Nathan Jones: Good morning, everyone.
A – Vicente Reynal: Hey, Nathan.
Nathan Jones: I’m going to pick up on ILC Dover as well. On the original acquisition call and again today, you guys have been highlighting revenue synergy opportunities with the current portfolio. Can you just talk a little bit more about that? Are there other products that you have today directly transferable? Does there need to be some investment and development? And then just talk about what you think the market size for that potential revenue synergy is.
Vicente Reynal: The products are definitely transferable. This is basically taking the pump technology that today we have in the industrial space, like peristaltic technology, and taking that and then penetrating that into the biopharma market. I think that what we get from ILC Dover is basically they have a phenomenal commercial footprint. So they go direct to a lot of these customer base. So we get immediate access from that perspective. I think the other thing that we get here is the access of new customer base. So if you look at that CDMO, very, very solid met technology customer end base, but today we’re not doing a lot of work. Now what ILC Dover has in these facilities is very large clean room facilities. A lot of our customers that are in the medical space have been asking us to create subassembly.
In many cases, so take the pump and connect it to and create a subassembly that is much easier for the customer to be able to put it on to the end device. For many of these applications we needed a clean room. We don’t have clean room facilities. So in many cases we have to pass on that. Now we have that access. We have that access of the clean room facilities, as well as the ISO procedures and standards from a quality management system perspective, to be able to penetrate these customer base that has a high level of requirement because of the customer base being FDA regulated. So I think that’s clearly the exciting piece here, is that we get not only the use of our products and penetrate that through that customer base, but we also get access to new customer base that we never had access before.
And in terms of that size, the potential of the revenue synergies, I mean we haven’t disclosed that yet Nathan, but we did say that with the acquisition of ILC Dover, we’re expanding our addressable market by like $10 billion. So it’s basically the potential is there.
Nathan Jones: Still figuring out how with the revenue synergies, I’m sure. Just one clarification or something I don’t know on the MQLs, which maybe I shouldn’t know is, what’s the average duration for you guys for getting an MQL to an order? I’m just trying to figure out, how far in advance is that a leading indicator of potential improvement in demand?
Vicente Reynal: For us is anywhere its rent is averaging between six to eight weeks.
Nathan Jones: Great, thanks for taking my question.
Vicente Reynal: Thank you, Nathan.
Operator: That concludes our question-and-answer session. I will now turn the call back over to Vicente Reynal for some final closing remarks.
Vicente Reynal : Thank you. I just want to say thank you for the interest in Ingersoll Rand and most important, thank you again to the entire team of Ingersoll Rand for another solid quarter performance and I know everyone’s focused here on continuing to make life better for the employees, the customers, the planet and the shareholders. And we look forward to closing ILC Dover, later here in the quarter and we can tell you that our integration plan is going well and we look forward to formally welcoming that team to our family. With that, we close the call. Thank you again.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
