So, lots going on in the pipeline, a lot of compelling reasons for us to continue our targeted investments to lock our customers to support growth as we work through this choppiness in demand.
Angel Castillo: Okay, helpful. Thank you.
Operator: Thank you. One moment for our next question. And it will come from the line of Kyle White with Deutsche Bank. Your line is open.
Kyle White: Hi, good morning. Thanks for taking the question. How are you thinking about your portfolio of assets here? Obviously, you’re improving the mix in Engineered Materials. You have the newly established capital allocation community, is there any more pruning to be done? And where do you see the most opportunity for optimization within the portfolio?
Tom Salmon: Yes. We’re a diverse portfolio of businesses around the globe. As we shared on previous calls, it’s a priority, key area of concentration by our Board relative to the opportunities to dispose of certain assets and then redeploy those proceeds towards opportunities that can support our growth or other capital allocation needs. That continues to be front and center for our teams and for our Board. We disposed of three businesses in fiscal 2022. I’d expect that to be as financial markets begin to improve, and we are seeing some of that. I think it’s going to create an opportunity for greater velocity in those types of dispositions that will continue to be an area of concentration and focus for us. Again, all these ultimately allow us then to take those proceeds, redeploy them against our capital allocation wheel based on what’s going to maximize shareholder value.
Kyle White: Got it. And then on Engineered Materials, where are we at in the purposeful shedding of the lower margin business as you improve the mix there? How many more quarters should we expect to see these actions impacting top line, but obviously improving returns?
Tom Salmon: Yes, the business has done a fantastic job in a hyperinflationary market offsetting that inflation with price, as well as enhancing their mix of business, which did two things. One, that was already supported by capital investments and then the opportunity to further support it throughout this inflationary period curates a nicer mix of business inside EM. Same thing as the year plays out, I think you’ll see more of the same in the front half of the year an improvement towards the back half of the year. And no different as we see the consumer and the industrial networks start to improve, they’ll similarly benefit from that.
Kyle White: Got it. I’ll turn it over. Thank you.
Operator: Thank you. One moment for our next question. from the line of Arun Viswanathan with RBC Capital Markets. Your line is open.
Arun Viswanathan: Great. Thanks for taking my question. Congratulations on the retirement announcement, Tom. So, I just wanted to, I guess ask a couple of questions. So, you provided some long-term targets, the 4% to 6% EBITDA growth and the 7% to 12% EPS growth. Just wondering if we do need to see organic growth in the low single-digit level, to achieve that kind of operating leverage. I know it’s been a little bit of a challenging environment the last couple of years, and there’s been some and inflation and so on. So, assuming that the environment kind of stays a little bit challenging for the next 12 months to 24 months, would you still be able to achieve that kind of growth in, say, a flat volume environment or what are some of the levers you have to still hit those long-term targets in a maybe more sluggish environment?
