The plan targets a 75% improvement in EBITDA margins by 2015. More specifically, we are targeting margins of 9.5% by 2012 and 12.5% by 2015.

The Plan is Affordable

We are adhering to a very disciplined approach. In the first two years of the plan, we expect to achieve significant cost savings through complexity reduction and the early benefits of near-term plant consolidations without major capital investments. We have committed to maintaining an investment-grade credit rating through the life of the plan, with a target of 3.0× debt to EBITDA or lower. At year-end 2010 this ratio was 2.5×.

It’s also important to view the costs and benefits of this plan against the alternative. That’s because if we weren’t investing in new scale and technology, we would have to invest more money in older plants to keep them running. The result is an incremental new spend of roughly $550 million from 2010 through 2013 to achieve a state-of-the-art manufacturing network over what it would cost just to maintain the status quo.

The Plan is Measurable

The plan targets a 75% improvement in EBITDA margins by 2015. More specifically, we are targeting margins of 9.5% by 2012 and 12.5% by 2015. This includes taking margins in our business from 7.3% in 2010 to 12.5% over the next five years. The EBITDA metric is not our primary measure of success; rather it is our measure of comparative operating performance. Ultimately this strategy will deliver the return on net assets shareholders require, well above our cost of capital, to create value.