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In March 2020, the World Health Organization characterized the outbreak of COVID-19 as a pandemic.
−Removed: While we are actively monitoring the pandemic and taking steps to mitigate the risks posed by its spread, there is no guarantee that our efforts will mitigate the adverse impacts of COVID-19 or will be effective.
−Removed: The pandemic is adversely affecting, and is expected to continue to adversely affect, certain elements of our business, including our supply chain, distribution systems, and production levels.
+Added: While we continue to actively monitor the pandemic and take steps to mitigate the risks posed by its spread, there is no guarantee that our efforts will mitigate the adverse impacts of COVID-19 or will be effective.
+Added: The pandemic has adversely affected, and is expected to continue to adversely affect, certain elements of our business, including our supply chain and production levels.
We have experienced operational interruptions as a result of COVID-19, including the temporary suspension of operations due to government imposed restrictions at our facilities in Mexico and India.
−Removed: However, these operational interruptions are not expected to have a material impact on our consolidated results of operations.
−Removed: Additionally, certain portions of our workforce are unable to work effectively due to quarantines, government orders and guidance, travel restrictions, and other precautionary measures and restrictions.
+Added: As of June 30, 2020, all of our manufacturing operations have resumed, but we are unable to predict if there will be additional government imposed restrictions on our ability to operate in future periods.
+Added: Additionally, certain portions of our workforce might not be able to work effectively due to quarantines, government orders and guidance, travel restrictions, and other precautionary measures and restrictions.
This could have an adverse effect on the productivity and profitability of such manufacturing facilities, which could in turn adversely impact our business and operations.
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Current travel restrictions, as well as changes in the propensity for the general public to travel by air as a result of the COVID-19 pandemic, have caused reductions in demand for commercial aircraft, which will adversely impact our net sales and operating results and may continue to do so for an extended period of time.
−Removed: In addition, a n overall reduction in business activity as a result of the disruption caused by COVID-19 has led to a decrease in global demand for oil, thereby contributing to a substantial decline in oil prices.
−Removed: Approximately 23% of our net sales for the year ended December 31, 2019 were derived from sales to the general industrial market, which includes oil and gas sales.
−Removed: When the oil and gas market is in a downward economic cycle, our customers are typically adversely affected, which could result in industrial valve sales to the downstream markets being negatively impacted.
−Removed: While we are unable to predict the magnitude of such impact at this time, the loss of, or significant reduction in, purchases by our large commercial aircraft manufacturers and downstream industrial valve customers could have a material adverse effect on our business, financial condition, and results of operations.
−Removed: If the pandemic continues and conditions worsen, we may experience additional adverse impacts on our operational and commercial activities, costs, customer orders, and collections of accounts receivable, which may be material.
−Removed: In addition, we may also incur additional costs to remedy damages caused by business disruptions, performance delays or interruptions, or
−Removed: payment defaults or bankruptcy of our third-party customers and suppliers, any of which could adversely affect our financial condition and results of operations.
−Removed: Furthermore, the pandemic has impacted and may further impact the broader economies of affected countries, including negatively impacting economic growth.
+Added: In addition, an overall reduction in business activity as a result of the disruption caused by COVID-19 has led to a decrease in sales to the general industrial market, which primarily includes industrial vehicle and industrial valve products.
+Added: Approximately 23% of our net sales for the year ended December 31, 2019 were derived from sales to the general industrial market.
+Added: While we are unable to predict the magnitude of such impact at this time, the loss of, or significant reduction in, purchases by our large commercial aircraft manufacturers and general industrial customers could have a material adverse effect on our business, financial condition, and results of operations.
+Added: If the pandemic continues and conditions worsen, we may continue to experience additional adverse impacts on our operational and commercial activities, costs, customer orders, and collections of accounts receivable, which may be material.
+Added: In addition, we may also incur additional costs to remedy damages caused by business disruptions, performance delays or interruptions, or payment defaults or bankruptcy of our third-party customers and suppliers, any of which could adversely affect our financial condition and results of operations.
+Added: Furthermore, the pandemic has impacted and may further impact the broader economies of
+Added: affected countries, including negatively impacting economic growth.
Due to the speed with which the situation is developing, the global breadth of its spread and the range of governmental and community reactions thereto, there is uncertainty around its duration, ultimate impact, and the timing of recovery.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.