For Photo Stencil, 2011 was a year of growth with expansions of capability and capacity in all our facilities worldwide which will continue through 2012. We'll be adding more capital equipment and operational upgrades in both Malaysia, Mexico and the US. Some key technical positions have been filled which will allow us to retain and expand on our technology leadership.
More resources are being added to R&D to increase technology development and to customer process support. In July we introduced a new stencil technology, NicAlloyXT(TM), which bridges the gap between traditional laser cut and higher-end electroformed stencils. We continue to file new patents for breakthrough technologies which are enabling us to enter new markets this year.
Although general feedback in the industry is for moderate, single digit growth, our expansion into markets other than our traditional PCB assembly and semiconductor packaging, such as renewable energy, makes us optimistic that 2012 will be one of significant growth for us.
We are increasing market share and developing some exciting new global partnerships. I have an eye open for acquisitions that are a good strategic fit for Photo Stencil, so I am expecting good organic growth and possibly growth through acquisition as well.
