There is just a lot of inefficiency in the European economy. The EU and the euro have created opportunities for consolidation that companies in Europe never dreamed of.

There is just a lot of inefficiency in the European economy. The E.U. and the euro have created opportunities for consolidation that companies in Europe never dreamed of.

There is just a lot of inefficiency in the European economy.

In the mid- 1990s, we began re-evaluating common practices within the aerospace industry. We became determined to eliminate inefficiency within our machining operations. We developed entirely unique software for monitoring our processes, standardized on high-quality Mori Seiki machinery, and made a concerted effort to maximize productivity through automation.

There's increasing recognition that the Fed is not quite done. It means that the economy is going to get weaker, and that may put pressure on earnings in the second half.

We think the economy is going to be slowing down and the Fed's rate increases are coming to an end.