Hi Tim,

We've all been wondering why we haven't heard much regarding Aubert & Duval, even though Peter said Pyro has made a correction to the powder production process.  It looks like it's probably because A & D's business has slowed down due to Covid.

Your analysis is very good.  I'm just saying that we can't expect the powder sales to materialize immediately.  First the deal has to go through, and then it may take a while before the AM is brought in-house.  But maybe I'm wrong.  Maybe they'll want to start using the powders right now, per your presumption.

Anyway, you're right that this should be very positive for Pyro down the road.  And as you say, it also puts them "inside the fence" in yet another division.

Regards,

Snowdrift