They wanted the next Cisco and Microsoft, and all that stuff, and they were willing to pay a high price, but they wanted growth at any price. And as those other stocks started to crack a little bit, starting in about September, October, packaging had a very, very nice bounce. I should back up for a second too because in about June or July, packaging hit a more than 20-year low. It was the lowest valuation I ve ever seen. Then starting in about September, October the stocks bounced.
People are selective, but they ve opened up to value ideas.
That s not so bad, but a year ago everybody would have probably said thanks but no thanks. Investors are a little bit down on Bemis because three years ago they went through a kind of long and drawn out restructuring that was supposed to really revitalize the company. Some of their product lines maybe got a little bit old. The level of competition in some of their markets got very high, and maybe Bemis even lost some of its focus, trying to do too many different things. So they went through this painful restructuring.