Daniel Rizzo: Good morning. You mentioned the strength in prestige fragrances. I was wondering, if you have significant exposure to prestige beauty and if that’s holding up well or it’s less exposure or it’s just not doing as well as fragrance is?
Bob Kuhn: If you referred to the prestige skin care, we did grow there, but the majority of our growth there came from some tooling sales that we had in the quarter, but overall product sales were still very, very good.
Daniel Rizzo: Okay. And then, you mentioned that you’re working to close the plant in France. And I know it’s kind of a process, but I wonder once that process is complete, have you quantified what the savings will be on an annual basis at the end of ’24 or ’25 or whenever it’s complete?
Stephan Tanda: No, we have not. And for the simple reason that that will be detrimental to the negotiation process. So again, this is a unique in the world as far as I know process that is very demanding on everybody in the process and we can only — we’ll give you the answer once it’s done and agreed and signed. The only comfort I would take is as compared to the previous process where you need to negotiate both the future state and the way to get there and the different steps and how you get there is the voluntary process and the treatment and so on. When you close a plant, the future state is not much to be negotiated. So it’s more of how you’re going to treat the employees. That’s why we say, we think by mid next year, you will see the benefits of that closure. But it’s the only closures facility that we have in France.
Daniel Rizzo: Thank you, very much.
Operator: [Operator Instructions] As we have no further questions on the call, I will hand it back to Mr. Tanda to wrap up.
Stephan Tanda: Great. Thanks for your questions. Let me just reiterate, we are [Audio Gap] as well as for 2024. Many of the measures we have taken over the past years are now progressively coming to fruition and you are starting to see them in our results, whether it’s the much stronger execution, the much more capable and modernized and efficient asset base, growing pipeline and customers who are returning if not being very exciting about our innovation capability. And last not least, the very vigorous and multiyear systematic cost focus. All of these improvements are behind the improved operating leverage that you see and the double-digit EPS growth trajectory. So, as you look into the future, when you think about all the puts and takes we’ve talked about some of them, the proprietary drug dispensing systems will continue to grow after a period of double-digit growth, but will remain inside our growth targets for Pharma overall to the best of our knowledge.
Injectable ERP story, of course will not repeat, that’s up and running and we see a strong pipeline and a growing capacity in injectables. The active material business, the COVID — difficult COVID comparison is washing out and we see that business returning to growth. And lastly in Pharma, the digital health business is becoming less of a drag over time. Fragrance will continue to grow not at double digit, but in line with our Beauty overall growth targets and the drag from North America will abate both for Beauty and for Closures. And let’s not forget that the largest market for Beauty China is recovering and is coming back. At the same time, SG&A is coming down as a percentage of revenue and we give you a view on the further cost actions.
And of course there are additional activities ongoing, boosting our global talent centers and taking care across differentials. Having said all that, I wish everyone in the — especially in the US a good Thanksgiving and everybody else a good rest of the year and the relaxing holiday season and we see all of you on the road. Thank you.
Operator: This concludes today’s conference call. Thank you all very much for joining. You may now disconnect your lines.
