LABL
#In revenues, you mean.
So none of the divestitures were from acquisitions.
We haven't divested any businesses.
The beverage business that <UNK> referred to is some business that we exited, and that is business that we have had for many, many years, low-margin beverage business that is from our legacy Multi-Color businesses.
Yes.
Specifically, in any given quarter, any given year, pricing varies between -1% and +1% impact on revenues.
This fiscal year, since the Q2 and Q3 it continued to be a -1% impact on the topline.
And that is slowly starting to reduce as we work through those new arrangements.
It is fair to say that we've re-contract several large customers in the middle of last calendar year.
That is great for us in terms of stability in medium term, but has involved some short-term price concessions.
And we are feeling the effect of that in Q2 and Q3, and that will continue to tail off in future quarters.
Well, if we continue to see disappointing quarters, then we won't do anything.
But on the basis that we can see improvement in our current book of business and make acquisitions, we think acquisitions do add meaningful value, both financially and strategically.
If we did not acquire, we would not be able ---+ if we were just a North American business today we would not be able to defend our global customer business that we have in North America easily.
And secondly, we'd miss out on opportunities to add a lot of value and miss the boat in terms of being a genuine global player in the space and the leveraging of customers and best practices and procurement that that provides.
So, done well, we think they have and can continue to add good value.
But we are not going to do it, come hell or high water.
We are going to do it because it makes financial sense and in a manageable way.
Thank you, everybody, for attending and your questions this morning.
We are focused on improving our quarterly results going forward and, fundamentally, we don't see that there is any significant change to the environment that we operate in.
These are self-inflicted, short-term challenges and we will work through them and move forward.
And we look forward to talking to you again next time around.
Thank you for your time.
