1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:07,960 --> 00:00:11,680 Speaker 2: You're listening to Bloomberg Business Week with Carol Masser and 3 00:00:11,760 --> 00:00:14,200 Speaker 2: Tim Stenovek on Bloomberg Radio. 4 00:00:14,400 --> 00:00:17,040 Speaker 3: We talked about salt manufacturing the US, I should say 5 00:00:17,440 --> 00:00:18,840 Speaker 3: the President in the White House talks. 6 00:00:18,640 --> 00:00:21,599 Speaker 1: About it a lot, and the important of just really 7 00:00:21,640 --> 00:00:24,360 Speaker 1: one hundred percent manufacturing have targeted big tech companies who 8 00:00:24,400 --> 00:00:27,440 Speaker 1: still have manufacturing elsewhere and they really just want to 9 00:00:27,480 --> 00:00:30,440 Speaker 1: be everything one hundred percent made in the USA. 10 00:00:30,600 --> 00:00:33,519 Speaker 3: Yeah, and there's been a lot of attracting investments into 11 00:00:33,560 --> 00:00:36,880 Speaker 3: the US is certainly a big theme here in twenty 12 00:00:36,920 --> 00:00:40,800 Speaker 3: twenty five. So our trade deals, changing global flows top 13 00:00:40,840 --> 00:00:43,120 Speaker 3: of mind for investors, which is why it's kind of 14 00:00:43,120 --> 00:00:45,040 Speaker 3: a great time to check in with our next guest, 15 00:00:45,400 --> 00:00:48,400 Speaker 3: whose company does manufacturing in the United States has been 16 00:00:48,400 --> 00:00:50,519 Speaker 3: doing so for one hundred and sixty years, is a 17 00:00:50,520 --> 00:00:55,080 Speaker 3: great read to on the US economy, US business and 18 00:00:55,120 --> 00:00:57,560 Speaker 3: also consumers. So it's nice to have back with us. 19 00:00:57,920 --> 00:01:00,640 Speaker 3: Ross wid Moyer. He is president and CEO of Barabau Mill. 20 00:01:01,120 --> 00:01:04,319 Speaker 3: He also held a senior merchandising roles are several I 21 00:01:04,319 --> 00:01:06,560 Speaker 3: should say, at Target and he joins US from Minnesota. 22 00:01:06,640 --> 00:01:08,480 Speaker 3: Ross good to have you back with us? How are you? 23 00:01:09,720 --> 00:01:11,240 Speaker 4: I'm well, thanks for having me on today. 24 00:01:11,480 --> 00:01:13,120 Speaker 3: So you know, I was thinking about this, We were 25 00:01:13,120 --> 00:01:15,080 Speaker 3: thinking about this and getting ready for you to join us. 26 00:01:15,360 --> 00:01:18,760 Speaker 3: I think we talked in July. Tell us about the 27 00:01:18,800 --> 00:01:22,039 Speaker 3: past few months. What's changed in terms of process, strategy, 28 00:01:22,160 --> 00:01:25,080 Speaker 3: outlook and really your outlook too. On the US economy. 29 00:01:26,080 --> 00:01:27,880 Speaker 4: Yeah, I would say a couple of things on that front. 30 00:01:27,959 --> 00:01:30,480 Speaker 2: Number One, you know, for us as a US manufacturer, 31 00:01:30,480 --> 00:01:33,480 Speaker 2: it's been business as usual, and I think other manufacturers 32 00:01:33,480 --> 00:01:35,560 Speaker 2: I've talked to, not only here in Minnesota, but around 33 00:01:35,560 --> 00:01:38,680 Speaker 2: the country, it's been anything but business as usual. So 34 00:01:39,680 --> 00:01:42,160 Speaker 2: you know, from that standpoint, it's it's been a good 35 00:01:42,200 --> 00:01:43,680 Speaker 2: thing for our company. It's been a good thing for 36 00:01:43,920 --> 00:01:48,240 Speaker 2: our employees, you know. I think the the other piece 37 00:01:48,280 --> 00:01:50,840 Speaker 2: I would add to that is, you know, with all 38 00:01:50,920 --> 00:01:53,480 Speaker 2: of the noise around tariffs and what that's going to 39 00:01:53,560 --> 00:01:56,680 Speaker 2: mean not only for manufacturers and consumer products, but also 40 00:01:56,760 --> 00:01:59,400 Speaker 2: for the consumer, there's a lot of noise and I 41 00:01:59,400 --> 00:02:04,280 Speaker 2: think it's caused a bit of an undercurrent of economic uncertainty, 42 00:02:04,360 --> 00:02:06,880 Speaker 2: which heading into the holiday season, you know, can be 43 00:02:07,480 --> 00:02:09,120 Speaker 2: a little bit scary for those of us who are 44 00:02:09,120 --> 00:02:13,640 Speaker 2: in the retail business, particularly a fourth quarter driven retail business. 45 00:02:14,360 --> 00:02:17,880 Speaker 2: But we're still despite all that, really optimistic about the 46 00:02:17,960 --> 00:02:19,040 Speaker 2: upcoming holiday season. 47 00:02:20,000 --> 00:02:23,480 Speaker 1: Your company has reported record revenue growth for around four 48 00:02:23,520 --> 00:02:27,520 Speaker 1: consecutive years and launched over one hundred new products. What's 49 00:02:27,600 --> 00:02:30,760 Speaker 1: driving that momentum and what lessons do you wish to 50 00:02:30,960 --> 00:02:33,560 Speaker 1: parlay to those who are saying that it's impossible for 51 00:02:33,639 --> 00:02:35,680 Speaker 1: things to be one hundred percent made in the USA. 52 00:02:36,840 --> 00:02:37,680 Speaker 4: Yeah, well, you. 53 00:02:37,600 --> 00:02:40,040 Speaker 2: Know, I wouldn't say it's impossible because we've been doing 54 00:02:40,080 --> 00:02:42,200 Speaker 2: it for one hundred and sixty years here in Minnesota, 55 00:02:42,320 --> 00:02:45,960 Speaker 2: and we have a proven product. We've been perfecting our 56 00:02:46,000 --> 00:02:49,200 Speaker 2: woolen cotton blankets that we make here in Minnesota also 57 00:02:49,280 --> 00:02:51,959 Speaker 2: in Maine, I should say over that course of time, 58 00:02:52,120 --> 00:02:55,480 Speaker 2: so you know, made in America is we were doing 59 00:02:55,520 --> 00:02:58,680 Speaker 2: made in America before made in America was cool. But 60 00:02:58,760 --> 00:03:02,400 Speaker 2: I would say that they're really with a new found 61 00:03:03,600 --> 00:03:10,640 Speaker 2: investment in American manufacturing, developing the workforce, reinvigorating a plant 62 00:03:10,720 --> 00:03:13,280 Speaker 2: like we did here in Minnesota. We put a multiple 63 00:03:13,400 --> 00:03:19,200 Speaker 2: million dollar effort and investment into our mill here in 64 00:03:19,240 --> 00:03:21,840 Speaker 2: the States with new equipment to help modernize us and 65 00:03:21,880 --> 00:03:23,680 Speaker 2: get us not only out of the nineteenth century, but 66 00:03:23,720 --> 00:03:26,400 Speaker 2: into the twentieth and eventually the twenty first century, and 67 00:03:26,440 --> 00:03:29,720 Speaker 2: that's really kind of helped us gain this new found 68 00:03:29,720 --> 00:03:31,760 Speaker 2: momentum we have as a company as a brand, and 69 00:03:32,040 --> 00:03:34,480 Speaker 2: we're really excited about it and we'd love for others 70 00:03:34,480 --> 00:03:35,920 Speaker 2: to follow in our footsteps as well. 71 00:03:36,200 --> 00:03:38,960 Speaker 1: And you've recently been able to lower prices permanently also, 72 00:03:39,000 --> 00:03:42,320 Speaker 1: which is something very rare in the manufacturing space. Can 73 00:03:42,360 --> 00:03:45,080 Speaker 1: you walk us through any specific changes that you've made, 74 00:03:45,120 --> 00:03:48,520 Speaker 1: whether it's technological or more procedural, that made that possible. 75 00:03:49,600 --> 00:03:49,880 Speaker 4: Yeah. 76 00:03:50,000 --> 00:03:52,080 Speaker 2: No, I think that's been the big news coming out 77 00:03:52,120 --> 00:03:54,880 Speaker 2: of fairboughm Minnesota, is that we've been lowering prices while 78 00:03:54,960 --> 00:03:58,960 Speaker 2: others are raising prices, especially in this hyperinflationary environment we've 79 00:03:59,000 --> 00:04:00,840 Speaker 2: experienced over the last up of years. And we've been 80 00:04:00,880 --> 00:04:04,080 Speaker 2: able to do that all the while raising wages here 81 00:04:04,120 --> 00:04:06,760 Speaker 2: with our workers in Minnesota. 82 00:04:06,320 --> 00:04:08,360 Speaker 4: Which're really proud to have done that. 83 00:04:09,160 --> 00:04:11,120 Speaker 2: But really for us, it's about the investment in new 84 00:04:11,120 --> 00:04:16,320 Speaker 2: equipment and helping automate the manufacturing of a craft. 85 00:04:16,040 --> 00:04:17,680 Speaker 4: That we've been doing for one hundred and sixty years. 86 00:04:17,720 --> 00:04:20,120 Speaker 2: And I think sometimes automation is a bit of a 87 00:04:20,160 --> 00:04:25,040 Speaker 2: dirty word particularly if you're in the workforce, it oftentimes 88 00:04:25,120 --> 00:04:28,560 Speaker 2: means replacing workers with machines. We're doing anything but that 89 00:04:28,640 --> 00:04:32,400 Speaker 2: where we're continuing to grow employment here at our plant 90 00:04:32,440 --> 00:04:35,240 Speaker 2: in Minnesota and in Maine, but we're able to make 91 00:04:35,279 --> 00:04:37,760 Speaker 2: more product as a consequence. 92 00:04:37,240 --> 00:04:40,880 Speaker 4: Of the new high speed, high. 93 00:04:40,760 --> 00:04:43,760 Speaker 2: Tech machinery we've invested in invested in over the last 94 00:04:43,839 --> 00:04:46,480 Speaker 2: couple of years, and that's allowed us to make blankets 95 00:04:47,520 --> 00:04:50,880 Speaker 2: more cheaply, and rather than pocket all that game, we 96 00:04:50,920 --> 00:04:52,960 Speaker 2: wanted to pass it on to our consumers because we 97 00:04:53,000 --> 00:04:55,240 Speaker 2: know that they're getting pinched from all corners of their 98 00:04:55,279 --> 00:04:58,800 Speaker 2: life and it's the least we could do here as 99 00:04:58,839 --> 00:05:01,440 Speaker 2: a great American and in the great American company. 100 00:05:01,720 --> 00:05:04,280 Speaker 3: Hey, you know, I am curious too about selling, Like 101 00:05:04,279 --> 00:05:06,240 Speaker 3: I'm on your website right now. I mean, how much 102 00:05:06,279 --> 00:05:09,479 Speaker 3: is direct to consumer? How much is and forgive me 103 00:05:09,520 --> 00:05:13,080 Speaker 3: for not knowing like retail or do you have partnerships 104 00:05:13,080 --> 00:05:15,279 Speaker 3: that you sell at you know, existing retail? 105 00:05:16,320 --> 00:05:18,160 Speaker 4: Yeah, we do it all. 106 00:05:17,920 --> 00:05:21,200 Speaker 2: We you know, we've really over the last five years 107 00:05:21,240 --> 00:05:24,240 Speaker 2: made a strategic pivot from a long run contract based 108 00:05:24,240 --> 00:05:29,000 Speaker 2: manufacturer into more of a short run, nimble, customizable direct 109 00:05:29,040 --> 00:05:33,800 Speaker 2: to consumer marketer and merchant merchandiser, and that's really helped 110 00:05:33,880 --> 00:05:35,839 Speaker 2: us grow our business. You talked about our top line 111 00:05:35,880 --> 00:05:38,480 Speaker 2: sales growing over the last four years. We're expecting this 112 00:05:38,560 --> 00:05:41,279 Speaker 2: to be a record year number five for US. But 113 00:05:41,320 --> 00:05:44,240 Speaker 2: we also do a lot of partnerships with different brands 114 00:05:44,400 --> 00:05:45,320 Speaker 2: around the country. 115 00:05:45,400 --> 00:05:49,120 Speaker 4: Coach and Supreme have been too that we worked with. 116 00:05:49,960 --> 00:05:52,000 Speaker 2: Not to mention the fact, we've been making blankets for 117 00:05:52,040 --> 00:05:55,360 Speaker 2: the US military since before World War One, and we 118 00:05:55,360 --> 00:05:57,760 Speaker 2: were just awarded a five year Army contract, so now 119 00:05:57,800 --> 00:06:00,599 Speaker 2: we make blankets for both the US Navy and the 120 00:06:00,680 --> 00:06:03,400 Speaker 2: US Army, so anybody who enlists will get a blanket 121 00:06:03,400 --> 00:06:05,840 Speaker 2: made here in Fairbeam, Minnesota. So it's a multi channel 122 00:06:05,839 --> 00:06:11,159 Speaker 2: approach to retailing that we do, driven largely by direct 123 00:06:11,160 --> 00:06:14,520 Speaker 2: to consumer as you mentioned, but strategic wholesale and contract 124 00:06:14,520 --> 00:06:15,560 Speaker 2: manufacturing as well. 125 00:06:15,600 --> 00:06:18,040 Speaker 3: What's the biggest part of your revenues and revenue growth? 126 00:06:18,120 --> 00:06:19,320 Speaker 3: Is it the direct to consumer? 127 00:06:20,600 --> 00:06:23,120 Speaker 2: It is the direct to consumer, and that really starts 128 00:06:23,120 --> 00:06:25,320 Speaker 2: with product. You know, I've been around a lot of 129 00:06:25,320 --> 00:06:28,320 Speaker 2: consumer product companies over the course of my career, and 130 00:06:28,640 --> 00:06:32,760 Speaker 2: newness is the lifeblood of any consumer product company. Newness 131 00:06:32,800 --> 00:06:34,920 Speaker 2: and unique product, and we have a lot of unique product, 132 00:06:34,960 --> 00:06:37,760 Speaker 2: which makes me really optimistic about the holiday season because 133 00:06:37,760 --> 00:06:42,760 Speaker 2: I think regardless of any consumer uncertainty, those retailers that 134 00:06:42,839 --> 00:06:46,160 Speaker 2: have unique, differentiated product are poised to win. 135 00:06:46,200 --> 00:06:47,799 Speaker 4: And we think we fall in that category. 136 00:06:47,880 --> 00:06:53,760 Speaker 2: With our city maps, our flag blankets, our artist collections, 137 00:06:54,000 --> 00:06:55,920 Speaker 2: we have a lot of unique products you can't find 138 00:06:55,960 --> 00:06:59,000 Speaker 2: anywhere else, all of which is made here in the 139 00:06:59,080 --> 00:06:59,760 Speaker 2: United States. 140 00:07:00,240 --> 00:07:03,040 Speaker 1: It seems like matter if your peers are facing margin 141 00:07:03,040 --> 00:07:06,240 Speaker 1: pressures and arising input cost but you're striving and if 142 00:07:06,279 --> 00:07:08,440 Speaker 1: you must. What would you say is the biggest pain 143 00:07:08,480 --> 00:07:11,480 Speaker 1: point when you produce and manufacture everything in the US? 144 00:07:11,560 --> 00:07:15,960 Speaker 1: Is it labor? Is it just competing with overseas prices? 145 00:07:16,120 --> 00:07:19,160 Speaker 1: Is it just the cost of these materials? What would 146 00:07:19,160 --> 00:07:19,640 Speaker 1: you say it is? 147 00:07:20,640 --> 00:07:20,880 Speaker 4: Yeah? 148 00:07:20,960 --> 00:07:23,640 Speaker 2: I think you know, historically it's been cost it's been 149 00:07:23,680 --> 00:07:26,880 Speaker 2: more expensive to produce here in the United States that 150 00:07:27,000 --> 00:07:31,000 Speaker 2: it has been let's say in China, because of what 151 00:07:31,040 --> 00:07:34,360 Speaker 2: we pay our workers, and we pay our workers a 152 00:07:34,480 --> 00:07:36,200 Speaker 2: good and a fair wage here. We want them to 153 00:07:36,240 --> 00:07:40,000 Speaker 2: be able to sustain good middle class lifestyles here in Farbough, 154 00:07:40,000 --> 00:07:41,920 Speaker 2: Minnesota and also out in mom With, Maine, where we 155 00:07:41,960 --> 00:07:44,160 Speaker 2: produce our cotton blankets, so it's an important part of 156 00:07:44,160 --> 00:07:46,600 Speaker 2: our mission as a company. But I will tell you 157 00:07:46,760 --> 00:07:50,960 Speaker 2: with the tariffs in place, that cost gap has shrunk. 158 00:07:51,720 --> 00:07:54,040 Speaker 2: We have a proven product that we've been making for 159 00:07:54,080 --> 00:07:57,040 Speaker 2: over one hundred and sixty years, and we're made here 160 00:07:57,040 --> 00:07:58,880 Speaker 2: in the United States. So if you go back to 161 00:07:58,920 --> 00:08:04,040 Speaker 2: the old operational middle of winning on cost, quality, and flexibility, 162 00:08:04,760 --> 00:08:07,560 Speaker 2: we think we can wear on all three aspects of 163 00:08:07,600 --> 00:08:10,480 Speaker 2: that of that model. And that's why we're really excited 164 00:08:10,480 --> 00:08:12,640 Speaker 2: about where we are today and why we're really excited 165 00:08:12,680 --> 00:08:13,280 Speaker 2: about the future. 166 00:08:13,480 --> 00:08:15,960 Speaker 3: You know, we talk a lot with you and also 167 00:08:16,000 --> 00:08:19,320 Speaker 3: in general this year, certainly with President Trump and the 168 00:08:19,360 --> 00:08:21,920 Speaker 3: White House about you know, manufacturing coming back to the 169 00:08:22,040 --> 00:08:25,440 Speaker 3: United States. You know, what would make manufacturing easier for 170 00:08:25,640 --> 00:08:26,880 Speaker 3: you in the US? 171 00:08:27,000 --> 00:08:27,240 Speaker 4: Is it? 172 00:08:27,760 --> 00:08:31,040 Speaker 3: I mean, you want to pay workers what they're worth, 173 00:08:31,400 --> 00:08:34,240 Speaker 3: you know, especially in an economy where we talk about 174 00:08:34,240 --> 00:08:36,880 Speaker 3: a ca shaped economy where not everybody's doing so well 175 00:08:38,080 --> 00:08:41,240 Speaker 3: and people can't afford to, you know, put food on 176 00:08:41,240 --> 00:08:44,600 Speaker 3: their table or provide housing. I mean, it's just really 177 00:08:44,640 --> 00:08:46,640 Speaker 3: tough for a lot of Americans, not just a few, 178 00:08:46,679 --> 00:08:49,440 Speaker 3: but a lot of Americans. So when you look at this, 179 00:08:49,679 --> 00:08:51,920 Speaker 3: what would make it easier. 180 00:08:53,080 --> 00:08:55,319 Speaker 2: Yeah, I think, you know, I talked to a lot 181 00:08:55,320 --> 00:08:59,040 Speaker 2: of manufacturers and I chair the Manufacturer's Council here in 182 00:08:59,080 --> 00:09:01,960 Speaker 2: the state of Minnesota, and the number one issue I 183 00:09:02,080 --> 00:09:06,599 Speaker 2: hear from manufacturers and we feel it as well, is 184 00:09:06,600 --> 00:09:09,920 Speaker 2: is finding not only workers and a workforce, but a 185 00:09:09,960 --> 00:09:13,040 Speaker 2: skilled workforce that can do the type of work we 186 00:09:13,080 --> 00:09:15,080 Speaker 2: need them to do with state of the art machinery 187 00:09:15,080 --> 00:09:16,880 Speaker 2: that we've invested in over the last two years. So 188 00:09:16,920 --> 00:09:19,000 Speaker 2: I think I think there has to be a renewed 189 00:09:19,080 --> 00:09:26,040 Speaker 2: focus on investing in education in this country, particularly vocational education, 190 00:09:26,480 --> 00:09:29,280 Speaker 2: starting not only a two year vocational schools, but all 191 00:09:29,320 --> 00:09:32,560 Speaker 2: the way to high schools and even middle schools. 192 00:09:32,640 --> 00:09:34,840 Speaker 3: So you don't need so you don't need somebody necessarily 193 00:09:34,880 --> 00:09:35,920 Speaker 3: with a college degree. 194 00:09:37,040 --> 00:09:39,120 Speaker 2: No we I mean, you know, I tell people all 195 00:09:39,160 --> 00:09:42,400 Speaker 2: the time, if if you post on indeed for a 196 00:09:42,720 --> 00:09:45,200 Speaker 2: weave technician, you're gonna be sitting by your computer a 197 00:09:45,200 --> 00:09:46,559 Speaker 2: long time waiting for people to. 198 00:09:46,480 --> 00:09:49,480 Speaker 4: Fill that out with experience. So we train people. It's 199 00:09:49,480 --> 00:09:50,600 Speaker 4: an apprenticeship business. 200 00:09:51,080 --> 00:09:54,120 Speaker 2: And so what we need are people with mechanical aptitude, 201 00:09:54,200 --> 00:09:56,360 Speaker 2: who are willing to work, who are willing to learn, 202 00:09:56,400 --> 00:09:59,480 Speaker 2: who are curious. And I think those are skills that 203 00:09:59,520 --> 00:10:02,679 Speaker 2: can be trained, certainly in middle school all the way 204 00:10:02,720 --> 00:10:04,480 Speaker 2: to high school and if need be. 205 00:10:04,480 --> 00:10:06,480 Speaker 4: Up to two year vocational colleges as well. 206 00:10:07,080 --> 00:10:09,360 Speaker 1: What about looking ahead? You said that you've been making 207 00:10:09,480 --> 00:10:12,080 Speaker 1: things in America even before it was cool. Well, now 208 00:10:12,160 --> 00:10:15,160 Speaker 1: that is cool or what is encouraged? Do you believe 209 00:10:15,200 --> 00:10:18,479 Speaker 1: that the current momentum in US manufacturing here is sustainable? 210 00:10:18,600 --> 00:10:22,640 Speaker 1: Like what if everyone really does manufacture in America? Is 211 00:10:22,679 --> 00:10:24,760 Speaker 1: that something that can. 212 00:10:24,640 --> 00:10:26,800 Speaker 3: Be Yah, Well, we have enough workers, especially if. 213 00:10:26,760 --> 00:10:28,320 Speaker 1: We need work materials and everything. 214 00:10:28,400 --> 00:10:31,400 Speaker 2: Yeah, that's the key question is I think do we 215 00:10:31,480 --> 00:10:34,480 Speaker 2: have the workers to do that? I think workers coupled 216 00:10:34,520 --> 00:10:38,920 Speaker 2: with state of the art technology, you know, where you 217 00:10:39,000 --> 00:10:41,600 Speaker 2: can have the same number of workers like we do here, 218 00:10:41,800 --> 00:10:43,640 Speaker 2: but if we have the right technology, we can actually 219 00:10:43,640 --> 00:10:44,559 Speaker 2: produce more product. 220 00:10:45,520 --> 00:10:45,760 Speaker 4: You know. 221 00:10:45,920 --> 00:10:48,079 Speaker 2: That's kind of the secret sauce, and that's what we 222 00:10:48,160 --> 00:10:50,440 Speaker 2: have to figure out as a country, as a society. 223 00:10:50,440 --> 00:10:51,839 Speaker 2: It's not going to be an easy task. I don't 224 00:10:51,880 --> 00:10:53,679 Speaker 2: think it's going to be as easy as maybe it's 225 00:10:53,679 --> 00:10:56,520 Speaker 2: sometimes made out to be in the media. But those 226 00:10:56,520 --> 00:10:58,200 Speaker 2: of us who are doing it are working at it 227 00:10:58,240 --> 00:11:01,800 Speaker 2: really hard, and we're working at it with like minded 228 00:11:01,840 --> 00:11:04,920 Speaker 2: companies as well, because it's good for our companies, it's 229 00:11:05,000 --> 00:11:08,120 Speaker 2: good for our communities, it's good for our investors too. 230 00:11:08,880 --> 00:11:10,560 Speaker 3: All Right, we're gonna have to leave it there. Ross. 231 00:11:10,640 --> 00:11:13,520 Speaker 3: Always good to get some time with you, Ross, and 232 00:11:13,559 --> 00:11:15,520 Speaker 3: maybe we can get another chat with you as we 233 00:11:15,559 --> 00:11:18,640 Speaker 3: get closer to the holidays, because the season is just 234 00:11:18,720 --> 00:11:20,240 Speaker 3: around the corner. Although we have to get through. 235 00:11:20,160 --> 00:11:22,599 Speaker 1: Halloween first Halloween, and Thanksgiving. 236 00:11:22,160 --> 00:11:24,199 Speaker 3: And Thanksgiving, but you know how it goes around here. 237 00:11:24,320 --> 00:11:26,800 Speaker 3: It's like Christmas or the holidays, all of it's coming. 238 00:11:27,360 --> 00:11:30,200 Speaker 3: Ross Win Moyer. He's President CEO of Ferrebau MIL joining 239 00:11:30,280 --> 00:11:32,439 Speaker 3: us from Minnesota.