The foundry is still producing the same amount of brake rotors or agricultural equipment or housing, yet we’re able to help them with yield. So, our revenue can continue to go up higher because we’re selling a more sophisticated product under a certain base load of economic demand, right? Now, that demand affect it, but we can continue the growth rate. The same is for our paper and packaging. We’re substituting other pigments for use as filler or coating and paper with higher value ones, with higher quality pigments or higher performing pigments. We’re recycling waste streams, right? So, we have low input costs and we’re able to generate revenue from taking a recycled waste stream. So, we have different revenue streams, but again, on the same load of paper because we’re displacing an existing product that’s being consumed.
The pet litter business is the third main – the market is small. It’s developing. It’s developing around bentonite. We’re driving that development relative to mature markets that we just talked about earlier in North America and Europe. We see that it’s going to continue to grow, despite some of the economic slowdown that could occur, potentially transition to a lower growth economy. So, for us, I know every other company has different positions in China and whether they’re exporting or what their positions are. But for us, we see that regardless of it moving to maybe a lower growth economy, we have new technologies products and are positioning in markets where we can continue our high growth rate going forward. And that’s what I was trying to portray or describe in my comments.
Hopefully that helps.
David Silver: Yes, no, I think it was maybe just in my view just kind of understanding maybe near-term, not discounting the long-term potential, which is how it played into your most recent quarter or two of results. So, thank you for that.
Doug Dietrich: Got you. My view on – I got you. I probably didn’t answer your question. My view on China, it’s just like everybody else, we thought it would rebound much quicker than it did. But I will tell you that it has continued to improve. So, at least in our markets, and I’d say the foundry market is probably the best bellwether for how economic activity because it’s base industrial activity, like automotive heavy equipment. Very slow first quarter. We saw improvements in the second and indications from our customers that it’s going to continue to improve in the third and into the fourth. And we’re seeing that order book go that way. So, slower than we all expected going into the year, but absolutely, I’m seeing it improve, at least in our business, the metal casting business because I think it’s probably a good gauge for economic activity.
David Silver: Okay, great. I wanted to switch over to the NewYield project announcement in Brazil. And in particular, I’m just curious about how the economics and the capacity change surrounding the implementation in NewYield works. So, I reread the release a few times and I just wanted to clarify that it seems like this is not a fundamental capacity increase, but it’s maybe a case where what normally would go to a waste disposal unit is now going to be effectively recycled in the existing hardware, let’s say. So, is it the case that when you implement NewYield, there is not necessarily any appreciable increase in plant output, I guess without further investment? And if that’s the case, how do the economics of that installation and whatnot, how does that work in practice? How do you get a return on your investment if the NewYield product effectively displaces some virgin PCC material?
Doug Dietrich: Sure. How about – D.J., you want to answer that?
