Absolutely correct!
And thats a feat... after all, its a combined noun. Leave it to us Germanz to creat endlessly long nouns. An example:
"Donaudampfschifffahrtskapitänsmützenproduktionsbetriebsgeschäftsführerschreibtischnamensschildplakette"
Yes... that is a grammatically correct, rightly spelled noun of the German language. In theory, you can combine an infinite number of nouns although it generall stops making sense real quick.
The above example surprisingly sill makes sense somewhat!
And for you, [USER=4118]intwenothor[/USER] , I will include a translation 
It means
"The name plaque on the desk of the CEO of the company that produces the hats for the captains of the steamboat shipping line on the river
Danube"
Seriously!