Investments in Affiliated Companies

12 Months Ended

Dec. 31, 2011

Investments in Affiliated Companies

Investments in Affiliated Companies

Note 5 — Investments in Affiliated Companies

As of December 31, 2011, we have a 50% equity ownership investment in an Asian joint venture Asian Composites Manufacturing Sdn. Bhd. (“ACM”).  In 2009, we paid $6 million to increase our ownership percentage from 33.33% to 50%.  In accordance with accounting standards we have determined that this investment is not a variable interest entity.  As such, we account for our share of the operating performance of this affiliated company using the equity method of accounting.