Question-and-Answer Session
Operator
(Operator Instructions). We will take our first question from Ghansham Panjabi of Wachovia.
Ghansham Panjabi - Wachovia
Hello and good morning.
Henry Theisen
Good morning, Ghansham.
Ghansham Panjabi - Wachovia
The pantry destocking that you referred to last year, have you seen similar signs of that in the European flexible packaging business as well?
Gene Wulf
Our European flexible packaging business was pretty stable in the third quarter and we just see a quite a bit of growth relating to PET sealants. Overall, our division leaders in Europe are worried about the effects of a slowdown in the economy. We have not seen it through the third quarter, but they are concerned about it going into the fourth quarter.
Ghansham Panjabi - Wachovia
Okay. Just as a follow up, what was the FX impact on the EPS line for the first nine months of the year? Thanks.
Melanie Miller
I apologize I do not have that. I am not sure we get in to those details because of the fact that it varies so much by the various businesses, so I will have to get back to you on that one.
Operator
We will take our next question from George Staphos of Banc of America Securities.
George Staphos - Banc of America Securities
Thanks, hi everyone, Good morning.
Henry Theisen
Good morning, George.
George Staphos - Banc of America Securities
How are you? Two questions around inventory? First off, might one reason why you do not see a pronounced effect from lower resin prices in the fourth quarter, B, the accounting, perhaps you bought a bit of inventory at higher cost levels, and it will take some time to have that move through the system, and then in general in the fourth quarter, can you help us project roughly what working capital benefit we should see in the models? Thank you.
Gene Wulf
Well, George, this is Gene.
George Staphos - Banc of America Securities
Hey, Gene.
Gene Wulf
On the inventory side, you are right. What happens is, we order inventory as we get commitments from our customers to order materials, and so through a FIFO basis, that flows through, and so what we ordered today will be produced in about three to four weeks, and then they will take it over the next 90 days, so that is why the impact of lower resin prices really does not impact us until a quarter following a change or a drop.
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