strategically around the mold to help in the even heating. However, that is a very inefficient system so I have been working on a new one that uses a small chamber and direct blown heat from that chamber.

Some More Options for Polymer Clay

Just some more thoughts on using the polymer clay for different purposes.

Pour Molding - One of the simplest methods

Now for another simple version and a very quick method available to break into the market. The RTV mold.

Using RTV silicone to build a mold from your positive is not a new process. In fact this process is as simple as pouring the RTV into a container around your object to be copied, letting it harden, then pulling the mold apart and repouring it with new plastic reagent.

Of course you can make this process easier by pouring half of your object's mold at a time that way a proper halving or even quartering can be achieved to pull the mold apart and be ready for the next pour.

It's a simple process. Really nothing to it. The same process can be used to make ceramic molds as well.

Go ahead and try it. I guarantee you will be trying to make molds of every thing once you get some experience behind you.

By the way, unless you are really lucky the first few times, you will have some mistakes. It is all part of the learning process right?

Just wondering what you think

El Segundo

How to Paint ABS Plastic


Los Angeles County Machinable Plastic

Lynwood NSF Approved Plastics

Alan Robbins is betting everything he owns that the world will pay more for picnic tables, mailbox posts, and speed bumps if they’re made from recycled plastics

Yes, he’s heard the career advice line from The Graduate. (“I just want to say one word to you: plastics.”)

You see, if you’re Alan E. Robbins, 43, a sense of humor comes in handy.

You need one, given what he wants to do with the rest of his life. Robbins, a charming father of five, wants to make wood obsolete. Maybe concrete, too.

It’s not quite as silly as it sounds.

Robbins is president of a company, which takes recycled plastics — milk jugs are a primary source of raw material — and turns them into everything from mailbox posts, picnic tables, and speed bumps to retaining walls at Sea World. In many areas in the country, especially the Lynwood and areas near by, recycling has become much more popular.

And no doubt there’s a desperate need for someone to do something with what the industry calls post-consumer (used) plastics. Recycled plastic materials are in demand.

With Americans producing 160 million tons of solid waste a year — that’s better than three pounds per person per day — landfills are beginning to overflow. And while plastics account for only 7% of those garbage heaps by weight, they make up 13% of their volume. Anything, even a mailbox post, that can reduce that amount of trash is something to be wished for.

Plastic Online

Lynwood Plastic Information and Training

In a market where there appears to be a lack of volatility relative to recent history as well as hedge fund underperformance, it has been difficult for active managers to generate outsized returns for investors. Therefore, it makes sense that some large, big-name hedge fund managers who prefer to take large positions in a handful of stocks would try to create their own catalysts.

The story this week is Greenlight Capital's proposition to General Motors (NYSE:GM). In short, David Einhorn's hedge fund, a long-time GM shareholder, has proposed that GM split its shares into two classes of stock, one that pays a dividend and one that dos not. These classes could be named "GMD", signifying the dividend shares, or "GM" signifying the shares that do not pay the dividend.

Einhorn believes that this proposal would result in the market placing a higher value on the company's dividend as well as the future potential growth of the company. In today's video, Andrew Hall and Ben Nye dissect the decision and express their opinions as to whether the deal would in fact yield the benefits Mr. Einhorn anticipates.

Key in Greenlight's assumption matrix is the idea that earnings will not only be maintained at GM but actually improve over time. For many companies, this does not seem farfetched at all. However, in GM's situation, the narrative for the past few years has been one of "peak autos". We don't want to opine on our opinion as to where we are in the cycle and Mr. Einhorn may well be correct, that there are more years of growth to come.

However, we think this will be demonstrated more from mechanical engineering than financial engineering. As GM continues to roll out new and improved vehicles that demonstrate improved engineering versus the early 2000s, sustained and growing sales in our view are more likely to unlock value for shareholders.

The assumptions implicit in Greenlight's proposal is that this thesis turns out to be true. Andrew and Ben are not convinced that a financial transaction like this would actually unlock sustainable value for shareholders.

If you would like to review Greenlight's presentation in more detail, you can follow the link here.

Clear Plastic Material

Recycling classes take saving the Earth seriously.

The Procter & Gamble Company (NYSE:PG)

Q2 2017 Earnings Conference Call

January 20, 2017 8:30 AM ET

Executives

Jon Moeller – Chief Financial Officer

Analysts

Wendy Nicholson – Citi

Dara Mohsenian – Morgan Stanley

Ali Dibadj – Bernstein

Lauren Lieberman – Barclays

Steve Powers – UBS

Nik Modi – RBC Capital Markets

Olivia Tong – Bank of America Merrill Lynch

Joe Altobello – Raymond James

Kevin Grundy – Jefferies

Bill Schmitz – Deutsche Bank

Bill Chappell – SunTrust

Caroline Levy – CLSA

Jonathan Feeney – Consumer Edge Research

Bonnie Herzog – Wells Fargo

Jon Andersen – William Blair

Mark Astrachan – Stifel, Nicolaus

Jason English – Goldman Sachs

Operator

Good morning and welcome to Procter & Gamble’s Quarter End Conference Call. P&G would like to remind you that today’s discussion will include a number of forward-looking statements. If you will refer to P&G’s most recent 10-K, 10-Q and 8-K reports, you will see a discussion of factors that could cause the Company’s actual results to differ materially from these projections.

Also, as required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the Company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with useful perspective on the underlying growth trends of the business and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP and other financial measures.

Now, I will turn the call over to P&G’s Chief Financial Officer, Jon Moeller.

Jon Moeller

Good morning. Our second quarter results keep us on track with our objectives for fiscal year 2017. Organic sales for the quarter grew 2%. This includes about a 1-point drag from the rationalization of the ongoing portfolio and reduced finished product sales to our Venezuelan subsidiaries. It also includes negative impacts from Indian demonetization and difficult operating environments in markets such as Nigeria, Egypt, Turkey and Argentina.

Top line growth was broad-based. Organic sales improved in five of six regions, eleven of the 15 largest markets, all five reporting segments and in nine of ten product categories. In the U.S. our largest market organic sales grew 2%. Over the last three semesters, U.S. organic sales have progressed from up about half a point versus a year ago to up about 1.5 points to up more than 2 points. In China, our second largest market, organic sales growth has also progressed over the last three semesters and down 8% to down 2% to up 2.5% including 3% growth in the most recent quarter.

We’re making similar progress in each of our largest categories. Over the last three semesters, Fabric Care organic sales growth has progressed from up just less than 1% to 1.5% to 3% growth. Hair Care from down 1% to flat to up more than 2%. Baby Care from down more than two points to flat to up about half a point. And Grooming from up point and a half to up over 2 points in the two most recent semesters.

Sales growth in the quarter was volume driven, organic volume was up 2%. Pricing and mix were each essentially neutral to our organic sales growth. All-in sales for the company were flat versus the prior year, including the 2-point headwind from foreign exchange.

Moving to the bottom line, core earnings per share were $1.08, up 4% versus the prior year. Foreign exchange was a 5-point headwind on second quarter earnings growth about $0.05 per share worse than we expected heading into the quarter. On a constant currency basis, core earnings per share were up 9%. On a year-to-date basis constant currency core earnings per share growth is up double digits, extending the four year streak of high single or double digit constant currency core earnings per share growth. Core gross margin increased 70 basis points. On a constant currency basis, core gross margin was up 120 basis points, including 210 basis points of productivity improvement and a modest benefit from volume growth.

Commodities mix and pricing were each a 30 point hurt to gross margin in the quarter. Core operating margin was inline with the prior year quarter. On a constant currency basis, core operating margin was up 60 basis points. Productivity improvements contributed 230 basis points of operating margin benefit. Core effective tax rate was 23.5%, essentially equal to the base period rate.

All-in GAAP earnings per share were $2.88 for the quarter, up 157% versus the prior year. This includes gain of $1.95 per share from the Beauty transaction with Coty that closed at the beginning of the quarter. We generated $2.4 billion of adjusted free cash flow. We have returned $12.7 billion to shares, $1.8 billion in dividends, $1.5 billion in share repurchase and $9.4 billion in share exchanges with the Beauty transaction. Despite some significant and unforeseen challenges, we stand at the halfway mark of our fiscal year essentially on track with where we hoped we would be.

We are raising our guidance for fiscal year organic sales growth from around 2% to a range of plus 2% to 3% with the fourth quarter expected to be stronger than the third. We now expect fiscal 2017 all-in sales growth to be in line with the prior year. This includes a 2 to 3 point headwind from the combined impacts of foreign exchange and divestitures. We’re maintaining for now our guidance for bottom line core earnings per share growth of mid single-digits.

We continue to deal with an unprecedented amount of geopolitical disruption and uncertainty, which is affecting market growth, currency and commodities. We are not immune from these macro dynamics. We are aggressively driving cost savings to mitigate these impacts, but we’re protecting investments in the business to accelerate organic sales growth in a sustainable long-term market constructive and value accretive way. Even if it means results end up below the current core earnings per share guidance range.

We continue within our core of earnings per share estimates to reflect a reduction in fourth quarter non-operating income due to lower gains from minor brand divestitures. We now expect the core effective tax rate for the fiscal year to be slightly below last year’s level. All-in GAAP earnings per share are forecast to increase by 48% to 50%, including the one-time gain from the Beauty transaction. At current rates and prices, FX is more than $0.5 billion headwind on fiscal 2017 earnings. Commodities are a $200 million headwind. Combined, they are about a $0.26 per share drag on fiscal 2017 core EPS. We’re working to offset this, but are not yet completely there.

Further significant currency weakness, commodity price increases, or additional geopolitical disruption are not anticipated within this guidance range. We expect adjusted free cash flow productivity of 90% or better. As you know, fiscal 2017 is a year of significant value return to share owners. We expect to pay dividends of over $7 billion. We reduced outstanding shares by $9.4 billion in the transaction with Coty and we expect to purchase over $5 billion of our stock. In total, about $22 billion in dividend payments, share exchanges, and share repurchase this year.

As David said, again at our Analyst Day, our objective is sustainably balanced growth and value creation. We discussed our focus areas in depth in our Analyst Day presentation, which is available on our Investor Relations website, so I won’t elaborate on these again today. Instead I thought the balance of our time this morning could be most productively spent providing perspective on the most frequent conversation topics and questions we have been engaging with you on at and since the Analyst Day meeting.

Top-line progress and prospects, retail trade transformation, naturals products and sustainability, cost structure progress and prospects, portfolio, foreign exchange impacts, and our management approach to them, capital structure and debt and the bundle of trade and tariffs and tax reform. I will take each of these one by one and then I will turn it over to you for additional questions.

First how do we view our topline progress and longer term prospects. We stand modestly ahead of plan. We grew organic sales about a half point faster in each of the first two quarters than we were forecasting going in. We’re making sequential progress and most of our top categories in markets and we’re doing this despite some significant unexpected challenges. India demonetization, the elimination of 500, 1000 Rupee bank notes that accounted for over 80% of that country’s currency in a cash dominated economy was an unexpected headwind.

It was flowing high single-digits growth last quarter to a decline of high singles this quarter. Economic crises in Egypt and Nigeria are dramatically impacting category size; market contractions in Russia, Argentina, and Turkey pose real challenges and we’ve had to manage the market impacts of politically-related currency devaluation in places like the UK and Mexico. Our organic topline for the first half of the year has been affected by the portfolio work we’re doing in the ten ongoing categories and by loss sales to our Venezuelan subsidiaries.

With all these challenges, we grew organic sales between 2% and 3% for the first half, putting us, as I said, modestly ahead of plan. This is very encouraging as our many elements looking forward. We’re now a more focused ten category company, where purchase and intent in choice are driven by a specific job to be done and our products’ effectiveness in doing it. These are predominantly daily use categories that matter to our retail partners.

We said the new portfolio would grow up to a point faster and over the first two quarters of this fiscal year we’re seeing that play out. We are increasing our investments in market-stimulating product innovation. We’re continuing to improve and expand unit dose detergents. This premium price form has already past $2 billion in retail sales. We're currently building on this line-up, launching Tide PODS Plus Downy in North America.

Our scent bead offerings including Downy Unstopables, Lenor, Gain Fireworks and Bounce are growing fast and are growing the fabric enhancer category. In the US, Downy Beads are growing in the mid-20%s and the category is up 7 points.

In Germany, where we launched Lenor Beads last summer, the fabric enhancer category is up 6% and our share is now over 50%. Our scent beads are available in 33 countries so far, including the recent launch in the Arabian Peninsula.

Always Discreet has increased market growth rates for female adult incontinence products by roughly 50% in the eight countries that we've launched so far. Last fall, we launched our new Pampers Easy Ups Training pants in US. Since the launch, segment growth is 16% and Pampers' share has increased by over 4 points.

We are strengthening investments and brand awareness and trial at the point of market entry and point of market change. 70% of new moms in the U.S. will receive samples of our best Pampers product through our prenatal and hospital programs.

Gillette will sample over 2 million FlexBall ProShield razors with young men on their 18th birthdays. We will distribute over 30 million laundry detergent samples in new washing machines this fiscal year. We were connecting always with girls when they most need reassurance and self-confidence as they enter puberty and become new Feminine Care consumers.

We're making organization changes to improve our execution, speed and responsiveness to local market dynamics. We are increasing our investment in sales resources to improve coverage of fast-growing channels, including eCommerce and specialty stores. We're adding salespeople with deep category experiences in categories like personal health care. And we're changing our talent development and career planning approach to build and reward applied category mastery.

In our larger markets, we are establishing direct end-to-end lines from each product categories straight through to our retail customer teams. In smaller countries that we manage as market clusters, we're implementing changes to give on the ground business leaders more flexibility to react quickly to competitive threats or customer opportunities.

We see a significant cost and cash productivity runway ahead of us, enabling us to keep funding smart market accretive growth opportunities. While we're not without our topline challenges, we're currently tracking ahead of plan and are raising our outlook for the year.

So our next topic, you've been asking about is retail trade transformation and the impacts and opportunities for P&G. Our largest opportunity across channels of trade lies in creating and building indispensable brands and products of superior value, and in providing go-to-market experiences that are relevant and valuable to shoppers wherever they choose to shop.

If we do this well, we should have opportunity across channels and classes of trade. We don't currently envision and/or retail world, online or offline, mobile or desktop, subscription or a-la-carte. The mix along each of these continuums will vary by category, by country, by consumer and by occasion. We need to be relevant across this mix. One measure of relevance is market share. Our results vary by category and country, but on an aggregate basis, our online shares are currently equal to offline.

P& G eCommerce sales are now $3 billion. I was with David and the team last week in China. While we have more work to do, our eCommerce business there will reach 20% of sales and will exceed $1 billion this year. With an aggregate eCommerce share larger than the next three largest competitors in our categories combined.

In Korea, eCommerce is now 40% of our business. We're building a full toolkit of capabilities we can put to work where relevant. For diapers, subscription can provide convenience and increase loyalty. For SK-II super premium skin care, direct-to-consumer counseling either in-store or online can help inform the benefits of regimen usage.

We're prototyping supply-chain capabilities to produce and deliver features at equal cost per unit to current batch production. We're positioning ourselves for relevance across channels and shopping preferences. We remain fully committed to our omni-channel retail partners and shoppers where most of the business remains and where we also see significant growth opportunities.

Stores continue to hold strong relevance for many shoppers. For many shoppers, stores are more convenient, stopping at one location for multiple items. No packages left at the door; no passwords to manage. They can be more efficient for many shoppers groceries, gas, banking, and pharmacy, all in one stop.

Stores can be cheaper, with no membership fees, or delivery charges and for some consumers, stores offer a social experience away from home or a break from out behind their desks. The important points are that we continue to create and build indispensable brands and products whose relevance extends across channels and are building the skills, capabilities and partnerships to win where average consumers choose to shop.

The next question. Is there an opportunity for P&G to better serve the naturals consumer and the increasingly environmentally concerned shopper? There absolutely is. We introduced the first bio-based detergent with the cleaning power of Tide with Tide Pure Clean this past year.

Pure Clean provides the cleaning power of Tide with 65% bio-based ingredients and is produced with a 100% renewable wind power electricity, in a facility operating with zero manufacturing waste to landfill. While it's still early days, Pure Clean holds a 7% share of the pure and naturals segment and is driving over a 150% of the naturals segment growth.

We're just launching Herbal Essences with bio:renew, a revolutionary blend of antioxidants, aloe, and sea kelp that delivers an amazing product experience. The launch includes nine new collections, including styling products free of parabens, dyes, and gluten and an alcohol-free hair spray.

We are launching new Febreze Air Effects that introduces a proprietary odor-fighting technology, delivered in a plastic can versus the previous aluminum packaging. The plastic can reduces the carbon footprint by 11% and results in a more efficient manufacturing process, using 15% less energy and reducing waste by 10%.

On Charmin, we've added Forest Stewardship Council labels to let consumers know that 100% of our pulp is sourced from environmentally responsible forests.

P&G is a sustainability leader in laundry and home care industry. We're the first multinational company to globally remove phosphates from all laundry and auto-dishwashing detergents without a compromise in cleaning.

We're the first multinational company with 98% of this liquid laundry detergent compacted globally, with a dosage recommendation of 75 milligrams or lower. We're on track to reach 100% compaction in the near future. We believe one of the largest impacts we can make is enabling and educating consumers to use energy efficient laundry wash cycles.

We’ve set a target to have 70% of all machine wash loads completed in energy efficient wash cycles by 2020. We hope to get there with innovations like Tide HE Turbo Clean specifically designed for great performance in high-efficiency machines.

Moving behind the scenes, our supply network transformation enables improvements in environmental sustainability as we move manufacturing and distribution closer to consumption. Since 2010, we’ve reduced truck transportation commerce by more than 25%.

Over the same time period, our plant size have reduced water use by 24% and increased our renewable energy use to 10% with a goal of 30% in the next four years. As we’ve reported on our first-ever Citizenship Report published in December, we've recently achieved our 2020 goal of reducing energy use at P&G facilities by 20%, four years ahead of schedule.

Recently, we set a goal for zero manufacturing waste to landfill from all production sites by 2020. These natural ingredient-based products and our industry-leading efforts to improve the environmental sustainability of our operations enable us to increase the relevance of our brands and products with the naturals consumer and the increasingly environmentally conscious shopper.

Next, how are you feeling about your cost structure as it stands today and going forward? We feel very good about our current cost structure, having made significant progress over the past several years. And we have significant savings opportunities in front of us, which should enable us to invest in smart market-constructive financially accretive growth. We've talked about the historical progress before. We set a goal to save $10 billion over five years and then accelerated and exceeded each of our productivity objectives over that period.

We reduced manufacturing enrollment on a same-site basis by 27 and on an all-in basis, including divestitures by 35%. We reduced overhead enrollment by nearly 25%, excluding divestitures and by about 35%, including divestitures. Net of re-investments and to innovation, sales coverage, media and sampling, productivity savings have enabled us to deliver constant currency gross and operating profit margin improvement at high single-digit to double-digit constant currency core earnings per share growth in each of the last four fiscal years.

Over that same time period, constant currency earnings in our developing market grew 6 times faster than organic sales, significantly expanding local currency profit margins. On the balance sheet, we've improved inventory by around 10 days and payables by more than 30 days over the last five years. Our aggregate 22% core operating profit margin is the third highest in our industry. Only two companies in our primary competitive peer group have higher margins, Reckitt and Colgate, largely due to categories they compete in. Over the last three fiscal years, we've grown our top quintile operating margin by more than two points. What matters more than aggregate margin is the competitive comparison within each category. P&G's category gross margins are higher than competition by an average of about five points up to as many as 14 points.

The comparison favors P&G in over three-quarters of the cases. Over the last four years, we've grown our aggregate gross margin by two points. We see similar advantages in core SG&A overhead. When we compare P&G's SG&A overhead costs to a competitive average, weighted by P&G's business mix by sector, our costs are more than 100 basis points lower than the competitive weighted average. Over last four years we’ve reduced P&G's overhead costs, as a percentage of sales, by 50 basis points; over the next five years, we expect further improvement.

Putting this together, at the operating margin level, P&G's operating margins are higher than competition or more than 70% of the category level comparisons. We have double-digit advantages in several and a notable gap in just one. We have further advantages in below-the-line costs. We borrow at some of the most favorable rates in our industry and have a tax rate that is among the industry's lowest.

We are in an advantaged position but there is significant opportunity remaining to increase structural cost advantages and further improve cash efficiencies. We discussed many of these opportunities at our Analyst Day meeting, including the transformation of our supply chain and the digitization and automation of more of our work processes, both on and off the manufacturing floor. We will continue to improve productivity up and down the income statement and across the balance sheet, creating fuel to reinvest in smart value-accretive growth.

The next question you've been asking is whether we are confident we will maximize value with the recently restructured Company. We believe we can create superior value with the new company that we've just created. We've been through significant portfolio valuation and reconstruction over the last two years. We've carefully and thoroughly evaluated each of our businesses for strategic merit, fit with our core capabilities, financial attractiveness, and historical track record of return.

As we completed this thorough analysis, we felt several of the categories and more than half the brands have the potential to create more value in the hands of other companies, with stronger, more relevant capabilities in the categories in question, pet food with Mars, fragrances with Coty. We moved these categories out, removed all the stranded overhead and monetized the portion of the incremental value for our share owners.

In the last few years, we've transitioned from a Company that competes in 16 product categories to one that competes in 10, or about 170 brands to 65. The businesses we exited represented about 14% of fiscal 2013 sales and only about 6% of our profit. Our new 10 category portfolio has historically grown 1 point faster and then 2 margin points more profitable than the old portfolio.

So our affirmative response to value creation with the current company is not a function of our unwillingness to change or consider alternatives. The conviction comes from having done exactly that. It has only been one quarter, three months since we completed the majority of the portfolio moves but we're encouraged by path ahead of us.

Another reason value creation is maximized with the new company are the synergies that exists in the new company portfolio, which are greater than the synergies that existed in the old portfolio. A number of the innovation platforms we are advancing have relevant and multiple of the 10 categories. The supply chain we are transforming is designed to synergize this portfolio with multi-category production and mixing centers. Most of the businesses we've divested, batteries, for example, or pet food, were self-contained from a manufacturing standpoint and had different patterns and endpoints of distribution.

The mix of businesses we're moving forward with continues to facilitate highly synergized and cost-effective support functions and maintain scale purchasing advantages. For some businesses we chose to divest, we had a significant number of resources to provide the same level of support, a significant cost to synergy associated with the separation. The cost to synergy that completes separation will be massive. The operational dissynergy is extraordinarily complex. The tax implications will likely be very significant as would capital structure dissynergies, resulting in interest expense.

To overcome these negatives and create more value as separate pieces, we would have to be comfortable believing in dramatically higher topline growth rates, more than just one point or two points over many years. At current rates of market growth, this would imply sustained growth above market rates.

Having said all of that, our view to value creation will continue to be an extremely dynamic one. We're not led to the past simply because it is the past. We spent the last two years creating a new company, a new cost structure, a new portfolio. We're now creating the supply chain and the organization structure and culture that will allow us to drive, sustain, balance top and bottom line growth and are encouraged by the prospects.

The next question. How do you think about FX and how do you respond to it? It might be helpful to briefly, very briefly recount how FX impacts reported earnings, or as you know, three impacts. First, exchange rates affect the local cost of imported finished products and raw materials. We attempt to recover these cost increases through pricing when local legal requirements and market realities allow it. What was a lag between when a currency devalues, the costs are incurred and the pricing is taken and executed through our channels of distribution.

Second, we need to re-value transactional related foreign currency working capital balances at the end of every quarter at current spot rates. This includes a revaluation of working capital balances related to transactions between P&G legal entities that operate on different currencies. Balance sheet revaluation impacts are most pronounced when currencies make significant inter-quarter moves, such as the sharp devaluation of the Mexican Peso in November.

Last, is income statement translation as a result of foreign subsidiaries that do not use the U.S. dollars or functional currency are translated back to U.S. dollars at the new exchange rates. Given the complexity of our global supply chain and the volatility of currency markets, the degree to which each of these impacts effects us in a given attributable can vary quite a bit.

We've managed through more than $4 billion of accumulative FX impacts over the last four years, nearly half of fiscal year 2012 net earnings. Of this impact, about 30% was from transaction, 20% was from balance sheet revaluation, and the remaining 20% was from translation. At current rates, FX is more than $0.5 billion headwind to the current fiscal year, an increase of more than $300 million since our earnings last October.

Our primary approach to mitigating the impact of FX movements is operational hedging. Where financially feasible, we try to denominate expenses in the same currencies in which we're selling products. One way to do this is with local manufacturing. As we localized manufacturing, more of our labor costs are denominated in local currency, more raw impacted materials are sourced in local currencies. There are limits, though, to localization benefits. It would not make financial or operational sense to build blades and razors plants in 120 companies – countries, for example. Many material inputs, such as pulp, lauric oils and the crude oil derivatives are globally denominated in dollars. About two-thirds of our global commodity spend is dollar-denominated.

We're sometimes asked why we don't simply hedge away the remaining FX exposures. It's a good question and something we look at internally and with a different set of outside eyes every year as we prepare our financial plan. The three reasons we typically don't end up choosing to hedge the majority of the exposure. Up to two-thirds of our foreign exchange losses and a significant amount of our forward exposure is in currencies that are either non-deliverable or are very difficult to hedge. The Argentinian Peso, the Egyptian Pound, the Russian Ruble, Nigerian Naira are some examples.

Second, hedging is neither free nor necessarily cheap. Currency volatility increases this cost. The last shortfall as having as the answer is it solves nothing longer term. It does nothing to help us restore the fundamental margin structure of a business. It simply defers volatility. While it takes time and there's a lag between the hurt and the help, we typically look to pricing, sizing, mix enhancement, sourcing choices and cost reduction to manage FX impacts. Russia provides a recent example.

Two years ago, when the Ruble devalued we relax, we were left with negative gross margins across our portfolio of products, requiring us to take action. We initiated pricing and monitored consumer and competitive reaction, making adjustments where needed. Over an 18-month period, we took five pricing actions, resulting in a net 25% price increase across the portfolio. We made product sizing changes to ensure affordability with the pricing. Simultaneously, we aggressively reduced non-value-added costs, and worked to improve our product mix. Our operating approach is measured and practical. It is not defined by a fiscal year or a quarter. It often takes longer than that. We can't stand still but we also can't get out of balance.

Next question. Are we considering any changes to our capital structure? Should we be more leveraged? We remain committed to strong cash returns for share owners as an important part of overall shareholder value creation. Over the last 10 fiscal years, P&G has returned over $123 billion to shareholders through dividends, share repurchase, and share exchanges. We've returned 100% of net earnings over those 10 years. We have paid a dividend for 126 consecutive years, and we've increase the dividend from 60 consecutive years. Our dividend payout is over 70% of net earnings compared to a U.S. peer group average of about 54%. Our dividend yield is currently over 3%, a four point higher than the S&P 500 average.

At the start of the fiscal year, last fiscal year, we forecasted that we would return up to $70 billion in dividends, share exchange and share repurchase over four years through fiscal 2019. With $15 billion returned last fiscal and about $22 billion projected for this year, we are making good progress towards that goal. We believe we are in a good spot, with our AA minus credit rating and should retain it, particularly as interest costs are poised to increase and as potential tax reform creates uncertainty about future deductibility of interest expense. We're financing around $30 billion in debt at an average interest rate below 1.6%.

Commercial paper makes up about one-third of our debt portfolio. We've been able to access the CP market in several European companies at negative interest rates. Overall, we are borrowing at 70 to 80 basis points below 10-year treasury rates and below 5-year rates. We are among the – these are among the lowest rates in our industry. A downgrade would provide additional leverage that could be used to purchase more shares or to issue a special dividend. This will obviously be a one-time benefit. It’s not a recurring source of cash. Additional debt service, an increase in the cost of debt service and a less efficient mix of debt, with lower CP capacity, essentially overset – offset over time the modest cash return benefit.

Finally, we received a number of questions about potential impacts from U.S. policy changes related to trade barriers, tariffs, and tax reform. While we certainly appreciate the appropriateness of these questions, we are guessing and right along with you on what the impacts may or may not be on our business. That said, there are few facts that might be helpful. P&G produces 85% of the products themselves in the U.S. domestically, and we export about 10%. So a net import balance of only about 5% of U.S. sales. The majority of the small amount of imported product is produced in Canada. We estimate that over 90% of the materials we use to manufacture products in the U.S. are sourced domestically. Material imports occur primarily in the case of insufficient U.S. supply.

From our experience in many other markets, local supply constraints are usually taken into account as governments consider tariffs or other border adjustments. As always in tax and trade, the details matter very much, not just the headline rates and rules. As more details are known, we will update you on how they will affect our business.

Now wrapping up, as I said before, we leave the second quarter essentially on track to deliver our fiscal year objectives, despite unforeseen significant setbacks. We're increasing topline guidance. We're continuing our work to crawl out from under additional FX hurts and we remain on plan to return about $22 billion to shareowners through a combination of dividends, share repurchase, and share exchange. Hopefully, you found this question-guided discussion a helpful one.

I'll now be happy to take any additional questions.

Question-and-Answer Session

Operator

[Operator Instructions] Your first question comes from the line of Wendy Nicholson with Citi.

Wendy Nicholson

Hi, good morning. My question has to do actually with the hair care business specifically because I know last year CAGNY that was an area where you cited particularly robust innovation pipeline and all that. But the U.S. market share data has not been good in recent months. So when you called out that as a category that has been particularly strong. It has accelerated, can you explain where that’s coming from is it that the U.S. isn’t accurately reflecting what you are seeing, because there have been any pipeline sale, is it international market, is it non-track channels. And what’s the sustainability do you think of the strength in hair care given how competitive that category is? Thanks.

Jon Moeller

Thank you, Wendy. The strength in the U.S. is primarily behind Heads & Shoulders and Pantene both of which are doing very well. We are not doing so well on the balance of the portfolio, the smaller brands particularly Herbal Essence. We are just as we speak relaunching Herbal Essence. And I talked earlier in our prepared remarks about the naturals based focus of that launch and we're very excited about that. So part of the dynamic here has been different growth rates across the brands. But we are again relaunching Herbal Essence as we speak.

Across markets we continued to do well in markets like China. Hair care has done very well in Latin America. So there's also a geographic dynamic that's driving the overall aggregate result. You mentioned non-track channels. That's a significant impact and is going to be increasingly frustrating for this community I think. If you look at the U.S. on an aggregate P&G basis, I don't have the data with me for just hair care. But if you look at all of our categories, there is about 1.4 difference or 1.4% that explains the difference between reported growth rates and something like Nielsen and our growth rates that we're reporting through our earnings release. That increase is dramatically when you go to a market like China where that delta is up to six points. So that’s also one of the drivers. And we are doing relatively well from a hair care standpoint online.

I think the program. I know the program strengthens going forward. We're bringing new initiatives to market not just on Herbal Essence but on Pantene and Heads & Shoulders across geographies. So we feel reasonably good about the sustainability of the growth that we've been delivering more recently.

Operator

Your next question comes from the line of Dara Mohsenian with Morgan Stanley.

Dara Mohsenian

Hey, good morning. So I want to focus on organic sales. First the full year organic sales growth guidance raise is that more due to upside from the first half of the year that you already reported or you also more optimistic about the second half that it should be better than what you originally expected. And does the first half outperformance give you greater confidential and the year growing in line with the categories you previously articulated. And then to the last question, you mentioned the gap between on track and track channels. In the U.S. it looks like it was a couple of hundred basis points in the quarter. So I just want to get more specifics particularly in the U.S. across your business. Is that just that on track channels have really accelerated or the things like shipment timing in there? And do you think it’s true for the industry or is it more of a P&G phenomenon?

Jon Moeller

The answer for your first three or four questions is yes. So we did do better in the first half than we expected we would. So we're at about 2.5% through the first six months and we expect to improve that. Modestly as we go through the back of the year. So, yes it reflects progress to-date, yes, it reflects our confidence in the back half, and yes, we would expect we hope to get close to market growth rates as we exit the year. As I’ve said in our prepared remarks, we expect the fourth quarter to be stronger than the third quarter. There was always the swampy straight line but the answer broadly is yes. In terms of other things besides the non-track channel dynamic, driving differences between what you’re seeing in our reported sales numbers and the market base numbers.

There are always puts and calls in different markets. For example, in China, Chinese New Year fell very early this year. And so there were some part of the normal inventory load that occurs ahead of the Chinese New Year holiday but this year occurred in December. Last year it would have occurred in January or February, I can’t remember exactly when the holiday was last year. So there are those dynamics but broadly I think you can look at the 2% on the quarter is a pretty good number representative of the general strength of the business. It might be just a tad high because of dynamics like the Chinese New Year timing and different year-to-year promotional items but there’s nothing very significant or concerning within that.

Operator

Next question comes from the line of Ali Dibadj with Bernstein.

Ali Dibadj

Hi, guys. I have a question on SG&A and a question on just pricing. Suppress me with the second one, it was clearly flat to down everywhere and below FX, although you keep saying you want to offset FX and I want to understand whether that kind of the strategy or really just a determination of a weak consumer. And I ask that I guess in the context of is the plan to grow really from market share versus category growth, we’ve all seen the Nielson numbers, for example, slow down, but on a global basis. That’s question one.

The other one on margins, really, as I totally guess the gross margin of 210 basis points of productivity, I think that's great. I want to understand does that continue. So should we expect 200 basis points of improvement in our gross margin from productivity and for how long? So is that sustainable? And then on SG&A specifically, only 20 basis of productivity; I frankly have a tough time with the benchmarking numbers. You're putting up there saying you're actually better than peers without including scale and everything else. But you're 20 basis point seems a little low and I want to get a sense of whether you should expect that to ramp up. And then the 80 basis points reinvestment, how much of that is sampling versus actual kind of advertising expense increase? Thanks.

Jon Moeller

All right. I can't really – can't possibly answer all of those questions, but I'll take a shot at the big ones within that. In terms of pricing, when we look at pricing, inclusive of promotion, as a component of our top line growth that was neutral on the quarter. It's been neutral to positive for the past 24 quarters consecutively. It has been positive for the last 12 years. So as relates to the promotion part of the question or potential part of the question, as I've said many times, we will be competitive on promotion, but it is not something that we typically lead with. We would rather spend a dollar on innovation or equity when we have that opportunity.

In terms of the flat pricing in the quarter and its vis-à-vis FX increases; I mentioned when I was talking about FX that there's often a significant lag between when the FX hits us and when we're able to take smart pricing. And if you think about what's happened in the FX markets over the last, call it, six quarters; most of the increase that we're talking about – we talked about $500 million of FX impact versus year ago. I mentioned that $300 million of that has occurred since we reported earnings on October. So the pricing environment that exists in the market now is reflective of a more neutral FX environment and we'll have to see what happens going forward.

We are very cognizant that with a broad dollar move against most currencies that our pricing flexibility will be somewhat limited or will be less than it might otherwise have been. Nonetheless, it will continue to be part of the strategy, but they'll be a bigger component of cost reduction, mix management, sizing et cetera.

As relates to margin, I think the gross – and I honestly don't have in my head the exact gross margin numbers quarter-by-quarter, I just don't think about things that way. But the general order of magnitude you've seen is representative of the strength of the productivity program. That's going to differ quarter-by-quarter depending on commodity impacts, depending on how much volume we ship. But generally I expect to see a healthy gross margin contribution as we go forward.

Recall, we mentioned that our next $10 billion productivity program, the majority of that would be in cost of goods, which is part of the reason why you see a divergence between the gross margin benefit from productivity and the SG&A benefit. 20 points a quarter on SG&A, I’ll take that, make time. We obviously have more opportunity ahead of us as I said and we'll see how that progresses. At the same time we've talked about reinvesting in things like sales coverage which we are doing. And that is also reflected in the overall numbers.

I think I’ll leave it there and feel free to get back to me later in the day Ali, if I missed an important part.

Operator

Our next question comes from the line of Lauren Lieberman with Barclays.

Lauren Lieberman

Great, thanks. I'm going to actually try to ask one question, not seven. I wonder if you could talk a little bit more about innovation. I thought one of the things I picked up at the Analyst Day around that Tide Pure Clean that was really interesting was the notion of lean innovation, and try to move a lot faster, and bringing things to market in particularly things that are going to be increasingly consumer relevant.

So can you talk if there are other examples of where you are already putting that lean innovation mindset to work or if that's still very much on the calm? And then any other kind of notable news flow that we should be looking for in the next couple of months. Thanks.

Jon Moeller

Thank you, Lauren. Lean innovation is in its early days in terms of both learning and implementation. It offers significant opportunity for the reasons you describe, quick learning, quick response, lower cost learning, more shots on goal. I was just in a meeting for a couple of hours yesterday afternoon with some of the leadership team on lean innovation. And some of the pilot programs we were applying in that to try to improve, again, both the cost profile, the speed to market, and the number of ideas that we’re screening. So we're very excited about the potential it holds, but it's early days.

Operator

Our next question comes from the line of Steve Powers with UBS.

Steve Powers

Great, thanks. Hi, Jon. Just going back to sort of the demand building efforts that you've been making, I was just hoping if you could frame and quantify the magnitude of the year-over-year increases in demand building this quarter, and I'm thinking across trade, spend, A&P sampling, both a little gamut relative to the run rate looking backwards over the course of fiscal 2016 in Q1 versus where you think that trends going forward. I'm trying to figure out if we're at a relatively steady year-over-year increase or if we're poised to accelerate further or decelerate that kind of thing. Thank you.

Jon Moeller

Sure, Steve. With pride and we've talked about this a couple of times too both ensure that our demand creation efforts are sufficient and that they are sustained. One of the problems that we created in the past was a fair degree of volatility and support levels for the business. And that's why I made the remarks that I made when I was talking about the bottom line guidance in the context of FX that we're simply not going to make those choices. We're going to continue to support the business in a sustained fashion through the balance of this year, through the balance of next year.

Our support levels are pretty ratable quarter-by-quarter throughout this fiscal year. I don't have all the base period numbers exactly in my head, so I'm not sure what all the index comparisons would be. But I think what you've seen is symptomatic of what you will see going forward.

It's not just though the marketing and trade spending that we're viewing as investments in demand creation, it's also the investments in capability which comes in several forms. We've talked coverage which we're investing in. We've talked about category mastery, both building and hiring and from the outside, we've been doing that. We've talked about category dedication. We've talked about increasing the flexibility of our operations to respond to changes, whether there are changes in opportunities, whether they’re competitive, trade initiated or otherwise.

And so all of this were hopeful has an impact on demand creation. All of us this were hopeful as market accretive in its approach. And we still have a lot to prove, we still have a lot of work to do. But so far it's progressing in the direction that we had hoped.

Operator

And your next question comes from the line of Nik Modi with RBC Capital Markets.

Nik Modi

Thanks. Good morning everyone. Jon, can you just give us an update on in-store execution. I know about something that we talked about at the Analyst Day and kind of some of initiatives we're putting in place to really make sure you get the right assortment merchandising, limit out of stocks et cetera. And has ever been a discussion internally at P&G regarding moving perhaps the P&L responsibility to the customer teams versus the category or the geographic level? Thanks.

Jon Moeller

Thank you, Nik. I mean clearly in-store execution is another important element going back to Steve's question on sufficient demand creation, significant number of consumer choices on brand and product are made at that shelf. So having the products available, having them be presented in an understandable and compelling way, that’s all incredibly important.

A couple of things here; one, we are whole supply chain transformation. You're familiar with I think the fact that we now are operating these Mexican centers in the U.S., which is designed to get us closer to consumption and are designed to reduce auto stocks. We have significantly improved auto stock levels across our customer base through that, so we’re very happy about that. And this is an initiative that is going to be rolling globally in markets is appropriate. So we expect to continue to improve that. It’s very important.

We’ve also tried to get clear and clear alignment between our brand teams and our sales teams on what are the drivers of both market growth and brand growth in an in-store context. And then frame the tree programs and our execution in store against those drivers, key business drivers and be very focused and really, really, one or the two or three drivers that matter most.

That we’re measuring performance against a combination of those drivers, which are different by category was that delivered in-store and gross margin or gross contribution. So there is an element of profit responsibility and profit consideration that is occurring all the way down through to sales professional in the store. And this is an area I frankly think we have a lot of upside in. There is some great work going on around the world and it’s a clear driver of our business.

Operator

The next question comes from the line of Olivia Tong with Bank of America Merrill Lynch.

Olivia Tong

Hey, thanks. Just wondering if you could talk a little bit about some of things that you are seeing from the key things you are thing that give you the components to raise the organic sales outlook because that to back pretty far to see the last time you guys did that. And is it more function of the category is getting better or that your execution is improving to because it was look like all care to category seems to be getting better. But then some of the source parts in your product grouping there is still some challenges at we’re seeing there like in diapers. Thanks.

Jon Moeller

Thank you. In general on an aggregate basis category growth continues to decline at a very modest level, but it is declining. Some of that is developing market dynamics associated with some of the big currency moves. The U.S. is essentially, it is very – it’s pretty stable, may be a slight uptick here or there. So the majority of the progress that has been made is really execution and very little that, in fact I would have to look at specific good numbers, but I would expect that the category growth driver of our growth as a negative in the whole equation, modest negative but a negative.

Operator

Our next question comes from the line of Joe Altobello with Raymond James.

Joe Altobello

Hey guys, good morning. I just want to stay on the concept of demand creation for a second and the increase investment you guys are doing and things like sampling and salves coverages. I was just curious in terms of a more broader question the trend that you’re seeing in the overall cost to acquire a customer and to keep that customer versus where it was a five years ago. Thanks.

Jon Moeller

There are actually more options available to us to attract customers to our brand and more tools than there probably were five years ago, so done right. There’s no reason that the cost of acquisition of a customer should be hire today than it was five years ago. Having said that, there’s a lot more complexity in the shopping environment, in the media environment and done wrong, you can’t increase pretty significantly and efficiencies in the cost of customer acquisition. I really can’t give you a more specific answer than that Joe, but I don’t see customer acquisition cost has been significantly increased or inflated as we go forward. We can reach consumers and shoppers today and much richer, more direct ways than we ever could.

Operator

Our next question comes from the line of Kevin Grundy with Jefferies.

Kevin Grundy

Good morning. First one Jon housekeeping question, I don’t believe you gave it. I apologies if you did. Can you provide global category growth and maybe separate that by EM and DM. And then the second piece I wanted to come back to a comment you made and we’ve touched on a lot of these topics, but just to sort of underscore the importance here. You talked about long-term investment, even if it means P&G’s results and the below the current guidance of mid-single digit core constant currency.

And that sounded new to me and you tend to be very joyful about the language that you use. So is it just a matter of the stronger dollar and less ability to take pricing, is just a matter of promotion ramping maybe a bit more than anticipated. I just want to kind of come back to that and maybe underscore some of the key drivers behind that comment, thanks.

Jon Moeller

Thank you, Kevin. We talked about this both last year and this and we’ve done it. We talk about in the context of FX, which is what’s relevant again this year. We need to support our businesses in a sustainable sufficient way and we’re going to do that. The challenge of doing that and delivering and EPS number and the current environment is almost entirely FX. It is not – of course there are examples by category what promotion levels of increased or by country work promotion levels of increase, but on a broad scale basis as we look over the total business.

That’s not the driver of the challenge from a profitability standpoint it is FX and commodities and I talked about $500 million of FX, $300 million of which has just come on since October and about $200 million worth of commodity costs. We’re committed to work as hard as we can to offset that making smart choices on cost and ideally continuing to push the top line as well. What we’re not going to do is reduce investment that’s working to drive growth just to deliver a near-term quarterly number. So that’s all we’re saying.

And I think that that is maybe inconsistent in totality with our past. I think it’s very consistent with the last couple of years how we’ve been approaching the business. In terms of market growth, developed market growth is about 1% overall, developing is about 5%, not a significant change in either versus the prior quarter that yields about 3% global growth, there obviously significant differences by country, but that’s the aggregate look at that.

Operator

Our next question comes from Bill Schmitz with Deutsche Bank.

Bill Schmitz

Hey Jon, good morning. Can you just like add more detail to the delta on the commodity in FX inflation because I think it was $0.12 before and it’s $0.26 now? So you kept guidance obviously, I guess sales are modestly up. So can you just talk specifically how you even try to make up for that gap? And then can you just talk about to the category that stood out good and bad. So like the overall care business obviously came in way better. Was that market share gains or was that acceleration in category growth and then just very briefly in diapers, you talked about higher promotional spending. What is the strategic rationale for that, because I know you’ve talked pretty extensively about promotions being sort of like short-term fix and not a long-term your brand equity driver, thanks.

Jon Moeller

Thank you, Bill. The strategic rationale for the increase in production at diaper category is competitive response. I’ll just leave that there. In terms of Oral Care, we’re making very good progress on both our paste business, but also on our more high end brush business, the automatic power brushing. And that’s growing extremely well in markets like the U.S., but also in markets like China.

In terms of the breakdown of FX, I mean you talked about 12 points going to 26 points about three quarters of that occurred since October and it’s across currencies. If I were to show you a graph today of currencies that are down and up. I’m sure you have one sitting on your desk, as it is they’re all there’s been a significant move that’s occurred. And as I said earlier it’s different by category by country. But we’re going to try to recover that yet through a combination of price increases whether relevant, size and changes, mixed cost. And there really isn't one answer. I apologize, but that gives you an aggregate feel for how that happens. It's markedly different by market by currency. And one of the big differences is a yuan or euro functional currency competitor impacted by the valuation in a specific market or not.

Another variable is, what’s happening to local inflation and how our local competitors cost structure is being impacted by what’s happened. And they have a reason to price or not. Another factor is where are we, in terms of category leadership or followership are we the number one brand or we the number three brand. That has an impact.

So it is a very granular gain and a very executional gain but one that we frankly despite issues within a given quarter, I’ve done generally fairly well at over the last four years offsetting the $4 billion of affects, nobody likes the $3.80 or whatever the EPS number is the people feel were stuck on. But it could've been a whole lot worse. And we’ve done I think a very good job of managing that, and Kevin, I towards managing these in more effectively from a growth standpoint on the topline as we go forward.

Operator

Our next question comes from the line of Bill Chappell with SunTrust.

Bill Chappell

Good morning, thanks. Jon, taking to step back, maybe you could give us little bit more in the genesis of this call I mean it's a different format and kind of walking through the Q&A, it’s earlier I think this is the earliest you’ve ever reported at least that I can remember in terms of since the quarter close and ahead of some of your competitors and you obviously had a message you want to get out there.

So, are you frustrated with the stock price? Do you not feel like people understand what’s going on with P&G after the Analyst Day or there just key issues that you wanted to get out, I mean, just little more color would be great, that was kind of a surprise, obviously to see reporting this early and kind of going through this format.

Jon Moeller

Sure, sure, sure. This was a fairly clean quarter for us and it's obviously not a year end quarter. So we were able to get our accounts together and fairly short order. And having an earlier call, frankly, allowed me to take advantage of scheduling an opportunities next week and it’s simplest that. In terms of the format, I just didn’t thank you while that go through the Analyst Day, March again, since that was about available for you online. And that's essentially the format we’ve used before us to walk-through productivity walk-through portfolio, walk-through topline. I thought I would just diversify a bit and make sure all of the ground was hopefully, helpfully covered for you and that's all there was for that.

Operator

Our next question comes from the line of Caroline Levy with CLSA.

Caroline Levy

Good morning, Jon. Thank you so much. As always, I’m very interested in what's going on in China with particular interest in whether the heavy discounting in the diaper category has continued. And if you expect that to mitigate at any point, who has the consumer become used to 20% lower pricing. The other area in China would be detergents, where you’ve had some strong local competition and Oral Care, where you’ve had strong local competition, because just bring us up to date on that that would be helpful.

Jon Moeller

I want to step back in China first and then I’ll get to your specific questions. I think it's very important that we understand that China continues to be a very attractive opportunity. This is a market that is among the highest growth rates across the world on a sustained basis and that really hasn’t changed. It’s a market that as we've talked before, premiumizing significantly customers are trading up to better performing products across categories.

As we move out of the one trial policy, there’s certainly only upside that exist there, as the economy transitions from more of a manufacturing based company to – economy to a degree of a more consumption-based economy. That’s significant upside and we have a market position there and capabilities that, that allows us to take advantage and participate in all of those upsides. So China continues to be – as you know it's our second largest market both in terms of sales and profits. So it’s also a big focus area for us.

I mentioned on the call that David and I were there last week. No better way to start the New Year than to go to China. And the business is responding fairly well overall. We went from minus 8% quarter’s not very long goal to the quarter we just completed plus 3%, first half was plus 2.5%. Obviously we still have some work to do, because our markets are growing depending on the category mid-singles.

In terms of specific categories Oral Care, we're doing fairly well and that’s being driven primarily by power brush and by our Oral-B pastes launch a very premium dual phase product that’s doing very well. It is a limited distribution, but that distribution is going to be expanding as that has proven out. We do see continued promotion in the diaper category, but it's important to note that at the same time that that’s happening, that’s really a competitive driven dynamic.

At the same time that's happening, consumers are continuing to trade up to premium tiers. And that is by far the fastest growing segment of the market. So the notion that consumers in China have become if you will price-sensitive, that’s certainly not what we're seeing. This is a competitive dynamic that reflects in some ways the size of the opportunity that reflects in some ways changes in frankly, currency rates and regulation. But it is not something I would expect categorize the category for extended periods of time.

And we certainly – it’s certainly not a reflection of a desire for lower price on the part of the Chinese consumers, who is very focused on product quality and product performance. Detergents, our Ariel liquids lunch is about on a target with where we expected it to be. We do have as you mentioned very good, strong, local competition, but we also have two very good and strong brands on Tide and Ariel and continue to work to build that business.

Operator

Our next question comes from the line of Jonathan Feeney with Consumer Edge Research.

Jonathan Feeney

Thanks very much, Jon. Just one question on Fabric Care. There’s been a significant competitive entrant to reentrant into North American Fabric Care. And I think a lot of people have been wondering what implication that might have, when you think about maybe Fabric Care globally pricing little down and then significantly down relative to our currency. Just kind of trying to understand, what's going on? First of all, how North America – what North America pricing looks like the comment on that. If competitive entry there, or any place else is – you just mentioned China but it’s having an impact. Thank you.

Jon Moeller

The pricing environment in the U.S. market for detergents has become more competitive over the last quarter or two. As a result, you’ve seen market growth rates go from positive to slightly negative. And that's being driven as much by anticipation on the part of competitors as to what the new entrant is going to do. Then it is anything else. And we'll see how that plays out. We’re – in terms of how that strategy – how Henkel strategy is going to play out, it's way too early for us to know that. Our best play continues to be to strengthen our brands both from a product efficacy standpoint and a consumer delayed standpoint, which we continue to do.

Operator

Next we go to Bonnie Herzog with Wells Fargo.

Bonnie Herzog

Hi, Jon, good morning.

Jon Moeller

Good morning.

Bonnie Herzog

In light of the tough competitive environment in many of your key categories, how much further pricing promotion do you think is needed to drive share. And then you’ve talked in the past about getting your price ladders right in your different categories. So I’d be curious to what percentage if your business now has the right price ladders in place versus what percentage still needs to be treat. And then maybe highlight, which categories might need the most work. Thank you.

Jon Moeller

Sure Bonnie. I'm limited in what I can say about future pricing directions legally. But I can talk about current status in general strategy, which I'm happy to do. The majority of our portfolio whether that’s defined by category or by a market is where we feel we need to be from a price ladder standpoint. There are clearly some categories, a couple of categories where we have opportunities.

And again, I really don’t want to name categories, but I bet even I – if I wrote them on two separate piece of paper we’d find some of the same names. Those are factored into our plans that we have articulated today, we will be competitive on price. But again, we’re not going to lead with promotion as a way to grow market share. I don’t believe it’s a sustainable way to grow our market share because there’s absolutely nothing proprietary about it. It can be repeated in a nanosecond, which is matched – which is very different than either cutting edge innovation or idea inspired equity building. So there will be a mix but we will be competitive. We’re generally where we need to be but not in every category country combination.

Operator

Our next question comes from the line of Jon Andersen with William Blair.

Jon Andersen

Thanks. Hi, Jon. I had a question on kind of multi-channel discussion you outlined earlier. You mentioned that the company’s aggregate online share is comparable or equal to its offline share. I’m wondering if there are any specific markets or categories, one or two where that that is in the case and you think there is more work to be done. But you could talk a little bit about those and what your intentions are there. Thanks.

Jon Moeller

Probably, the primary example of where we have more work to do that matters from a size standpoint is China. In aggregate, our online shares in China are below our offline shares. We’re making a lot of progress though. I mentioned $1 billion in sales in online this year not 20% of our business, that business – the online business is growing at 30%, 40%, 50% clip depending on the month of the quarter. And we are building share. Our online share is growing. It is not yet though to the same level as our offline shares. And that’s probably the biggest example of where that’s the case. And in some other markets, we’re over developed from an online standpoint. And again it differs dramatically by category.

You can appreciate that categories like power brush, like our electric shaving business, some of the – certainly the diaper business are very well-developed online and some of the others a little bit less so. But if we were to get and I expect we will get China to market share equivalents online versus offline. The aggregate statement I would be making them is that our online shares are higher than our offline shares.

Operator

Our next question comes from the line of Mark Astrachan with Stifel, Nicolaus.

Mark Astrachan

Yes, thanks. Good morning everyone. I wanted to follow-up on the commentary on the omni-channel and wanted to be where consumers shop. So just curious, has there been a change in discussions around pricing and maybe broader product support for your brands giving increasing challenges faced by those traditional retailers and assuming need for greater reinvestment to drive the traffic. I mean, any sort of commentary on last couple of years, last six months, whatever it is that you’ve seen – that you could talk about, it would be helpful.

Jon Moeller

Everyone, whether they’re an online retailer or an offline retailer is participating in the race to drive traffic to their specific channel or chain. The biggest help we can give any retailer whether online or offline are indispensable brands that consumers need and want. That is by far the biggest driver of traffic for them. And creating offerings instead a relevant for their shopper, which may be different across channels. If we have products that are not irresistibly superior and don’t delay consumers, the notion that we’re going to drive store traffic on those items with a lower prices is a hard one to get comfortable with.

So we’re really focused in our discussions with our retail partners on driving their market basket and market growth through better performing brands that ideally are indispensable to consumers. We’re also very focused with them on making our joint operations as cost efficient as possible, which gives them inherently more pricing flexibility or marketing flexibility than they would have otherwise have. And that’s a big part, certainly not all of the part, but a big part of our approach on supply chain transformation has been designed inherently with this customer enabling focus in mind and reducing their costs as well as our costs, increasing shelf presence in terms of availability, which helps both us and them. So that is by far the majority of the conversation.

Operator

And sir, your final question comes from the line of Jason English with Goldman Sachs.

Jason English

Hey, good morning folks. Thank you for squeezing me into here. Congratulations on another relatively solid quarter especially the progress in the U.S. Its boost to aggregate topline is apparent; I presume this is also an important driver of why mix from a gross margin headwind is abating. So my question is really around sustainability of the U.S. We talked a few times throughout the quarter about the deviation in terms of reported results from what we can see in our data. But from what we see in the data it is kind of concerning.

Overall sales eroding but reported sales sort of accelerating and despite a lot of your comments Jon on promotions and not wanting to lean too heavily it looks like you are leaning really heavily on it. In the data and sort of underlying non-promoter base sales eroding even further. So the data sort of raises questions of whether we have a bit of a transitory disconnect between the data and results, which we see from time-to-time, which usually rever or whether this is now just really different if we had step changes sort of on measured contribution that its going to keep this delta widening on the forward. Can you give us some more color on that and give us a little more reason to sort of not believe the data we’re seeing the consumption.

Jon Moeller

I’d say a couple of things, Jason. If I step way back and look at for example strength of program, front half, back half, I talked about that previously, I don’t see a big change there. Innovation improves and increases in the back half in the U.S. We’re increasingly getting the coverage patterns that we want to have in place with the talent and deep category mastery in place across the U.S. So I don’t see anything at an aggregate level that says that U.S. sales should decelerate. It wouldn’t surprise me in a given quarter that instead of being plus two, it’s plus one – that’s kind of the range that which I am looking.

There are categories in the U.S. where promotion intensity has increased significantly. And what I am not saying is that, we’re not participated into them. We need to be competitive, I’ve said that several times on this call and we will be competitive. What we won’t typically do is lead promotions spending. There are also times when certain competitors for a very good reasons, we will take a list price decline. And our most efficient response may be at time as for a period of time to increase promotion to get to the right price spread versus our competitor. So well that tactically looks like a differential increase in promotion. It’s all about getting to a net price. Again, us being responsive to what our competitors offer.

So happy to talk that more with you later day Jason, that’s helpful. John and I will be around the balance of the day. Thank you for your time. And hope to see most of you here in a couple weeks at CAGNY.

Operator

Ladies and gentlemen and that concludes today’s conference. Thank you for your participation. You may now disconnect. Have a great day.

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Lynwood

UV-curable coatings for plastics and for wood to be focus of two-part FSCT Virtual Learning Conference.


Los Angeles County Machinable Plastic

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Nylon Sheet

San Gabriel Plastic Information and Training

Nowadays recycling the plastic stuff and bags has become an important issue for the municipal authorities and state government all across the world. Recently, it was the New York City Council committee to recommend a 5 cent fee charge for every plastic bag. And there are already many states who either have posed some fine or a complete ban on the use of the plastic bags.

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2. Environmental Benefits:

Without a doubt, recycling has a positive impact on the environment. Here are some reasons:

· As the trash isn’t being burned, it reduces pollution. And for the manufacturers, they can reuse materials, eliminating the need to create new ones.

· Will you believe this- if only half of the people in the United States recycled regularly, the greenhouse gas emissions can be reduced to the equivalent of taking 25 million cars off of the road!

3. Eliminates Landfill Waste:

Those landfills are completely eyesores and that ‘smell’- it’s horrible. This is probably the reason why people are no longer happy with putting trash in a hole in the ground. In order to look for a zero-waste kind of world, this process benefits significantly.

What is the need?

Do you know every year billions of waste material enters into the sewage and water stream system? And of course, it does no good to the environment! Moreover, the cost to clean up sewage and blockages add up to the problems. Hence, it is high time to look forward this process.

Plastic Online

GM Will Win With Mechanical Engineering, Not Financial Engineering (Video) - General Motors Company (NYSE:GM)

A technician is performing a quality control check. (Image: Hoby Finn/Photodisc/Getty Images)

The quality control checklist is an assessment tool used for measuring the value of a product. This structured questionnaire facilitates the collection and analysis of the data necessary to determine strengths and weaknesses in work quality. There is no universal quality control checklist, but rather lists adapted to specific situations in a variety of fields. Even within a given organization, quality checklists can change and grow depending upon organizational needs and interests.

Manufacturing Factory Quality Control

Quality control checklists are a practical means of measuring production in a factory setting, allowing factory managers to inspect the productivity of their workers and to improve the factory's finished product. Such checklists typically record the rate of defective products and material waste as well as the time required for the completion of different tasks in an assembly line setting. Once the numbers are gathered, quality control personnel and line managers can then conduct further investigations regarding the causes and origins of product defects or low productivity. In factories, quality control checklists serve as a means of not only improving product quality, but also of saving money.

Vendor Auditing and Evaluation

Government agencies use checklists in the evaluation and auditing of vendors. School districts, for example, can use quality control assessments to review products before agreeing to deals with vendors and for performing regular evaluations of the quality of received products. For more general product evaluations, government agency personnel use quality control checklists to assess test versions of new products before they are introduced to the market. Vendor quality control checklists are also used to train entry-level government assessment staff and new members of review committees. Because each state agency maintains its own assessment strategy and test design format, quality control checklists can vary. Still, all checklists share the common goal of ensuring that presented products meet established quality standards.

Construction Quality Assessment

Construction is another industry where a quality checklist can play a valuable role. The checklist can be used throughout the construction process to establish, maintain and ensure a minimum quality building standard. Construction quality control checklists are typically divided into design, pre-drywall and final inspection stages. In the design stage of the quality control assessment, the focus is on providing a detailed and clear outline of the steps necessary to meet quality goals and to assess the adequacy of available construction drawings and plans. The checklist can be used to inform construction crews and developers of the steps that are necessary to reach quality standards and ensure that all groups involved have the same information about the work site. During the construction of a building, the site supervisor can use the checklist to ensure that work is proceeding as necessary. Finally, when a building is constructed and the quality control checklist has been completed, it serves as a record that all necessary safety and structure precautions have been met. When such structures undergo a thorough inspection, the quality control checklist once again serves as an evaluation tool.

San Gabriel

Dow to Build World-Scale Brazilian Facility to Manufacture Polyethylene From Sugar Cane - Dow Chemical Co. (NYSE:DOW)


Los Angeles County Machinable Plastic

Baldwin Park NSF Approved Plastics

Alan Robbins is betting everything he owns that the world will pay more for picnic tables, mailbox posts, and speed bumps if they’re made from recycled plastics

Yes, he’s heard the career advice line from The Graduate. (“I just want to say one word to you: plastics.”)

You see, if you’re Alan E. Robbins, 43, a sense of humor comes in handy.

You need one, given what he wants to do with the rest of his life. Robbins, a charming father of five, wants to make wood obsolete. Maybe concrete, too.

It’s not quite as silly as it sounds.

Robbins is president of a company, which takes recycled plastics — milk jugs are a primary source of raw material — and turns them into everything from mailbox posts, picnic tables, and speed bumps to retaining walls at Sea World. In many areas in the country, especially the Baldwin Park and areas near by, recycling has become much more popular.

And no doubt there’s a desperate need for someone to do something with what the industry calls post-consumer (used) plastics. Recycled plastic materials are in demand.

With Americans producing 160 million tons of solid waste a year — that’s better than three pounds per person per day — landfills are beginning to overflow. And while plastics account for only 7% of those garbage heaps by weight, they make up 13% of their volume. Anything, even a mailbox post, that can reduce that amount of trash is something to be wished for.

ABS Sheet Suppliers

Baldwin Park Plastic Information and Training

This post does not directly pertain to botany, but it does pertain to sustainability and resource management, so the environmentalist in me can’t let this one go. If you have any pro tips about recycling and personal waste management, please let me know! Comment, add to the conversation!

Photo by Joe Hershey

Seeing as we’re all inhabitants of the Earth, I think it’s important that we’re all aware of how we impact it and that we make a concerted effort to minimize that impact. We all create a lot of waste every day, from napkins to juice boxes to plastic wrap. Most of our consumer products have some sort of disposable packaging that goes from factory to lunch table to landfill. Yes, every time you put something into a trash bin, it will eventually be shipped off to sit atop a giant heap of trash somewhere else in the world, and that’s gross, isn’t it? Luckily, there is a way to minimize your contribution to the heap.

Let’s talk recycling.

There are so many objects in the average household that are recyclable and this goes far beyond steel cans and plastic bottles. The thing is, we often find ourselves faced with a conundrum when holding something like a glossy magazine or a yogurt container or an envelope with a plastic window. Can this go in my home recycling bin? If I’m in a public place, which of the four different recycling bins should it be put into? Sometimes it seems like such a pain that we just give up and toss it, toss it straight into a landfill. And that’s pretty sad. The point of this post is to demystify some of the cloudier aspects of recycling and to open up a conversation about how to live a more sustainable life style.

So here we go.

Photo by Gabriel Hasser

Metals

We do a pretty good job of recycling our metal products. In America, about 2.7 million tons of metal products are tossed per year and about 50% of those tons are recycled. We seem to be especially good at recycling steel and tin cans which is great because recycling one can saves 74% of the energy that would be used to make a new one. Pop cans are also frequently recycled. It only takes 60 days for a can to go from recycling bin to recycling plant and back to the shelves. Some sneakier forms of metal that you can recycle are aluminum foil and one time use cook ware. With all of these objects, be sure that they are rinsed and clear of food residue before recycling them.

Photo by Gary Jaz

Paper and cardboard

You’d probably be lying if you said you haven’t used at least one paper product today. Paper products make up 29% of the consumer waste stream, but hey, 63% of that waste gets recycled every year. That’s good, but of course we can always improve.

One urban legend is that you can’t recycle magazines, junk mail advertisements, or other glossy paper products. The truth is, you can recycle them. This is a common misconception derived from the early days of recycling when you couldn’t recycle glossy paper. Nowadays almost all community recycling programs in America accept magazines, catalogs, etc. They also accept shredded paper, but if you’re going to recycle it, put it in an envelope or a paper bag. That makes it easier for the machines at the recycling plant to sort it out. Shredded paper also works great for composting, so that’s another option.

Oh, and you know those non-plastic cartons that usually contain milk or juice? They’re called “gable-top” cartons or, if you want to be specific, “poly-coated paperboard containers”. They’re 80% high-quality paper fiber and 20% polyethylene, a plastic that makes the paper water resistant. Hardly any of these containers get recycled and that’s because you can’t just toss them in your run of the mill municipal recycling bin. The pulp has to be separated from the polyethylene before it can be reused in other paper products. Certain carton manufacturers have created a program where you can get a home collection container to recycle the gable-tops at no extra charge. Check out your area’s recycling program to see if this service is available.

Photo by Theen Moy

Glass

This one is sort of tricky because not all glass can be recycled. In some places, your recycling program may not even accept glass at all because some glass can’t be made into other products or it’s just plain too expensive to recycle even if it can be reused. For example, green and brown glass is colored with chemicals that cannot be removed, so if a brown bottle wants to be reused, it can only be used to make more brown bottles.

There are also some specific glass things that you plain can’t recycle, like anything contaminated with dirt or food waste, heat resistant stuff like Pyrex, mirror or window glass, metal or plastic lids and caps from glass jars, crystal, and ceramics. That’s a lot. Be careful. Know what your recycling program accepts and what it doesn’t.

Photo by Mangus Åström

Plastic

Plastics are kind of tricky because there are lots of different shapes and colors in plastic products that all have different recycling needs. Black plastic is a real bugger and should never be thrown in the recycling bin. Black doesn’t reflect light; therefore, it goes undetected by the scanners used to sort materials at recycling plants. This stealthy black plastic can, and does, make its way through the plant and ends up contaminating other recyclable materials. Also never recycle plastic grocery bags. These guys can gum up the works at a plant for days. Lots of grocery stores actually collect used bags and the plastic is then recycled and used as plastic lumber. Just bring the bag back to the place you got it. One more thing, don’t recycle plastic bottle tops as they are small and tough to sort. If left on the bottle, it makes the bottles harder to squash and can create air bubbles in bales of recycled plastic that can explode and injure recycling plant employees.

If this sounds like a list of “don’ts”, you’d be right. There are lots of ways to mess up plastics. If you’re looking for some guidance on where to put what, recyclable plastic products have code numbers on the bottom. They look like the little recycling symbol, the triangle made of three arrows, with a number in the middle. Check with your municipal recycling program to see which numbers they accept.

Batteries and electronics

This one is kinda short. Just make sure you don’t toss these items into the recycling bin. Car batteries, incandescent bulbs, LEDs, household batteries, refrigerators, cellphones, etc. all need to go through different programs to be recycled. Check out what sort of services your municipality has for these items.

Finally…

I’m going to belabor this point for good reason. If you’re going to recycle something, make sure it’s clean and make sure it’s in the right place. That goes for all recyclable things. Make sure there’s no more cereal in the paperboard box, pasta sauce in the glass jar, and no more honey in the plastic bear before tossing everything into the recycling bin. One dirty plastic container can contaminate a whole bale of recycled materials. That’s about 1,000 pounds of otherwise recyclable plastic going to a landfill just because one person forgot to rinse. Yikes.

Making sure your recyclables are clean isn’t a huge time commitment, it’s a paradigm shift. It takes but a minute to run some water in that milk carton before giving it a toss. We’ve got to work together and then all of the little things will add up to less fill in the landfill.

If you don’t know if something should be recycled, look it up. There is so much information out there on the internet. County recycling programs usually have websites listing what they do and do not accept in great detail. If you still have questions, there are sites where you can live chat with a recycling correspondent from your area.

There are resources out there. Take advantage of them and do what you can to make this world a less trashy place.

(Here’s one cool resource: Earth911. This is a great search engine for finding what you can recycle and where)

Sources

“Select an Area.” What Can I Recycle. N.p., n.d. Web. 06 Aug. 2016. <http://www.wm.com/thinkgreen/what-can-i-recycle.jsp>.

“Severn Waste Services and Mercia Waste Management.” FAQs. N.p., n.d. Web. 06 Aug. 2016. <http://www.severnwaste.com/envirosort/faqs/>.

Properties Of Plastic Materials

How to Paint Hard Plastic

Byline: RECYCLING By Sarah Grimm For The Register-Guard

Over the last 30 years, the recycling industry has grown up to become a complex and successful economic engine on the world market.

According to a federal Environmental Protection Agency study, more than 56,000 recycling and reuse businesses nationwide employ approximately 1.1 million people, generate an annual payroll of $37 billion, and gross $236 billion in annual revenue.

The report also shows the number of jobs in recycling is comparable to the automobile and truck manufacturing industry and significantly larger than the mining and waste management industries. Wages are generally higher than the national industrial average.

As the recycling industry has grown, so too has the complexity of issues surrounding solid waste management.

It used to be that bundling your newspaper and sorting your cans and bottles, and then schlepping them to the nearest collection depot was the ultimate, the end-all, definitive action for protecting the environment.

Today, `saving the Earth' requires much more.

The success of the recycling industry has proven that recycling works on a large scale, but this success is unable to keep pace with the mismanagement of our natural resources. In spite of rising recycling rates, we still dump more trash each year than the year before.

Trash has far greater implications than its final resting place at the landfill. It is the last material evidence of an environmentally perilous process of natural resource extraction, transportation, refinement, and manufacturing.


In addition to recycling, `saving the Earth' requires a more careful attention to the natural resources we consume, from the trees that make our paper coffee cup to the petroleum used to make our plastic candy wrapper. Questions such as `paper or plastic?' confound us as we try to sort out what is best for our families and our children. Most are familiar with the phrase, `reduce, reuse, recycle,' but it is sometimes difficult to follow through with this mantra in our busy lives.

The Lane County Master Recycler education program was designed to teach individuals about all the changing faces of recycling. The program offers nine weeks of comprehensive training in exchange for an equal time volunteering to educate others.

Students learn about industry standards, changing operational practices such as the commingling of residential recycling, life cycle analysis, waste prevention, sustainability and voluntary simplicity. Students also learn about the wide variety of local organizations that recycle everything from crayons to computers, from TVs to Tyvek envelopes.

Some Master Recyclers joined because they are looking for a career move; others just wanted to learn how to be good recyclers and stewards of the community. Some joined because the knowledge and networking would help them with their job duties; others were just new to the area and found it a good way to make 150 fast friends and acquaintances.

And all end up with a broader perspective of waste and a satisfying sense of community.

This fall's Master Recycler class will meet for nine Tuesdays from 6 p.m. to 8:45 p.m. beginning September 20. There also will be three Saturday morning field trips to local recycling plants.

The class graduates Nov. 15 - America Recycles Day. Another 25 community volunteers will be ready to educate, inspire and take small steps toward `saving the Earth.'

This column is provided by Lane County Recycling.

Baldwin Park

ISO Standards for Small BusinessISO Standards for Small Business


Los Angeles County Machinable Plastic

Gardena ABS Plastic Manufacturing Process

Alan Robbins is betting everything he owns that the world will pay more for picnic tables, mailbox posts, and speed bumps if they’re made from recycled plastics

Yes, he’s heard the career advice line from The Graduate. (“I just want to say one word to you: plastics.”)

You see, if you’re Alan E. Robbins, 43, a sense of humor comes in handy.

You need one, given what he wants to do with the rest of his life. Robbins, a charming father of five, wants to make wood obsolete. Maybe concrete, too.

It’s not quite as silly as it sounds.

Robbins is president of a company, which takes recycled plastics — milk jugs are a primary source of raw material — and turns them into everything from mailbox posts, picnic tables, and speed bumps to retaining walls at Sea World. In many areas in the country, especially the Gardena and areas near by, recycling has become much more popular.

And no doubt there’s a desperate need for someone to do something with what the industry calls post-consumer (used) plastics. Recycled plastic materials are in demand.

With Americans producing 160 million tons of solid waste a year — that’s better than three pounds per person per day — landfills are beginning to overflow. And while plastics account for only 7% of those garbage heaps by weight, they make up 13% of their volume. Anything, even a mailbox post, that can reduce that amount of trash is something to be wished for.

White Sheet Plastic

Gardena Plastic Information and Training

sandpapier image by Thomas Aumann from Fotolia.com

If you would like paint hard plastic surfaces, you must consider some important factors prior to application. Unlike wood, hard plastic is nonporous, making it unable to absorb paint adhesives. This quality will cause plastic to shed new finishes unless it is pretreated with abrasion techniques. Abrasion will create a tooth for new paint to adhere to and will help to prevent future paint failure. You should also choose a particular type of paint based on the location and function of the plastic surface.

Resources

  • Popular Mechanics: 5 Pro Painting Tips Every Amateur Should Know

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Polycarbonate Plastic Material Properties

Do-It-Yourself: Plastic Molding

NEW YORK -- Reportlinker.com announces that a new market research report related to the Industrial equipment industry is available in its catalogue.

World Industrial Fasteners

http://www.reportlinker.com/p096694/World-Industrial-Fasteners. html

(Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

Global demand to grow 4.8% yearly through 2012

Global demand for industrial fasteners is projected to increase 4.8 percent annually to $66 billion in 2012. Fastener demand, which reached $52 billion in 2007, grew nearly 9 percent annually since 2002. Although part of this growth is inflationary in nature, especially since 2005, real gains in demand have been fueled by increases in world economic growth, increased fixed investment activity and greater manufacturing production. Although future market gains will be somewhat constrained by the use of new materials and manufacturing methods that reduce the numbers of fasteners required, global gains in motor vehicle production and greater demand for aerospace grade fasteners required for aircraft will contribute to growth.

Asia/Pacific, Western Europe are net exporters

Although many countries engage in the production of fasteners, few are net exporters. For example, the US is a major global supplier of high end fastener products, but is a net importer of fasteners overall. Countries in the Asia/Pacific region are the largest net exporters of fasteners to the rest of the world, followed by Western Europe. Taiwan, Japan and China lead the Asia/Pacific region and the world in net fastener exports. Germany (whose net export position matched China's in 2007), Italy and Switzerland contribute the most to Western Europe's position as a net exporter. China will soon overtake Japan as the world's second-largest net exporting country, after Taiwan.


Emerging economies to outpace developed world

Growing manufacturing economies and increases in fixed investment among the world's emerging economies will bring more rapid growth in fastener demand in these regions relative to the world's more mature, industrialized nations. Consequently, fastener demand growth in the Asia/Pacific, Africa/Mideast, Eastern Europe and Latin America will outpace demand growth in the US, Japan and Western Europe. China is expected to show the greatest gains in fastener demand of any other country, and is expected to become the world's secondlargest market for fasteners, after the US, before 2012. Market growth will also be strong in India, Thailand, Taiwan and Russia. Sales growth will be stimulated by favorable economic conditions and higher income levels leading to a rise in manufacturing activity and consumer expenditures for durable goods. Although countries with emerging economies will be the fastest growing markets for fasteners, the more developed economies -- such as the US, Canada, Japan and most of Western Europe -- will remain the most intensive users of fastening products, reflecting the advanced industrial and technological nature of their economies.

Motor vehicles still most important end-use sector

Consumption of industrial fasteners by the world's original equipment manufacturers (OEMs) represented 84 percent of total global fastener demand, with maintenance, repair and overhaul (MRO) applications accounting for the balance. Among OEMs, motor vehicle manufacturers consume the most fasteners, accounting for 35 percent of global demand in 2007. Electrical & electronic equipment and industrial machinery are also important OEM markets. Additionally, demand for aerospace-grade fasteners is expected to grow at a healthy pace, approaching $5 billion in 2012.

Study coverage

This new study, World Industrial Fasteners, presents historical demand data (1997, 2002 and 2007) and forecasts for 2012 and 2017 by market sector, fastener type, world region and for 29 countries. The study also assesses key market drivers and technologies, evaluates market shares and profiles 41 global competitors.

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

General

World Economic Overview

Recent Historical Trends

Macroeconomic Outlook

World Gross Fixed Investment Outlook

World Manufacturing Outlook

World Motor Vehicle Production Trends

Aerospace Equipment Manufacturing Trends

Pricing Patterns

Technology

Industrial Fastener Technology

New Fastening Technologies

Plastic Fasteners

Competitive Joining Technologies

Legal & Regulatory Environment

III. WORLD SUPPLY & DEMAND

General

World Industrial Fastener Markets

Regional Demand

Demand by Product

Standard Fasteners

Externally Threaded

Internally Threaded

Nonthreaded

Application-Specific

Aerospace-Grade

Demand by Market

Original Equipment Manufacturing

Motor Vehicles

Electrical & Electronic Equipment

Industrial Machinery

Fabricated Metal Products

Other OEM

MRO & Other

World Industrial Fastener Production

International Trade Flows

IV. NORTH AMERICA

General

Supply & Demand

United States

Canada

Mexico

V. WESTERN EUROPE

General

Supply & Demand

Germany

France

United Kingdom

Italy

Spain

Belgium

Netherlands

Other Western Europe

Austria

Sweden

Switzerland

All Other

VI. ASIA/PACIFIC

General

Supply & Demand

Japan

China

South Korea

India

Taiwan

Thailand

Australia

Other Asia/Pacific

Malaysia

Indonesia

All Other

VII. OTHER REGIONS

Latin America

General

Supply & Demand

Brazil

Other Latin America

Eastern Europe

General

Supply & Demand

Russia

Other Eastern Europe

Poland

Czech Republic

All Other

Africa/Mideast

General

Supply & Demand

Turkey

South Africa

Other Africa/Mideast

VIII. INDUSTRY STRUCTURE

General

Industry Composition

Market Share

Illinois Tool Works

Acument Global Technologies

Precision Castparts

Alcoa

Link Solutions for Industry

Nippon Industrial Fastener

Emhart Teknologies (Black & Decker)

Koninklijke Nedschroef

Other Leaders

Product Development & Manufacturing

Marketing & Distribution

Cooperative Agreements

Financial Requirements

Mergers & Acquisitions

Company Profiles

A-1 Technologies, see Link Solutions for Industry

Acument Global Technologies

Agrati (A.) SpA

Air Industries Corporation, see Precision Castparts

Alcoa Incorporated

Altenloh, Brinck & Company KG

Atlas Bolt & Screw Company, see Marmon Group

Avibank Manufacturing, see Precision Castparts

AVK Industrial Products, see Precision Castparts

Black & Decker Corporation

Boellhoff GmbH

Bufab AB

Cherry Aerospace, see Precision Castparts

Chun Yu Group

Deerwood Fasteners International, see Marmon Group

Doncasters Group Limited

Emhart Teknologies, see Black & Decker

FACIL & Cie GCV, see KAMAX-Werke Rudolf Kellermann GmbH & Company KG and Raymond (A.) Group

FastenTech Incorporated, see Doncasters Group Limited

Ferry Cap & Set Screw, see Doncasters Group

Finnveden AB

Fontana Luigi SpA

Gem-Year Industrial Company Limited

Hilti AG

Hi-Shear Corporation, see Link Solutions for Industry Ifastgroupe

Illinois Tool Works Incorporated

Infasco, see Ifastgroupe

Infasco Nut, see Ifastgroupe

Ingersoll Fasteners, see Ifastgroupe

KAMAX-Werke Rudolf Kellermann GmbH & Company

Knipping, see Link Solutions for Industry

Koninklijke Nedschroef Holding NV

Link Solutions for Industry

MacLean-Fogg Company

Marmon Group Incorporated

McKechnie Aerospace

Melrose plc

MNP Corporation

Monadnock Company, see Link Solutions for Industry

Monogram Aerospace Fasteners, see TriMas

Nelson Stud Welding Incorporated, see Doncasters Group Limited

Nippon Industrial Fastener Company

Nitto Seiko Company Limited

NYLOK Corporation, see Marmon Group

Park-Ohio Holdings Corporation

PennEngineering & Manufacturing Corporation

Piolax Incorporated

Precision Castparts Corporation

PSM International

Raymond (A.) Group

Robertson Incorporated, see Marmon Group

San Shing Fastech Corporation

SFS Holding AG

Shanghai Prime Machinery Company Limited

Shur-Lok Group, see Precision Castparts

Specialty Bar Products Company, see Doncasters Group

Specialty Bolt & Stud Incorporated, see Marmon Group

SPS Greer Stop Nut Incorporated, see Precision Castparts

SPS Technologies Incorporated, see Precision Castparts

Sundram Fasteners Limited

Sure-Drive USA Incorporated, see Marmon Group

Textron Incorporated

Tong Hwei Enterprise Company Limited

Topura Company Limited

Trifast plc

TriMas Corporation

TRW Automotive Holdings Corporation

TT electronics plc

Unbrako Engineered Fasteners, see Precision Castparts

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table

SECTION II -- MARKET ENVIRONMENT

1 World Gross Domestic Product by Region

2 World Gross Fixed Investment by Region

3 World Manufacturing Value-Added by Region

4 World Motor Vehicle Production by Region

5 World Aerospace Equipment Shipments by Region

6 World Industrial Fastener Price Deflators

7 World Plastic Fastener Demand

8 World Adhesives Demand by Region

SECTION III -- WORLD SUPPLY & DEMAND

1 World Industrial Fastener Demand by Region

2 World Industrial Fastener Demand by Product

3 World Externally Threaded Fastener Demand by Region

4 World Internally Threaded Fastener Demand by Region

5 World Nonthreaded Fastener Demand by Region

6 World Application-Specific Fastener Demand by Region

7 World Aerospace-Grade Fastener Demand by Region

8 World Industrial Fastener Demand by Market

9 World Motor Vehicle Fastener Demand by Region

10 World Electrical & Electronic Equipment Fastener Demand by Region

11 World Industrial Machinery Fastener Demand by Region

12 World Fabricated Metal Product Fastener Demand by Region

13 World Other OEM Fastener Demand by Application & Region

14 World MRO & Other Industrial Fastener Demand by Region

15 World Industrial Fastener Shipments by Region

16 Industrial Fastener Net Exports by Region

SECTION IV -- NORTH AMERICA

1 North America Industrial Fastener Supply & Demand

2 North America Industrial Fastener Demand by Product & Market

3 United States Industrial Fastener Supply & Demand

4 United States Industrial Fastener Demand by Product & Market

5 Canada Industrial Fastener Supply & Demand

6 Canada Industrial Fastener Demand by Product & Market

7 Mexico Industrial Fastener Supply & Demand

8 Mexico Industrial Fastener Demand by Product & Market

SECTION V -- WESTERN EUROPE

1 Western Europe Industrial Fastener Supply & Demand

2 Western Europe Industrial Fastener Demand by Product & Market

3 Germany Industrial Fastener Supply & Demand

4 Germany Industrial Fastener Demand by Product & Market

5 France Industrial Fastener Supply & Demand

6 France Industrial Fastener Demand by Product & Market

7 United Kingdom Industrial Fastener Supply & Demand

8 United Kingdom Industrial Fastener Demand by Product & Market

9 Italy Industrial Fastener Supply & Demand

10 Italy Industrial Fastener Demand by Product & Market

11 Spain Industrial Fastener Supply & Demand

12 Spain Industrial Fastener Demand by Product & Market

13 Belgium Industrial Fastener Supply & Demand

14 Belgium Industrial Fastener Demand by Product & Market

15 Netherlands Industrial Fastener Supply & Demand

16 Netherlands Industrial Fastener Demand by Product & Market

17 Other Western Europe Industrial Fastener Supply & Demand

18 Other Western Europe Industrial Fastener Demand by Product & Market

19 Other Western Europe Industrial Fastener Supply & Demand by Country

SECTION VI -- ASIA/PACIFIC

1 Asia/Pacific Industrial Fastener Supply & Demand

2 Asia/Pacific Industrial Fastener Demand by Product & Market

3 Japan Industrial Fastener Supply & Demand

4 Japan Industrial Fastener Demand by Product & Market

5 China Industrial Fastener Supply & Demand

6 China Industrial Fastener Demand by Product & Market

7 South Korea Industrial Fastener Supply & Demand

8 South Korea Industrial Fastener Demand by Product & Market

9 India Industrial Fastener Supply & Demand

10 India Industrial Fastener Demand by Product & Market

11 Taiwan Industrial Fastener Supply & Demand

12 Taiwan Industrial Fastener Demand by Product & Market

13 Thailand Industrial Fastener Supply & Demand

14 Thailand Industrial Fastener Demand by Product & Market

15 Australia Industrial Fastener Supply & Demand

16 Australia Industrial Fastener Demand by Product & Market

17 Other Asia/Pacific Industrial Fastener Supply & Demand

18 Other Asia/Pacific Industrial Fastener Demand by Product & Market

19 Other Asia/Pacific Industrial Fastener Supply & Demand by Country

SECTION VII -- OTHER REGIONS

1 Latin America Industrial Fastener Supply & Demand

2 Latin America Industrial Fastener Demand by Product & Market

3 Brazil Industrial Fastener Supply & Demand

4 Brazil Industrial Fastener Demand by Product & Market

5 Other Latin America Industrial Fastener Supply & Demand

6 Other Latin America Industrial Fastener Demand by Product & Market

7 Eastern Europe Industrial Fastener Supply & Demand

8 Eastern Europe Industrial Fastener Demand by Product & Market

9 Russia Industrial Fastener Supply & Demand

10 Russia Industrial Fastener Demand by Product & Market

11 Other Eastern Europe Industrial Fastener Supply & Demand

12 Other Eastern Europe Industrial Fastener Demand by Product & Market

13 Other Eastern Europe Industrial Fastener Supply & Demand by Country

14 Africa/Mideast Industrial Fastener Supply & Demand

15 Africa/Mideast Industrial Fastener Demand by Product & Market

16 Turkey Industrial Fastener Supply & Demand

17 Turkey Industrial Fastener Demand by Product & Market

18 South Africa Industrial Fastener Supply & Demand

19 South Africa Industrial Fastener Demand by Product & Market

20 Other Africa/Mideast Industrial Fastener Supply & Demand

21 Other Africa/Mideast Industrial Fastener Demand by Product & Market

SECTION VIII -- INDUSTRY STRUCTURE

1 Industrial Fastener Sales for Selected Manufacturers, 2007

2 Selected Cooperative Agreements

3 Selected Acquisitions & Divestitures

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT

1 World Manufacturing Value-Added by Region, 2007

2 Relationship Between Per Capita Industrial Fastener Demand

& Per Capita Manufacturing Value-Added, 2007

3 World Industrial Fastener Price Deflators, 1997-2017

4 World Plastic Fastener Demand, 1997-2017

SECTION III -- WORLD SUPPLY & DEMAND

1 World Industrial Fastener Demand by Region, 2007

2 Share of Industrial Fastener Demand Growth by Region, 2007-2012

3 World Industrial Fastener Demand by Product, 2007

4 World Industrial Fastener Demand by Market, 2007

5 World Industrial Fastener Shipments by Region, 2007

SECTION IV -- NORTH AMERICA

1 North America Fastener Demand by Country, 2007

SECTION V -- WESTERN EUROPE

1 Western Europe Industrial Fastener Demand by Country, 2007

SECTION VI -- ASIA/PACIFIC

1 Asia/Pacific Industrial Fastener Demand by Country, 2007

SECTION VII -- OTHER REGIONS

1 Eastern Europe Industrial Fastener Demand by Country, 2007

2 Africa/Mideast Industrial Fastener Demand by Country, 2007

SECTION VIII -- INDUSTRY STRUCTURE

1 World Industrial Fastener Market Share by Company, 2007

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Gardena

UV-curable coatings for plastics and for wood to be focus of two-part FSCT Virtual Learning Conference.


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Manhattan Beach Where To Buy Plastic Sheet

Alan Robbins is betting everything he owns that the world will pay more for picnic tables, mailbox posts, and speed bumps if they’re made from recycled plastics

Yes, he’s heard the career advice line from The Graduate. (“I just want to say one word to you: plastics.”)

You see, if you’re Alan E. Robbins, 43, a sense of humor comes in handy.

You need one, given what he wants to do with the rest of his life. Robbins, a charming father of five, wants to make wood obsolete. Maybe concrete, too.

It’s not quite as silly as it sounds.

Robbins is president of a company, which takes recycled plastics — milk jugs are a primary source of raw material — and turns them into everything from mailbox posts, picnic tables, and speed bumps to retaining walls at Sea World. In many areas in the country, especially the Manhattan Beach and areas near by, recycling has become much more popular.

And no doubt there’s a desperate need for someone to do something with what the industry calls post-consumer (used) plastics. Recycled plastic materials are in demand.

With Americans producing 160 million tons of solid waste a year — that’s better than three pounds per person per day — landfills are beginning to overflow. And while plastics account for only 7% of those garbage heaps by weight, they make up 13% of their volume. Anything, even a mailbox post, that can reduce that amount of trash is something to be wished for.

Plastic Market

Manhattan Beach Plastic Information and Training

Just in case anyone thought DOW Chemical CEO Andrew Liveris might rest after the flurry of deals he has announced to date this year, think again. The Dow Chemical Company (NYSE:DOW), the world's largest producer of polyethylene, and Crystalsev, one of Brazil's largest ethanol players announced plans for a world-scale facility to manufacture polyethylene from sugar cane. Polyethylene is the most widely used of all plastics and can be found in all manner of everyday products, from food packaging, milk jugs and plastic containers to pipes and liners.

Under the terms, Dow and Crystalsev will form a joint venture in Brazil to design and build, the first integrated facility of its scale in the world. It is expected to start production in 2011, and will have a capacity of 350,000 metric tons.

The venture will combine Dow's leading position in polyethylene with Crystalsev's know-how, and experience in ethanol to meet the needs of Dow's customers in Brazil and what will likely be international interest. "Meet the needs of Dow's customers in Brazil," this is huge. Rather than producing plastic from petroleum and shipping it to Brazil like it does now, Dow will produce it there for pennies, and sell it locally to the same people.

Crystalsev is a 100% Brazilian group that commercializes products made from sugar cane through three areas: providing of services to mills; commercialization of sugar and alcohol; and trading - purchase, resale and management of assets. The Group produces 1.8 million tons of sugar, which corresponds to 8% of all sugar manufactured in Brazil, and employs 30,000 people. Crystalsev operates in several regions in the country through 13 companies that, together, form the second major producer of sugar cane in Brazil.

The new facility will use ethanol derived from sugar cane, an renewable feedstock, to produce ethylene, the raw material required to make polyethylene. Ethylene is traditionally produced using either naphtha or natural gas liquids, both of which are petroleum products. It is estimated that the new process will produce significantly less CO2 compared to the traditional polyethylene manufacturing process.

Now, this brings up a few questions. Since Dow will be using ethanol, will they eventually branch into ethanol production in Brazil? Will they export some of the ethanol when the market dictates to the U.S. duty free? ADM is actively looking for a Brazilian partner for ethanol production, will this joint venture possibly lead to an Archer Daniels Midland Company (NYSE:ADM), Dow venture? The possibilities here are endless.

Let's look at future earnings. The end of this decade should bring in significant, prolonged earnings from the Saudi joint venture, the China project, this Brazilian one and the Lybian venture announced earlier. All these have been announced in just the past four months and they will not only bring in additional earnings, they will do so while dramatically decreasing and stabilizing input costs, currently Dow largest wild-card in relation to earnings. In his last letter to shareholders Liveris claimed 2007 would "be a significant year" in the history of Dow.

So far, so good and we are only halfway through.

Disclosure: The author is long DOW.

DOW 1-yr chart:

New Plastic Products

GM Will Win With Mechanical Engineering, Not Financial Engineering (Video) - General Motors Company (NYSE:GM)

A Serious Environmental Problem

Plastic waste is a very serious and rapidly growing environmental problem. Our love of plastic items and our careless disposal of these items when they're no longer useful is polluting land and water, endangering wildlife, and creating eyesores that are changing the face of the Earth.

Another tragic situation on Earth is the widespread existence of poverty. Some people have inadequate shelter or no shelter at all, a lack of safe or sufficient drinking water, or insufficient food. In some cases people experience all three of these problems. Another frequent symptom of poverty is lack of education.

What if the dual problems of plastic pollution and poverty could be dealt with at the same time? This is the aim of an organization called the Plastic Bank. The organization encourages people to "harvest" plastic waste and deliver it to collection or repurposing centres. In exchange for the waste, the bank gives the harvesters money, services, or useful items. The harvesters can either use the items that they receive or sell them. The bank hopes to both help people directly and to encourage entrepreneurship.

The Plastic Bank recycles the harvested material into pellets, which can be used by manufacturing companies. The bank calls their product social plastic. One of its goals is for all plastic items to be made of this material.

The Founders of the Plastic Bank

David Katz is both a businessman who travels extensively and a scuba diver. In his travels he's been struck by the amount of plastic waste around the world. He says that he decided to create the Plastic Bank after he visited Malaysia and found a beach which appeared to have more plastic than sand.

Katz has formed a partnership with Shaun Frankson, another businessman and the co-founder of the bank. The pair want to monetize plastic debris, enabling it to become a currency. In their view, discarded plastic is a valuable commodity that is being wasted. The pair also want their business to be philanthropic.

Using Social Plastic to Help People

A Plastic Bank collection centre accepts any type of plastic. The collectors don't have to classify what they find. The centre gives the collectors credits in return for their harvest. The credits can be used to obtain goods or services. The nature of these goods and services will depend on the needs of the people in the area. Examples include items such as tools, household items, and parts, and services such as education and micro-credit loans.

Some collection centres are also repurposing centres that use harvested plastic to create filament for 3D printers. People can order printed objects in exchange for the plastic that they collect.

In the interview with Shaun Frankson shown below, Frankson says that the bank avoids paying harvesters cash for their plastic because money becomes "very corrupt very quickly". The organization seems to have changed its opinion since the video was made, however. It's currently giving people money for their harvest, at least in Haiti.

Katz and Frankson are helped by plastics recycling experts, business people, philanthropists, and environmentalists. They are also aided by people who will explore local needs and recycling opportunities, publicize the bank's efforts, and perform impact studies after a collection centre has been established.

Plastic Waste in the Ocean

More than 300 million tons of plastic is said to be manufactured each year. More than eight million tons (or ten to twelve million tons by some estimates) is said to enter the ocean each year. Much of this plastic stays in existence for a very long time once it's made. Plastic does degrade in the ocean, but it disintegrates very slowly.

Aquatic animals become entangled in pieces of plastic and sometimes mistake them for food. Another problem is that the degradation of plastic produces small particles of microplastic, which enter the food chain and are absorbed by living things. Researchers have found that microplastic is present in supermarket fish and shellfish, which means that it enters our body when we eat these foods.

Scientists don't yet know how microplastic is affecting us or even if it is, but the situation is worrying. Microplastic particles are known to absorb harmful contaminants such as pesticides, flame retardants, and PCBs (polychlorinated biphenyls). If they hurt us, they will likely affect the animals that absorb them as well.

Recycling Plastic Waste

Recycling of plastic is certainly very necessary. One problem with processing the material is that there are many different kinds of plastic that each require a different treatment. Sorting the material by type is vital before any recycling can be done.

At least at one time, one of Katz's team was Mike Biddle, as mentioned in the video above. Biddle is a co-founder of a company called MBA Polymers. This company carries out the automated sorting of plastic. Its recycling centres are located in several countries and process one million pounds of plastic a day. This is apparently only a fraction of the material that collects on a daily basis. Biddle estimates that only about ten percent of our daily buildup of plastic waste is recycled. According to him, recycled plastic is pound-for-pound more valuable than steel.

Biddle would like the word "consumer" to be eliminated in relation to plastic. He believes that all plastic products should have once existed as a different product. One of his goals, which is also a goal of the Plastic Bank, is to change people's attitudes. People need to think that plastic is too valuable to leave on the ground or in the water.

Collection and Repurposing Centres

The founder of PeruRail provided land and financial support for the first Plastic Bank collection centre in 2014. Peru was an appropriate place for the project to begin. According to David Katz, only 2% of that country's waste stream is recycled. Much of the discarded plastic and other waste enters the waterways.

The Plastic Bank also has collection centres in Haiti, which like Peru has a serious problem with plastic in waterways. Here collectors can deliver their plastic to solar powered centres in order to receive money, items, or services such as sustainable cooking oil, soap, wifi access, or a charge for their phone. The bank is also operating in the Philippines and plans to begin operation in Indonesia and Brazil soon.

It will be interesting to watch the evolution of 3D printer use in the repurposing centres. 3D printers are certainly becoming very capable and their cost is decreasing rapidly. Many of them use plastic as a printing medium, so the printers would seem to be well suited for the recycling of plastic.

One question that needs to be answered is whether repurposing plastic from one use to another will actually reduce the amount of plastic waste or simply maintain it at the current level. This is something that needs to be closely monitored in any recycling effort.

Reducing Poverty

The Plastic Bank sounds like an excellent plan in principle, but time will tell whether it works in practice. I very much hope that the bank is successful and that if there are any problems the system is modified to solve them. So far the project seems to be progressing well.

The serious global problems of plastic pollution and poverty each need an effective solution (or more likely, many different solutions). Hopefully the Plastic Bank will help to reduce plastic waste and decrease the incidence of poverty, as it is intended to do.

References and Further Information

  • The plastic bank has a website at plasticbank.org.
  • The organization also operates a website at socialplastic.org. Both sites have social media accounts.
  • Scientists were interviewed for a CBC (Canadian Broadcasting Corporation) article about microplastics in supermarket fish.

Manhattan Beach

This New 'Skin' Is About to Give Millions of Amputees Back Their Sense of Touch


Los Angeles County Machinable Plastic

Santa Clarita Molding ABS Plastic

Alan Robbins is betting everything he owns that the world will pay more for picnic tables, mailbox posts, and speed bumps if they’re made from recycled plastics

Yes, he’s heard the career advice line from The Graduate. (“I just want to say one word to you: plastics.”)

You see, if you’re Alan E. Robbins, 43, a sense of humor comes in handy.

You need one, given what he wants to do with the rest of his life. Robbins, a charming father of five, wants to make wood obsolete. Maybe concrete, too.

It’s not quite as silly as it sounds.

Robbins is president of a company, which takes recycled plastics — milk jugs are a primary source of raw material — and turns them into everything from mailbox posts, picnic tables, and speed bumps to retaining walls at Sea World. In many areas in the country, especially the Santa Clarita and areas near by, recycling has become much more popular.

And no doubt there’s a desperate need for someone to do something with what the industry calls post-consumer (used) plastics. Recycled plastic materials are in demand.

With Americans producing 160 million tons of solid waste a year — that’s better than three pounds per person per day — landfills are beginning to overflow. And while plastics account for only 7% of those garbage heaps by weight, they make up 13% of their volume. Anything, even a mailbox post, that can reduce that amount of trash is something to be wished for.

New Plastic Products

Santa Clarita Plastic Information and Training

Nowadays recycling the plastic stuff and bags has become an important issue for the municipal authorities and state government all across the world. Recently, it was the New York City Council committee to recommend a 5 cent fee charge for every plastic bag. And there are already many states who either have posed some fine or a complete ban on the use of the plastic bags.

Being popular with the name, “white pollution”, the discarded plastic waste is certainly a dangerous waste product. It comes with an ability to break into toxic bits, which then contaminate soil and water, entering somehow back into the food chain. Thus, the plastic recycling process is something world needs to be aware of.

What is the plastic recycling process?

Basically, in the process the waste product is recovered through a chemical process which is specifically designed to recover scrap, turning into useful plastic products.

Thanks to the modern recycling plants, as these have made it possible to recover waste plastic from water bottles, plastic containers, and so on!

How does it work?

In the recycling process, the discarded plastic is usually categorized with the help of ‘Resin Identification Code’. Actually, it is a method designed to identify the material correctly through its polymer type. This method is highly useful in separating different types of plastic for better recycling output.

What are the benefits of recycling process?

Let’s look onto the advantages now.

1. Economical:

Yes, it helps save money. This has been experienced several states like, Michigan, California, and Vermon. Here people were incentivized to recycle, i.e. they get a monetary compensation for turning in their materials. And it was then found that this was much more efficient and economical way as compared to running a waste management facility, which is super expensive. To keep the operations running smoothly and effectively, there are a lot of bells and whistles. On the contrary, a recycling facility requires fewer efforts and is more cost-efficient.

2. Environmental Benefits:

Without a doubt, recycling has a positive impact on the environment. Here are some reasons:

· As the trash isn’t being burned, it reduces pollution. And for the manufacturers, they can reuse materials, eliminating the need to create new ones.

· Will you believe this- if only half of the people in the United States recycled regularly, the greenhouse gas emissions can be reduced to the equivalent of taking 25 million cars off of the road!

3. Eliminates Landfill Waste:

Those landfills are completely eyesores and that ‘smell’- it’s horrible. This is probably the reason why people are no longer happy with putting trash in a hole in the ground. In order to look for a zero-waste kind of world, this process benefits significantly.

What is the need?

Do you know every year billions of waste material enters into the sewage and water stream system? And of course, it does no good to the environment! Moreover, the cost to clean up sewage and blockages add up to the problems. Hence, it is high time to look forward this process.

White Sheet Plastic

The World's Top Chemical Companies

In a market where there appears to be a lack of volatility relative to recent history as well as hedge fund underperformance, it has been difficult for active managers to generate outsized returns for investors. Therefore, it makes sense that some large, big-name hedge fund managers who prefer to take large positions in a handful of stocks would try to create their own catalysts.

The story this week is Greenlight Capital's proposition to General Motors (NYSE:GM). In short, David Einhorn's hedge fund, a long-time GM shareholder, has proposed that GM split its shares into two classes of stock, one that pays a dividend and one that dos not. These classes could be named "GMD", signifying the dividend shares, or "GM" signifying the shares that do not pay the dividend.

Einhorn believes that this proposal would result in the market placing a higher value on the company's dividend as well as the future potential growth of the company. In today's video, Andrew Hall and Ben Nye dissect the decision and express their opinions as to whether the deal would in fact yield the benefits Mr. Einhorn anticipates.

Key in Greenlight's assumption matrix is the idea that earnings will not only be maintained at GM but actually improve over time. For many companies, this does not seem farfetched at all. However, in GM's situation, the narrative for the past few years has been one of "peak autos". We don't want to opine on our opinion as to where we are in the cycle and Mr. Einhorn may well be correct, that there are more years of growth to come.

However, we think this will be demonstrated more from mechanical engineering than financial engineering. As GM continues to roll out new and improved vehicles that demonstrate improved engineering versus the early 2000s, sustained and growing sales in our view are more likely to unlock value for shareholders.

The assumptions implicit in Greenlight's proposal is that this thesis turns out to be true. Andrew and Ben are not convinced that a financial transaction like this would actually unlock sustainable value for shareholders.

If you would like to review Greenlight's presentation in more detail, you can follow the link here.

Santa Clarita

ISO Standards for Small BusinessISO Standards for Small Business


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