And you know, we will allocate capital against, if you think about our five strategic priorities, we’re allocating capital to improve how we improve our TT earnings and margins. We’re allocating capital to grow TSS. We’re allocating capital to grow APM in the high value markets of advanced electronics and hydrogen, and then finally you know we continue to make real progress on resolving legacy liabilities with the MOU arrangement we have with DuPont and Corteva. So if you look at how we’re deploying capital, it is all in a way that over time will drive meaningful returns to our shareholders.
Laurence Alexander: Just to put a bow on it, the — if you do get the data immersion solution to a billion dollar business, can you give a sense for what the incremental CapEx that would require, I mean, regardless of the timing? And then your return on capital on that would probably presumably be above, kind of, your historical targets, I mean, given the market that you’re selling into and the savings you’re providing, is that fair?
Mark Newman: That’s fair. And listen, you know, we’re talking — as Jonathan said, you know, we’ll have, we usually have a much smaller investment near-term as we do proof of commercial concept and then more later. So we’re really talking about capital in a really out year period here to get to the TAM that we talked about in 2030. So we’ll have more to say about that later. But listen, this would be very high return, high margin growth, because this is really driving significant value to data centers. Oh, by the way, data centers today account for 1% of the global carbon footprint and a meaningful consumption of water. So we see a real value to our customers and the planet here in this product and we’re keen to bring it to market.
Laurence Alexander: Thank you.
Operator: Your next question comes from a line of Vincent Andrews from Morgan Stanley. Your line is open.
Vincent Andrews: Hi, I was wondering if you all could provide some additional details on trends and the outlook for TiO2 markets. Specifically, I was wondering what you’re saying on imports and exports across the different regions? If you could provide a little color on the setup for 2024? And if there are any notable trends within inventory levels in the channel?
Jonathan Lock: Yes, I mean, thanks for the question. It’s Jonathan here. You know, as we look at it, right, in terms of the de-stocking, the de-stocking in TiO2 started in the third quarter of last year. So as Mark said earlier in the call, it’s been with us now for quite a long time, right? We’re going on 12-months. And, you know, even as we feel like we’ve gotten, you know, we can kind of see the bottom here and the demand de-stocking is the — has decelerated here in the third quarter going into the fourth quarter, you know, we’re not seeing, you know, outside of Asia Pacific we’re not yet seeing the green shoots of a turn right. But we believe that in terms of the actions that we’ve taken we’re well positioned for that market turn, but to answer the question, kind of, directly, you know, we are seeing, you know, some green shoots here in Asia Pacific inventory levels as a result of kind of prolonged destocking down the chain do not appear to be high.
And with the cost transformation that we’ve started in this year, we believe we’re well positioned to take advantage of the cyclical turn when it happens. So you know I think that obviously as we move into the, you know, into February and we put you know we close the books on ‘23 and we give our guidance for ’24. We’ll have a much better sense for whether or not ‘24 coating season will develop in the way that we hope it does. So stay tuned and we’ll continue to update you both on the transformation plan, as well as our perspective on the ‘24 recovery.
