Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Ryan Jones - RBC Capital Markets.
Ryan Jones - RBC Capital Markets
With China slowing to high single-digit growth and with emerging markets starting to rollover as well, what are your thoughts about international growth going forward?
Timothy T. Tevens
It seems to me that with this credit crisis that we’re all faced with the global markets are certainly going to be affected in the long term. I think it’s fair to say that we will not see the global build that we’ve seen in the past. Things are indeed slowing albeit still growing but just growing at a much slower rate than what we’ve seen. Our expectations are that it will indeed be slower so we’re planning for that level of growth.
Ryan Jones - RBC Capital Markets
On steel and some other commodities that you’ve talked about, how far along are you in instituting the price increases with your customers and what has their feedback been so far?
Timothy T. Tevens
I think you heard Derwin talk about an August price increase we just had for hoist products and we’re instituting another one toward the end of the year. I think November. Do we know the date?
Derwin R. Gilbreath
Yes. The end of November.
Timothy T. Tevens
The reaction from the distribution is I think there’s recognition that there’s certainly volatility in the commodity markets. We surcharge all of our steel-based products whether it be chain or attachments and we have been doing this now for a number of years so we actually move that price monthly. What we’ve seen this past couple of months is just something we’ve never seen before in terms of the volatility, the wild swings up and down that we’re seeing right now. We will adjust those surcharges accordingly.
We also have been impacted by the motors that we buy for example, which have been impacted by those commodities as well both up and down. But we’re also seeing higher utility costs for example coming at us. We’re trying to react as quickly as we can and be as fair as we can to all of our distribution channel partners but the reality is it’s so volatile right now it’s tough to [inaudible].
Ryan Jones - RBC Capital Markets
But the price increases you think will stick?
Timothy T. Tevens
Yes.
Operator
Our next question comes from Joe Giamichael - Rodman & Renshaw LLC.
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