formula to extract a section of of a text string

hello, I have a column of text strings that i need to extract a portion of. Can someone give me some reccomendations or pointers on how to accomplish what I am trying to do?

This is the text string. I am trying to extract the section of text in red. The section will be different in every cell, but will be in the same position in the string b

Y:\XXX\Dal\Department\Provisions\Quality Assurance\1-2010 PRODUCT SPECIFICATIONS\xxxx PERISHABLE PRODUCT SPECIFICATIONS\Inactive\SPECS\FPxxxx.DOC