Todd Leombruno: Jeff, this is Todd. I would just add, this is a big complex acquisitions. The biggest one we’ve done to date. We’ve talked about the integration team. It’s the largest team that we’ve had to date. Jenny had a comment. There’s over 20 teams, both Parker and Meggitt team members working together across the board. A big chunk of this is SG&A cost, right? There’s clearly associated with that. So I would say in the near term here, I’m pretty confident on those costs to achieve numbers. If there is maybe some upside, I think it’s too early to tell, but maybe in the out years, ’25, ’26 maybe there might be some upside there. But again, I think we’re going to have to talk about that when we get further into the process.
Jeffrey Sprague: And then maybe a follow-up for Lee. Lee, when you were addressing the international question, you mostly talked about what’s going on in China, which is understandable. But can you give us a little bit of an update on what you’re seeing in Europe and how you’re expecting the balance of the year to play out there?
Lee Banks: Yes. So I think the balance of the year and kind of what’s implicit in our guide is kind of flat to very low single digits negative. There’s definitely saw a big slowdown in December. I mean you’ve got rate hikes everywhere. You’ve got the war going on, you’ve got the industrial business being affected by that. It’s not — so that’s kind of how I would see it. Distribution is still hanging in. There’s some inventory rebalancing taking place. So there’s — and there’s some incredibly tough comps from previous year. I mean Europe was one area where we were at the benefit of some big COVID production type products that have kind of lapped and they’re not coming back. So that’s how I would characterize it, flat to slightly negative.
Operator: One moment for our next question. And our next question will come from Mig Dobre of Baird.
Mircea Dobre: Lee, maybe sticking with you here, you provided color on order trends by geography, but I’m kind of curious if you can comment by the various end markets within your industrial business, how — if there’s any variance there that we should be aware of?
Lee Banks: Yes. I’ll give you kind of what our outlook is. That’s implicit in our guide. And I think the key thing to think about is really 90% of our markets are still positive as we look forward. But I kind of look at the greater than 10% positive. Commercial aerospace is still really strong. Commercial military MRO is really strong. Electric vehicle passenger cars. That’s one of those secular trends where we’ve applied product through our portfolio change that we’re participating in. And then oil and gas, especially here in the U.S., land base and even some offshore now, it’s really come back with a vengeance. I would call high single-digit positives, agriculture, heavy-duty trucks, passenger cars, and telecommunications.
And then mid-single digits, the neutral construction markets, distribution, forestry, marine, material handling, mining, power gen, rail, et cetera, and semiconductor is still strong. There’s a lot of infrastructure build on the semiconductor side that’s still taking place. The big negative markets that kind of stand out a little bit of what we would categorize as life science, and that’s really comps around coded equipment and drug dispensing stuff that we were supplying and then really military OEM that’s really a timing thing, I think, long term, but that would be negative for the outlook. So at a kind of high level, not breaking it down by region, that’s kind of how we see it.
