Question-and-Answer Session
[Operator Instructions]. And our first question will go to Ron Epstein of Merrill Lynch. Please go ahead, sir.
Stephanie Hwang - Merrill Lynch
Hi, this is actually Stephanie Hwang. How are you guys?
Mark Donegan - Chairman and Chief Executive Officer
Hi Stephanie, how are you?
Stephanie Hwang - Merrill Lynch
Good. Could you just provide a little bit more color on the shutdown of the machining operation in the UK?
Mark Donegan - Chairman and Chief Executive Officer
Yeah, we basically had, we have three facilities in [inaudible] of our AETC operation. One is a cast and tool machining, where we enable to do, we have been able to drive efficiencies really across one of the machining operations and the casting, which created additional space.
So, we found ourselves in a situation with three facilities, where we really need a two. So, what we are doing is consolidating into two facilities and which you are looking at is really the cost of shutting down and the bulk of that is severance including employees located in the UK.
Stephanie Hwang - Merrill Lynch
Okay. And then related to, I guess, given how valuation has come down a bit. Are you seeing properties that are little bit more appealing? Should we still be expecting a ?neither moving acquisition??
Mark Donegan - Chairman and Chief Executive Officer
Well, again I think that we -- what we're looking at in the opportunities we're focused on have can remain unchanged.
Stephanie Hwang - Merrill Lynch
Okay.
Mark Donegan - Chairman and Chief Executive Officer
I certainly think that we're focusing on the right thing. They certainly capitalize on utilizing all of our core competency and certainly that has the market has stabilize. I think it provides a platform for us to engage in more truthful conversation.
Stephanie Hwang - Merrill Lynch
Okay. Thank you very much.
Mark Donegan - Chairman and Chief Executive Officer
Okay.
Operator
And our next question goes to Peter Arment at American Technology Research.
Peter Arment - American Technology Research
Hi, good morning Mark. You got a nice quarter.
Mark Donegan - Chairman and Chief Executive Officer
Thank you.
Peter Arment - American Technology Research
Could you talk a little bit about what you're seeing in the airfoil demand, I mean, you historically said you've seen, if you're going to see any contraction in the after-market, you see at there first. How was the growth on that side?
- To read the full transcript on Seeking Alpha, click here »
