Metal rings very carelessly soldered. Some are offset to the side, some are tilted higher or lower, some protrude further, some have a larger or smaller loop to allow the cup to sit at different heights. This creates a mess of cups when placed together. They generally work - the solder holds, the pins are spaced for a standard pegboard, the cups fit the loops (albeit unevenly). If you just need it to work and don't care how it looks, that's fine. But if you want them to look uniform and neat, they won't do that for you. You can't even hang them the same distance apart as some of the loops hang so far that they take up extra space. My perforated panel is premium property. I don't want to give something extra space just because it was done poorly. At least I have clear cups so it's a little less noticeable like a toddler had them installed.
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