Item 2. Properties

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Item 2. Properties

Due to the Company’s decentralized operating structure, the Company operates out of a number of facilities worldwide, none of which are individually significant to the Company or its segments. As of December 31, 2017, the Company operated the following plants and office facilities, excluding regional sales offices and warehouse facilities:



		Number Of Properties
	Owned		Leased		Total
Automotive OEM		58		35		93
Food Equipment		25		19		44
Test & Measurement and Electronics		27		58		85
Welding		25		15		40
Polymers & Fluids		34		33		67
Construction Products		27		27		54
Specialty Products		45		37		82
Corporate		1		9		10
Total		242		233		475

The Company’s properties are well suited for the purposes for which they were designed and are maintained in good operating condition. Production capacity, in general, currently exceeds operating levels. Capacity levels are somewhat flexible based on the number of shifts operated and on the number of overtime hours worked. The Company adds production capacity from time to time as required by increased demand. Additions to capacity can be made within a reasonable period of time due to the nature of the Company’s businesses.

The Company operated 301 plants and office facilities outside of the U.S. Principal countries include China, Germany, France and the United Kingdom.

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