Kim Ryan: So relative to the recycling, so — we’ve got a steady pipeline of recycling initiatives in the pipeline. And what we would tell you is that the capabilities that we are bringing together with Herbold and Coperion are going to be really critically important to being able to have a systems approach to some of these opportunities, whether it’s for smaller recyclers or large recycling initiatives with larger customers. We do participate in all types of recycling, mechanical, chemical, solvent based recycling. And so we have projects underway in all of those areas, and we have luminary sites where we’ve initiated that — where we’ve initiated those jobs all over the world and are excited about the opportunity that, that brings.
We do expect to see strong growth in certain parts of the world. We had — when we initially started looking at recycling, I think everybody kind of thought, okay, Europe, so that’s the only place that we’re recycling is really going to take on a lot of interest. But what we are really seeing is there is an increased level of interest in the U.S., rather North America. There is an increased level in the Middle East and in India, and we are seeing strong growth in investments in those markets over the coming year. And people really are looking for full solutions. There’s not a ready now set of people, who know how to put these systems and capabilities together. It’s not a — this is a new and emerging. And so — the fact that we have put many of these together is a real step up for us in terms of what value we can bring to customers by offering full system solutions.
Bob VanHimbergen: Yes. But Matt, I would add you think about this business right now is only about $100 million, but we’re expecting kind of low double-digit growth here in fiscal ’24 and certainly well beyond that just as that market continues to develop.
Matt Summerville: Got it. Thanks, guys.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of John Franzreb with Sidoti & Company. Please proceed with your question.
John Franzreb: Good everyone and thanks for taking the questions.
Kim Ryan: Good morning, John.
John Franzreb: Kim, in the past, you’ve talked about the delays in large press of jobs is being pushed to the right for several quarters. Is that time line narrowed or widened in recent months?
Kim Ryan: I mean, obviously, we’ve got certain jobs that we were anticipating we’re going to close in Q4. The decisions would be made in Q4 where those decisions were not executed and in fact, have pushed out into Q1 or Q2 of fiscal ‘24 for us. So I would — I mean, I would have to, by definition, say that they are still widening or lumpy in terms of the decisions that we’re anticipating. Historically, if we thought you were going to make a decision at September 1, we would typically anticipate that there would be another 60-days of back and forth on contract terms and negotiations and things like that before we could close the deal. I would say that we anticipate that those things are taking longer now to get through. If that helps answer your question.
John Franzreb: No, that’s what I’m looking for. And you referenced gains in the aftermarket as being positive in the quarter. Was that just natural demand recovery? Or does that reflect any changes that you made, bringing product to market or services to market?
Bob VanHimbergen: Yes. I’d say part of it is, quite honestly, John, the Hillenbrand operating model, that’s an area of focus for us that we’ve talked about where we see high-single-digit growth really coming out of aftermarket certainly with the Linxis acquisition, we knew there was opportunity there. But I’d tell you, if you think about just the orders that we had in the quarter and aftermarket, that’s kind of in that high-teens level. And even for the full-year, it’s that mid-teens level, right? And you think about 2024, we’re still seeing kind of mid to high single-digit growth, both in orders and revenue. So quite honestly, it’s just been an area of focus for us. It’s an area of opportunity as we think about the acquisitions and it’s the operating model continue to drive value in that area.
Kim Ryan: So John, I would also add to that, there are a number of elements of aftermarket. It’s not just parts. It’s also service. It’s also modernization and consulting for debottlenecking or reconfiguration of a line. And so those things are also important to note that we continue to see interest in all of those areas. And people running their lines efficiently and being able to keep their lines up and running continuously when they’re facing certain financial pressures, I think, is one of the critical differentiators between us, a global service network and our ability to respond quickly to customer needs and demands, especially to keep their lines up and running, especially when they’re kind of fighting through some of the inflationary times and every hour of uptime matters at this point.
