Jeffrey Robinson: Well, I think when you’re looking at growth, you really have to look at how we look at our business, which is — and I’m not going to break out the numbers of it, but in our subsegments. So we have tobacco, which is nongrowth. It actually declines. Licorice confection, which traditionally hadn’t grown, and I guess that made us targeted as a single-digit growth company, but now there’s new regulatory requirements for product purity. And because we have the best supply chain in the industry and the most capabilities, we’re seeing growth in both value and volume in that segment, which we haven’t seen in a long time. Again, the PFAS compound replacement. I mean, as we find more and more different uses where licorice can function in place of certain PFAS compounds.
There’s growth there, and there’s also margin there. In food, we’re a very selective specific ingredient where we are targeting healthy better-for-you and healthy products to improve taste. They use a very little bit of licorice products that we have to mask after-taste. And then personal care is really, really interesting because the dynamics of that market, people are all looking for in skin care products, cosmetics, oral care, and even eye care products and lip care, they’re looking for products that are derived from a natural source. And that really licorice has a lot of functions in these different products and it is from a natural source. So I think the model of single-digit growth really was kind of — tobacco is going to decline, and we’re going to see some growth in the food sector.
But now the dynamics have really changed and we’re really broadening what we’re looking at. So I would say it’s not going to — these developments come in clumps because it takes a while for people to adopt them and validate them changing from a PFAS compound to licorice as a surfactant, but I think there’s tremendous growth opportunities out there. And I think the margins we’re showing right now are representative of what we should see in the future.
Irwin Simon: Just to add to, I think we had something unique there as I said before, with regards to supply and Jeff’s 30-plus years of us doing this and now licorice being recognized as the ingredient that has a lot more application than it really — what that originally did. So I think that’s something here that there’s a real special sauce there. .
Operator: And our final question comes from Alex Arnold with Odeon.
Arthur Arnold: Most of my stuff has been answered. I have one housekeeping, which is when you’re talking about add-backs, was that $4 million for the balance of the year, just supply chain or sort of all nonstandard add-backs? .
Irwin Simon: Bernardo.
Bernardo Fiaux: Yes, this is really the supply chain reinvention. But at the same time, we don’t have any meaningful add-backs in sight for the remainder of the year.
Arthur Arnold: Okay. And then I guess the only thing other question I have is, can you — I know that you said you’d sort of report on special committee findings when there’s something to report, but can you give us some sort of time line or how you guys are thinking about calendar on that?
Irwin Simon: Listen, I come back and this year, we’ve engaged Jefferies, as I’ve said, we will work with Sababa and we will work with others — but the main thing is keep the attention on the business, and that’s what I don’t want is lose focus on what we’re trying to do here. And that’s the most important thing. So there’s not like a time line out there. It’s — we’ll go out there and do our fiduciary responsibility as a board, as a special committee, but the key is we got a lot of good things going and make sure we don’t lose focus on that with our people and our customers and our suppliers out there.
Operator: Now I would like to turn the floor back over to Irwin Simon for closing comments. Please go ahead.
