Sanjiv Lamba: Sure, Kevin. So helium, as you know, has been a market that’s been reasonably volatile. I expect helium market to continue to be tight. You’ve seen that reflected back in the prices as well. And again, in the near term, Kevin, I do not see anything that’s going to fundamentally change that. There’s been a lot of speculation around what’s happening out of Russia. Just to reconfirm to everyone on the call that we have canceled our contracts in Russia, and we’re no longer involved with that project. I expect there are technical challenges that that project will continue to go through. And reliability of any supply chains coming out of Russia will always be suspect particularly given the increasing sanctions, including around movement of product out of Russia in terms of helium as well.
That’s just kind of what I’m expecting near term. As far as BLM is concerned, my view is I think BLM is a complex divestiture that the government is trying to undertake. There is some litigation around that already, with one of our competitors going out and litigating that. I expect that will be a long, drawn-out process. But you know that over the last many years, people have relied less and less on BLM. It is important in the larger scheme of the helium infrastructure globally, but it plays a much smaller role today than it would have if you go back 5 to 10 years. So people have kind of factored that in. Our supply chains are all developed with a view that we understand the PLM limitations, and we understand how that gets factored in. So I think I just kind of wrap up by saying expect a tight market.
I don’t think it’s kind of going long anytime soon.
Operator: And we will take our next question from Patrick Cunningham with Citi. Your line is open.
Patrick Cunningham: Hi. Good morning. On the sequential weakness in Electronics, should we expect some additional drag in the fourth quarter? And you also pointed to signs of recovery in the first half. What the pace of recovery do you see given current visibility?
Sanjiv Lamba: So my expectation is that on Electronics, you should think about that, Patrick, in kind of 2 separate pieces. The on-site Electronic volumes, as I mentioned earlier on, remains stable, and I expect that stability to continue sequentially through into this quarter and beyond. The volatility is largely coming around the inventory that is held around electronic special gases, which includes some high-value rare gases, and I think that’s where most of that volatility has been. Again, my expectation going into Q4 is, you should expect sequential movements to largely be flat, but the recovery is some way away, potentially middle of next year when you’ll see that move. Now DRAM, you’re seeing a little bit of a recovery at the moment around pricing.
I don’t think that’s enough to kind of move the needle on that market by itself. Logic has obviously been a lot more stable, but notwithstanding that, my expectation based on feedback that we’ve had from different customers, mid next year is when that recovery will result in significant or reasonable volume growth.
Operator: And we will take our next question from Steve Byrne with Bank of America. Your line is open.
Steve Byrne: Yes. Thank you. Both of you have mentioned network density a couple of times in the call, and it leads me to want to ask you about the nexAir acquisition you made earlier in the year. Presumably, that was a competitor of yours in U.S. packaged gases. Has that acquisition enabled you to get even more aggressive on price and margins? Are those stores now more back integrated into your liquid plants? And has this allowed you to change the footprint any — of where your stores are located?
