In April 2003, we acquired Etimark GmbH, located in Bad Nauheim, Germany. Etimark offers complete bar-code solutions including high-performance labels, printers, applicators and software. As one of the largest label manufacturers in Germany, the company further enhances Brady’s position as a leading provider of identification solutions in Europe. In February 2003, we also acquired Cleere Advantage Ltd., the largest independent dealer of Brady’s Signmark ® products in the United Kingdom. This was followed in July 2003 by the acquisition of Aztech Systems, another dealer of Brady products in the U.K. Both acquisitions signal a renewed commitment to a stronger direct sales relationship with our end-user customer base in the U.K. The investments we made in our process improvement initiatives over the past three years set the stage for important changes to our organizational structure. With common processes and systems now established in 70 percent of our business, we have the underlying global platform needed to facilitate the combining of our Identification Solutions & Specialty Tapes Group with our Graphics & Workplace Solutions Group. The new organizational structure shifts from a group structure based on product lines, to a regional structure focusing on the Americas, Europe and Asia. This new structure optimizes our efforts to create value for our customers by bringing them a more complete offering of Brady products and simplifying their purchasing experiences. As we work to increase value for our shareholders and maximize our profitability, the new structure also affords us the opportunity to eliminate redundancies in our operations, particularly in the sales and marketing organization, and establish a more streamlined global footprint by consolidating certain manufacturing operations. We will begin reporting financial results by regional operations in fiscal 2004. Process Improvement Brady Corporation 6 for site and equipment inspections, and helps customers comply with strict occupational and physical safety regulations. TISCOR products closely align with our core businesses in safety, facility maintenance, security and asset management. TISCOR ’s  so ftw are helps customers track strict occupational and safety r egulations on handheld computer de vices. April 2003 - Brady again named to Business Ethics magazine's "100 Best Corpor ate Citizens" list April 2003 - Brady acquires German bar-code manufacturer Etimark May 2003 - Brady announces restructuring including a 10-percent workforce reduction and facility consolidations July 2003 - Brady acquires British distributor Aztech Systems