Flowserve makes pumps, valves and seals and sells to customers in the industrial, nuclear, oil and gas, and water supply markets. Capital spending in the water/wastewater sector is projected to grow by 10% a year in 2008-2010. Nothing to sneeze at. But growth in the sector segments of filtration, desalination, and exports of water equipment to China are projected to grow by 15%. Looking out beyond the next few years, I think growth rates are more likely to head up than down as growing populations in developing economies with more income use and demand more clean water.