Graco Inc. (NYSE:GGG) is looking for M&A. Mark Sheahan said, "We're obviously in the early stages of trying to deploy an M&A strategy, which hopefully will absorb some of that and also increase our leverage in the process of doing that. That's our goal. That's the objective.

And if we aren't successful there, obviously, we can look at share buybacks. But there's no targets or mandates or anything like that, that we're trying shoot for when it comes to balance sheet management".