Scott Sutton: Yes, yes. No. I mean, look, this does not count on a major inflection in demand, right? I mean, clearly, we’re not assuming that things are as bad as they’ve been in the last two or three quarters for the next six quarters. That’s not the assumption either. But what is — you got to remember, again, this is a co-production world. And what has happened over the last four quarters is so many companies and people have chased the strong side of the ECU that the value in the strong side certainly got minimized. And it was caustic for some period of time. But at the same time, the values on the weak side were absolutely destroyed because you’re actually shutting more product into weaker and weaker markets. So all of a sudden, the economics to run that game of chasing the strong side, in other words, chasing caustic, even if you have to pay customers to take away chlorine, which is what happened in China for quarters and quarters, casing caustic even if you have to start dumping PVC into the export markets and diminishing price and value there, which is what happened for multiple orders, those economics don’t exist anymore.
So that desire to go chase the strong side has disappeared regardless of demand out there. So that attribute is happening. At the same time, we’re overlaying our value accelerator initiative. Just those two things together will lift values. If there is inflection in demand, that’s going to be a nice upside.
Vincent Andrews : Okay. And if I could just ask on the CEO succession. Could you talk a little bit about the candidate you’re looking for? And presumably, you want someone that can run the existing playbook. But what other attributes might that person bring to the role that might be new or additive for Olin?
Scott Sutton : Yes. I think that candidate is going to be somebody who can take Olin to the next level. In other words, their focus is going to be to take what the team has done here and build on it. So they’ll endorse the value model, do a lot better with it, and they’ll be very clever at capital allocation. So that’s what we’re looking for.
Vincent Andrews: And if I can just add, clever on capital allocation means what beyond just doing share repurchases?
Scott Sutton : Well, it means finding opportunities that deliver even more value to shareholders than just share repurchases. Those may come through alliances. It may come through ventures. It’s possible it could come through acquisitions just like the White Flyer acquisition that we did. It’s all those things.
Vincent Andrews : Okay. Thanks for all the details. I really appreciate it.
Scott Sutton : Yep. You bet.
Operator: The next question comes from Frank Mitsch from Fermium Research Company. Please go ahead.
Frank Mitsch: Thank you so much. And congrats on a successful tenure at Olin and looking forward to the next — your next opportunity. I wanted to come back with comments that you said early on in the call, where you went through a few products that your customers are getting — are requesting chlorine, EDC, HCl. And you mentioned that you can’t supply. I mean, obviously, you’re shutting that capacity. Are the prices that they’re willing to pay unattractive? Is that what’s causing the disconnect between your inability to supply the product — satisfy these requests from customers?
Scott Sutton : Well, it’s not an inability to supply, right? We are running an initiative that where we have cut back operations significantly and are not participating in those markets. So if we’re not participating in a market, we’re not participating. But the choice is to not participate.
Frank Mitsch: Understood. And so the logical follow-on is that because the prices that they’re willing to pay right now are not attractive for Olin and when you reflect that back to the customers, what sort of response are you getting? Or is it simply a matter of waiting out a few weeks a month or a quarter, and then they’ll come back and offer the prices that you do find attractive?
