Michael Larsen: I would just add to that, Mig. We’ve talked a lot about the individual segments today. I think you got to look at ITW as the beneficiary of a highly diversified, high quality portfolio. All of our segments with margins in the high-20s, we’re working through automotive, and so you’re always going to have some puts and takes, which is what we’re talking about. But this portfolio really gives us a level of resilience and a real competitive advantage relative to others, and puts us in a great position to perform, continue to perform at a high level in any type of demand environment over the long-term. Now, we never said that we were going to be the fastest grower. There’s always going to be certain end market trends, whether it be aerospace or electrification or whatever it maybe.
But you put this portfolio together in its totality. We have all the firepower that we need to deliver a 4% plus average annual organic growth as we go forward. And by the way, five of our segments are doing that, as we said earlier in 2024. So I wouldn’t lose sight of the fact that, we’re a business model centric company and a huge beneficiary of this high quality diversified portfolio.
Mircea Dobre: Understood. Then my follow-up, maybe a question on M&A, Chris, love to get your thoughts on this and maybe how you think about using M&A as a potential tool to generate this outgrowth that you’re talking about? Thank you.
Christopher O’Herlihy: Yes. Sure, Mig. So effectively, we are very much sticking to our disciplined portfolio management strategy, which is very consistent in terms of – we are certainly interested in high quality acquisitions where we can find them that extend our long-term growth potential to grow at a minimum 4% plus at high quality. That’s the primary kind of lens, we look at acquisitions. We’ve been able to leverage the business model to improve margins. And so we certainly review opportunities on an ongoing basis, but we’re pretty selective here about acquisitions, given the fact that we believe we’ve got a lot of organic growth potential that we’re going to execute on here over the next few years. If I think about MTS as an example of the typical – attractive candidate, we look at and ticked all the boxes in terms of strategic attraction, in terms of differentiation, solving customer pain points, opportunity to leverage the business model to improve margins.
And having owned that business now for just over two years because we stuck to the characteristics that we believe in with respect to acquisitions. This is an acquisition that’s turning on to be a home run and will be a great ITW business in the long-term. So it’s a real blueprint for how we think about acquisitions and how we’d be thinking about acquisitions going forward.
Mircea Dobre: Appreciate it. Thank you.
Christopher O’Herlihy: Sure.
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