I was reading through ITEQ’s Q&A and found a few interesting comments: 1. “It is clear that glass-fiber fabric prices are rising, and we still expect a double-digit increase in the second half.” 2. It is uncertain how long the rise in glass-fiber prices will continue. From ITEQ’s perspective, however, we also need to consider that the large Chinese glass-fiber manufacturers we work with are pursuing very aggressive capacity-expansion plans. 3. If ITEQ can increase its use of glass-fiber fabric supplied by these Chinese manufacturers, it may not feel the Nittobo supply shortage as acutely as it does today. 4. Analyst: “Still, aren’t Nittobo’s supply shortages and price increases positive for CCL makers such as ITEQ?” ITEQ: “From a pricing perspective, yes. Nittobo has the broadest and most mature portfolio of high-end glass-fiber fabrics, giving it sufficient bargaining power to raise prices. Chinese fabric suppliers, however, are also expanding capacity aggressively and improving their technology. Whether they can actually reach the Low Dk 1 and 2 levels remains to be proven. Even so, the fabric shortage across the CCL industry is currently so severe that ITEQ plans to qualify and utilize as many Chinese suppliers as possible.”