Kevin Johnson: Yes. On the two capital investments there’s sort of two main areas in that we’re focused on. The first is we’re putting some investment into the emerging markets. Obviously, what you’re seeing is continued good growth from some of our markets. And what we’re doing is we’re building some additional infrastructure just to allow us to support the growth that we’re seeing. And the second investment you probably heard us talk on the script around AI both Shyam and me. So we are putting some additional investment into AI and also into some other IT investments just to support the growth that we’re expecting in ESAB over the next number of years.
Nathan Jones: Great. I guess the second one I might ask about PLS that you guys undertook in 2023. I know that was somewhat of a headwind to volume in the Americas. Can you just give us an update on where you stand with at least the first run through PLS whether or not that is any kind of headwind remaining in 2024 or whether that’s behind us and how you think that’s focusing the company on – on growth?
Shyam Kambeyanda: Yes. First we’re really happy with how PLS is being executed by our teams. We continue to see opportunity to refine our product line our SKUs to serve our customers well. So that being said a big chunk of the PLS, yes, is behind us but we continue to expect to do PLS in some of our other regions a little more focused in Europe and a bit more focus in the Asia region as well around PLS for us. But that being said I think we are at a point now that we can look at a net positive growth number coming out of PLS where we’ve done some of the heavy lifts and now we’re focused on growing as well as sort of refining our product line. But I could tell you that PLS for us now is standard work. We’re looking at it with the growth lens as well. And so as a result our teams are focused on driving growth with some set of customers as well as making sure our product line continues to get refined.
Nathan Jones: Great. Thanks very much for taking my questions.
Operator: Your next question comes from the line of Chris Dankert from Loop Capital. Please go ahead.
Chris Dankert: Hey, good morning. Thanks for taking the question. I guess first off thinking about international and kind of what’s baked into the guidance there. How are you thinking about just kind of the trends in Europe and probably China specifically? Are we kind of expecting to stabilize at this level? Or are we expecting kind of a continued slide in the first half and then stabilization rebound? Just maybe some comments on those two regions in particular would be helpful.
Shyam Kambeyanda: Yes. Yes, Chris I think I may not have mentioned this. We sort of view our businesses by daily sales rate and we also look at how things are performing across all of our regions. And what we’ve seen is that there is a stability in those rates. So nothing is sort of shifting downwards. That being said sort of year-over-year comparables are getting a little tighter. And so the way to think about it is that for a fact the Germanic region in Europe is seeing a lot of stress and has been seeing a lot of stress for a few quarters now. The rest of Europe seems to be holding okay and that’s what we see and with a significant amount of obviously positive momentum in the Middle East and in India in particular. And the U.K. has also sort of seen a bit of stress but our position in the U.K. is quite strong and we continue to gain share.
On China, we’ve sort of seen some investment come in from the government. And as a comment that I made earlier around energy transition that’s happening and things especially as people are sort of creating storage spaces for LNG and other aspects that have sort of seen as sort of performed better than what we’ve sort of heard the commentary out in the marketplace around China. I’d also tell you if you’re from — if I’m repeating myself, I apologize. But we play in the top tier of the Chinese market. And as a result don’t really feel the peaks and troughs that maybe the others are feeling in China. The space that we’re in continues to be a space that China continues to invest in and we’re benefiting from it.
Chris Dankert: That’s really great color. Thank you. And then I guess to kind of follow up here. Any comment any update on some of the manufacturing consolidation and any kind of plans on that front for the year?
Shyam Kambeyanda: Yes. Kevin and I start the year with the set of projects that we have in our pocket. And depending on where the market goes, we accelerate or move them along on schedule. There are a few projects that we have planned. So, absolutely, we have about $10 million in our guidance for some of that and we may accelerate that if we see any issues in the market. But otherwise that’s our intent.
Chris Dankert: Got it. Got more refining around the edges than anything particularly dramatic so at least–
Shyam Kambeyanda: Yes. Yes a lot of it depends also on acquisitions bolt-on acquisitions that we make that will then allow us to do some additional consolidation that’s the way to think about it.
Chris Dankert: Makes sense. Well, thanks so much and best of luck on the year.
Shyam Kambeyanda: Thank you.
Operator: Your next question comes from the line of Rob Jamieson from UBS. Please go ahead.
Rob Jamieson: Hey, good morning. Congrats on the results of today.
Shyam Kambeyanda: Thanks. Thanks Rob.
Rob Jamieson: Yes. I just wanted to talk a little bit about the Gas Control business. I mean it was up low double-digits, I mean solid performance. Just wondering if you could talk a little bit more about what you saw in the end markets there? What was maybe a little bit better or maybe a little worse than you expected? But then also like a reminder on what the split might be between equipment and consumables? And then I have a follow-up on that after. Thank you.
