Shyam Kambeyanda: Yes, so on the Gas Control business, we — you’re absolutely right, we did see low double-digit growth. Where we saw a significant amount of growth was on the energy transition piece of the business. So, energy markets whether it be oil and gas or anything associated with energy, we saw a nice uptick in our Gas Control business on that particular front. And then continued momentum on Specialty and Med Gases with sort of investments happening across in terms of upgrades. So, those were really the highlights there. Where we did see a bit of headwind was again in the market in Germany. Our Gas Control business in Europe actually has a significant amount of German exposure. And so that was a drag on that particular business. But the industrial spec and medical side everywhere else saw some nice growth. And obviously, we have some nice growth opportunities also set up for 2024.
Rob Jamieson: That’s helpful. And then how do you think about — what’s embedded in your guidance between maybe Gas Control and the core welding business?
Shyam Kambeyanda: Yes. We’ve not sort of split out the two to talk about them separately in our guide. But what I’d say is that we’re obviously coming off some really hot numbers on the Gas Control side. So, I expect that to be a bit more muted in 2024. And then you can do the math to the averages as you look at our FABTECH business as well.
Rob Jamieson: Sure. Perfect. And can I sneak one more in? Obviously this is always my favorite subject with you all to talk about the AI initiatives and what you’re doing with EBX your free cash flow. And I know that’s something where Kevin you started with implementing this on working capital and some of the initiatives there. Just curious kind of would you be able to share any more with us on what specifically you might be targeting from the EBX side to help kind of support growth but also improve margin?
Shyam Kambeyanda: Yes. A couple of aspects. And I think we mentioned it before as well. We think that our material planning and production planning side of the business has some opportunity where AI could be a significant asset. And that’s where we’ve been focused both with our data mining tools that we’ve used in the past along with now AI. We are sort of looking at some other projects but nothing that’s sort of baked enough to talk about. But we do expect to continue to lean in to these emerging technologies and trends that could fundamentally help reshape an enterprise. Kevin, did I miss something there?
Kevin Johnson: No. I think you got it. I mean there’s a lot of momentum happening at the moment Chris, and we’re just making sure that we are poised to take advantage of it. The area that I’m probably more focused on is sort of back office support and how we can generate improved cash flow using AI technology. So, we’ve got several kind of projects that are starting to gear up, and it’s going to be an exciting this year as we go on the learning curve, because there is an element of learning curve with AI, but I think the decision that we have made is we want to be in it at the start and we want to be a leader in this area.
Rob Jamieson: Great. Thank you so much for taking my questions, and congrats again.
Operator: Your next question comes from the line of Mig Dobre from Baird. Please go ahead.
Mig Dobre: Thank you for taking my follow-up. I appreciate it. I have two of them. I guess the first one is on share gains. I’m wondering when you look at whatever industry data you might be using internally, is there a way to frame any progress that you might have made? I mean optically to me, it looks like your growth is better than your peers, which would imply some share gain. I’m wondering if my interpretation is indeed correct, and if there is something to be extrapolated here as we think about 2024?
Shyam Kambeyanda: Yes. There’s no industry data per se out there, Mig that sort of clearly points to any of that. I think for us, it’s been around execution the mix shift. I think one thing that we’ve obviously mentioned in the past is that ESAB has primarily been a consumables company. And in the last couple of years, we’ve really got our equipment line coming in. And then, even on the gas equipment side, I think we’ve done a really nice job getting our industrial products back in front of our customers and focusing on growth segments. So I think the best way for you to look at how ESAB thinks about it is that we’re focused on end markets that are growing faster than others. We’re focused on customers that have better growth opportunities than others, and we’re focused on products that provide us with a better margin and then also solve some of our customers’ biggest challenges.
We think if we do all of those right, what you just mentioned about share gain just happens. So I think as a team, we’re focused on the process. I think the results will begin to show themselves.
Mig Dobre: Okay. Understood. And my final question on automation. Maybe remind us here the size of this business in 2023. You talked about Cobot growing a lot. How you think about this business in 2024 and what might be embedded in the guidance? Thank you.
Shyam Kambeyanda: Yes. We’re obviously quite excited about the progress that we’ve made in automation. For us, as you know, the business is about 10% of our business and growing quite nicely. We expect the growth to continue next year. We think there’s sort of a double-digit opportunity of growth in the automation space for ESAB. So, it will be a larger share of our business. But as I mentioned before we’re not looking for big chunks here. We’re looking for process. We’re looking for workflow that’s a bit focused and less around material handling that sort of drives large volumes through ESAB. But I think the richness and the conversion on profit we really like. The other piece around Cobots, we are seeing momentum. We saw another quarter of really strong growth about close to 90% growth in that particular segment.
