InterOcean’s first quarter 2020 Manufacturing Update reflects the severe impact of COVID-19 on all segments of the manufacturing sector. While the U.S. PMI advanced in March 2020 to 49.1, we expect to see significant contraction in Q2 2020. The only bright spots in the sector were those related to production of equipment used in environmental monitoring and remediation, sanitation and health care. Valuation multiples in the InterOcean Manufacturing Index declined across the board in the first quarter. However, valuation multiples in two segments (Electrical Products and Flow Control) remained strong.