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I think you're right about the aggressive growth target that required debt, but DOV has made a business of doing the same thing. What surprises me (and what seems to have surprised CSL management) is how quickly a year that was heading for record sales and earnings went sour in 2000/4. I guess we can use the R-word now, we're in a recession -- at least as far as manufacturing companies go, and we'll see a round of layoffs, factory closings, and general corporate belt-tightening until conditions improve. In the meantime we'll have to sit tight and enjoy the dividend.
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