Christopher Glynn: Great. Thanks for that color.
Louis Pinkham: Yes. Thank you.
Operator: Okay. We have one more question from Walter Liptak from Seaport. Walter, you many now proceed.
Louis Pinkham: Hey. Good morning Walt. You will have to un-mute.
Walter Liptak: Oh, sorry about that. Yes. So, very clear today. So, thank you very much for that. But a couple of things just to clarify, so the timing you are still saying for the industrial business is in the first half. What’s the volatility around the calendar and when you close it?
Louis Pinkham: Walter, the process is proceeding nicely and as we expected. And we guided the first half previously. And so we are on that path. We have most of our approvals at this point, but there are still a couple of few outstanding. And so as those approvals come in, then we will be able to close. So, again, right on our expectations of the first half close.
Walter Liptak: Okay. And then another little thing, just you talked about how January was a little bit better, but mid-single digit declines. I didn’t quite catch. If January is starting to get a little bit better, is it tough comps, or is it things started turning down in February, why is it going to be down mid-single digit for orders?
Louis Pinkham: Yes. It’s really visibility at this point, Walt. I would say, one month does not make a trend. And if you recall, we were – we started October a little strong. And then in the end, we ended fourth quarter down mid-single digits. So, we believe it’s a prudent approach to plan for orders down. And if they do turn, of course that will be a benefit for Regal. But right now, that’s not what we are modeling.
Walter Liptak: Okay. Alright. Great. Thank you.
Louis Pinkham: Sure. Thank you.
Operator: And this concludes our question-and-answer session. Thank you very much. I would like to turn the conference over to Louis Pinkham, CEO, for any closing remarks. Please go ahead.
Louis Pinkham: Great. Thank you, operator and thanks to our investors and analysts for joining us today. As we embark on 2024, our team remains excited about the value creation opportunities in front of us. Even as certain of our end markets remain choppy, we will be focused on three key things. One, achieving our targeted $90 million of synergies. Two, delivering at least $700 million of free cash flow, which we expect to use in combination with the industrial motors and generators sale proceeds to reduce our debt and meaningfully shift the mix of our capital structure towards equity. And three, continuing to mature our many growth initiatives, driving 80/20, better leveraging our scale and scope, especially in IPS, and executing on our multiyear pipeline of differentiated new product launches. In short, tremendous opportunities for our associates, our customers and shareholders. Thank you again for joining us today and thank you for your interest in Regal Rexnord.
Operator: And the conference has now concluded. Thank you for attending today’s presentation. You may now disconnect. Enjoy the rest of your day.
