Here's an excerpt from the CEO's speech:
"I am very disappointed in our sales volume declines in both our North American and European direct sales units which are primarily a result of overall declines in the sales force capacity. The combination of high quality products and Zep specialized technical knowledge continue to be highly valued in select markets like food processing, industrial maintenance and repair operations and the oil and gas industry.
Recruiting efforts going forward will concentrate on a hiring specialist and reuse in other key vertical markets.
Now that we have expanded our access to market through several acquisitions, we have begun increasing our investments in organic growth. I'm pleased with the recent progress our teams are making in product innovation and market initiatives. And specifically our Zep commercial products are now available in nearly 11,000 home improvement, mass and other specialty retailers.
We are strengthening relationships with key retail partners by expanding our product line and by adding new retail locations. I am also pleased to report that the Zep Vehicle Care integration continues on schedule."
You can find more at ZEP - Q3 2013 Earnings Call - Earnings Impact