Actuant Class A Earnings Call Insights: Energy Analysis and European Pre-Buy
Allison Poliniak – Wells Fargo: I just wanted to turn to Energy, you obviously noted some weakness in the U.S., but it sounds, Mark, from your comment as we go into next year, the U.S. service side, it sounds like its improving, but the nuclear is still weak, is that the way to look at it?
Bob Arzbaecher – Chairman, President and CEO: I think that’s correct.
Mark Goldstein – COO: Yeah, it is Allison. If you remember last year we had very strong nuclear sales and we’ve been anniversarying that this year and it’s been a challenge for us and we see that continuing into the first quarter.
Allison Poliniak – Wells Fargo: Then acquisitions, you did Viking. Is there any updates in terms of the acquisition environment that’s notable in terms of any sort of easing with multiples in certain areas or are we still sort of status quo with the challenging environment there?
Andy Lampereur – EVP and CFO: Yeah. I would say that we’ve got a very full funnel of activity going on right now. Really, really in two areas; the first are the sort of the larger deals that we’re looking at that typically garner a little bit more competition, maybe an auction type situation and the other is really how we’ve built through tuck-ins where we’ve got, individual businesses that we’re talking with, succession issues and so, for those, the multiples are not as high. They’re more reasonable in a fairway, and the larger acquisitions, there is some pressure to move up on multiples, but we’re using a very – we’re managing the process in a very disciplined manner as we always have…