Dear Team MAAG Americas, June closes out the second quarter and our halfway point in the year. Revenue continues to be strong, and we are on track versus our plan. Unfortunately, new bookings continue to be quite soft, especially for the capital (major equipment) projects. In the second quarter we saw a significant reduction of bookings versus the first quarter and are currently about 20% behind plan. Over the next several quarters, MAAG Americas will see a slowdown in some areas. These are the times to complete projects that optimize your area and improve how we work. Through this slow time, we also encourage people to take vacations and prepare for when we get busy again. In this edition of the MAAGAZIN we highlight the Recycling Market team. Recycling is a very important business for MAAG. We provide pumps, filters and dryers specifically designed for this market. Paul and his team are experts at explaining how the technologies can provide benefits to our customers. This year, low oil and virgin polymer prices are challenging the recycling market. Many of our customers are slowing down lines and, therefore, investment in recycling technology. The good news is that recycling is here to stay and is a great bet in the long-term. Also, in early July, Ueli announced that Paul Merich has accepted the role of Vice President for MAAG Americas. Paul will be moving from China in August and live in the Roanoke area. In a future edition we will highlight more about Paul and his history with MAAG. Bill
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