Question-and-Answer Session
Operator
(Operator Instructions). Our first question is from Jim Lucas - Janney Montgomery Scott.
Jim Lucas - Janney Montgomery Scott
First question, could you expand a little bit on restructuring? That’s going to come in just a little bit lower than anticipated earlier in the year. How you’re going to approach restructuring as you think about what’s clearly becoming an even more challenging environment?
Nicholas Pinchuk
A couple of things. One is, we’ve said all along that, yes, our formal restructuring numbers are lower year-over-year but we have a number of smaller actions which have served us well in productivity and cost reduction that don’t necessarily qualify for restructuring in the classical sense and that’s driven our cost reduction going forward.
If you look at our numbers going into the fourth quarter, we’re going to look hard at the capacity of our facilities and improving administration in terms of productivity. I think it’s just doing Jim, what we’ve been doing all along.
If you look at our numbers, we’ve been making some pretty good headway out of – I don’t want to say flat sales, but modest sales increases. I think you’re going to see us doing that forward and I think going forward, I think the only thing about this current situation is we kind of got our alert up about trying to make sure that we match our capacity and our capabilities to the volumes as we see them.
Jim Lucas - Janney Montgomery Scott
Okay. Fair enough; that’s exactly the point I was looking for ?
Nicholas Pinchuk
I think you’re going to see us taking a look at plants; you’re going to see us look at lot of things, but it’s not so much different than we’ve done before, maybe we ratcheted it up because of the current economic uncertainty. I think we stand on our record of improving costs over the last several quarters.
Jim Lucas - Janney Montgomery Scott
Okay. And you made a comment in your closing remark about working people seeking solutions to real tasks and you know specifically one of the areas that’s gotten a lot of focus through earnings season was the credit crunch and what’s happened over the last, essentially, month.
When you look at your industrial markets and you look on both the tools and the equipment side, what impact has credit or lack of credit access had on that business and just any commentary about near-term trends there.
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