One item that I will emphasize here is that, Altra did not at all run their business from an 80/20 perspective. And we feel strongly that, that’s going to help them in the way they prioritize both from a growth perspective and a service perspective. So right now, we are very, very focused on understanding the evaluation, the analysis and then putting our plans together of how we are going to drive the Altra business from an 80/20 perspective.
Rob Rehard: And I will just add one other piece to that and that is the second half of your question on synergies. We do expect to realize the $20 million of synergies for Altra in the year, which would equate to a $40 million exit rate as we exit 2023. And so far on the PMC side, which we also have synergies flowing through, we realized about $10 million of synergies in the first quarter related to the PMC merger. We expect $45 million in the year from PMC related synergies, which equates to about $120 million exit rate on PMC. So that — all of that said, summarized, would be about $65 million realized between both acquisitions in the year and about $160 million exit rate for synergies between both of those. Now one thing to bear in mind is on the Altra synergies in terms of modeling where those would hit from a segment standpoint, you would assume about 80% of that goes to IPS and about 20% of that goes to AMC. So, hopefully, that helps.
Jeff Hammond: Okay. And then just any puts and takes in the base business end markets for Altra?
Louis Pinkham: No. I mean the purpose of putting the slide in the deck was to give a perspective on our market assumptions. We absolutely think that the Altra markets mix us up a bit stronger. Our original 2023 assumptions was a weighted average market down 3.5%. Altra weights us to 3%. We think the Altra markets are likely down a couple of percent and we are guiding right now that Altra is going to be flat to up. So we feel good about their market positions and where they are going.
Jeff Hammond: Okay. Appreciate it, guys.
Louis Pinkham: Thank you.
Operator: The next question is from Nigel Coe with Wolfe Research. Please go ahead.
Nigel Coe: Oh! Thanks. Good morning. Just a quick — okay. Congratulations on getting Altra done. Just a quick one.
Louis Pinkham: Thank you.
Nigel Coe: Just a follow-up to Jeff’s sort of math on Altra. So the EBITDA range you gave for Altra on slide 15. Does that include the synergies, I mean, it’s a small number, but just — does that include the $20 million?
Rob Rehard: Yeah. It does.
Nigel Coe: It does. Okay. Good. Just — I feel — just want to make sure. And then on the sort of the power efficiency of the PE segments. I mean, if you look at the flat sequential sales, it implies maybe high-teens organic decline versus mid-teens in 1Q. Is that the right way to think about it? And that flat sequential sales will be very unusual, so I am just wondering, are we seeing even greater pressure on inventory. I think you said similar pressure, it feels like there’s even greater pressure, what are you baking in for that? And then just on that second half ramp, it seems like you are pointing towards like 20% plus margins in the back half of the year, just as kind of what gets us from mid-teens to high-teens?
