I think its early days, but we’ll start to see that ramp up. And I think these broader marketing and science initiatives that we have will just further accelerate over time. We are really excited about the portfolio. Our whole team is out. Unfortunately, I can’t be there, because of this call, but it’s a supply side West in Las Vegas. And we’re really spending this trade show, which is really the premier supplement trade show, and we’re really focused on the synergies across our portfolio, and it’s not just the minerals, nutrients and vitamins. But it’s also the food and beverage system formulation expertise that we have and all the feedback from the team out there – it’s gone really well. So, more to come on all of this. I think it’s helping a little bit right now, but will contribute more as time passes.
Kyle May: Got it. That’s helpful. And then maybe a big picture question. I know you and Martin both kind of touched on some of the uncertainty in the market. But just wondering if you can maybe expand on that and give us a sense of kind of, what you’re seeing now from a macro perspective, and how that translates as we look ahead to 2024?
Ted Harris: I think that we use the word uncertainty, because I think it is a good descriptor of what’s going on. We went through this phase of destocking as we talked about late last year, the early part of this year, that really resulted from the very high demand during the pandemic that slowed, the supply chain issues that eased, resulting in most customers having excess inventory for normal demand levels. To now a period where I think those inventory levels have normalized, but there is kind of uncertainty around soft landing, hard landing, what will demand really look like in the coming three months, six months that’s causing customers generally speaking, to keep, I think, lower levels of inventory, managing their cash and controlling what they can control now that they have assurance of their supply chains.
They know they can get products within regular normal lead times. And so, there they’re hunkering down a little bit, because of the uncertainty of the recessionary environment that we’re in or nearing or that’s right around the corner and of course, then the geopolitical uncertainties on top of that. That’s really what we’re talking about, that there just seems to be a heightened amount of uncertainty as to what future demand will look like. Having said that, in our Human Nutrition & Health business, we were really pleased to see that our minerals and nutrients business return to real year-over-year growth in the quarter. Our Nutrition business was up organically 4% or 5% in the quarter after having been organically down for a few quarters.
So that business is stabilizing. Our food and beverage business was still down a little bit year-over-year, but less so than it was in Q2. And so, we’ll see a sequential improvement in that. And so, we do see some stabilizing, if you will, going on in the still uncertain environment. And so, we were really encouraged by the performance of the Human Nutrition & Health business. Obviously, we have a couple of clear challenges that we’re facing in the ANH business. But I think the Human Nutrition Health business shows signs of stability and kind of getting passed at least some of the uncertainties.
Kyle May: Great. That’s helpful and I appreciate the overview. One more question from me. Just as we think about the maybe the strategy or the environment for acquisitions. The last deal was completed in August of last year. Obviously, you can’t tell us about anything that’s going on behind the scenes. But just curious if you can give us a sense of maybe the landscape or the environment for M&A activity?
