Frank Bozich : Yes. So I would say, in general, we would see low single-digit demand improvement is the signal we’re getting across the portfolio. So some improvement but not as Hassan asked a recovery, so low single-digit demand improvement, and it’s — varies by specific segment when that will kick in. That’s how I would think about it and how we’re thinking about it right now.
Laurence Alexander : And then just lastly on the recycled polycarbonates. You made a comment, if I heard properly, that will actually be cheaper than version polycarbonate. Do you have a sense — is there a kind of structural gap like a rule of thumb as to just how much of an advantage you should have? And do your customers expect you to sort of split that with them so that they get a cheaper product? Or are they telling you that they would be willing to pay a premium like we see in other plastics and then you just get a healthier margin?
Frank Bozich : Well, we would — I would say, in general, we enjoy a premium in the recycled product based on the significant demand in many of our value chains for that type of product for helping our customers achieve their recycling and circularity goals. So I would expect to get a healthy return on these technologies as we market those back to our customers. From a cost standpoint, it will all depend on what feed we begin with. And I think what we tried to explain and what’s unique about our technology is we can take a mix stream that would contain colors, other types of materials like metal, glass or other plastics, and we can extract the polycarbonate polymer from that and get to an almost purified virgin quality polycarbonate.
So depending on the cost to get secure that feedstock, which in mixed waste, these are largely very inexpensive or previously been landfilled, we would expect to get a lower — be able to produce at scale a lower cost than virgin. I don’t know if that helps. It’s difficult to quantify because it will all depend on what partnership we have with our end customer. And let me give you an example. So we could take headlamps that our waste scrap by our customer might be end of life or could be low quality or off-grade from their production, and we can recycle it and return that material to them. So same thing. We think about an interior door panel from a car company. We actually have taken byproduct or scrap door panels from our existing customers and recycled it and made delivered back to them the polycarbonate that we’ve recycled and they’ve made virgin door panels and they meet their quality requirements.
So it’s — we’ve done the same thing in consumer electronics. So we’ve yet to see the full potential of it. But we’re very excited about it and early indications are that we have a significant demand from our customer base, and they’re excited about partnering with us.
Operator: Thank you. And ladies and gentlemen, that will conclude our question-and-answer session this morning. And we bring us to the end of this morning’s conference call. Again, I would like to thank you all so much for joining the Trinseo Third Quarter 2023 Financial Results Conference Call, and wish you all a great day. Goodbye.
