Good morning and welcome to Parker Hannifin Corporation's conference call and webcast to discuss the company's announced agreement to acquire Filtration Group Corporation. At this time, all participants are in a listen only mode. After the prepared remarks, there will be a question and answer session. To ask a question during this period, you will need to press star one on your telephone keypad. If you want to remove yourself from the queue, please press star two. Please be advised that today's conference is being recorded. If you should need operator assistance, please press star zero. I would now like to turn the call over to Todd Leombruno, Chief Financial Officer. Please go ahead. Thank you so much, Nikki. Good morning everyone and thank you for joining us today. As Nikki said, this is Todd Leombruno, Parker's Chief Financial Officer. I am here today with our Chairman and Chief Executive Officer Jenny Parmentier. Before we get started today, we did want to recognize that today is Veterans Day, a national holiday here in the United States. Today is the day meant for us to reflect upon the dedication and sacrifice of those who served. It is their courage that has safeguarded the freedoms we all enjoy today. Thank you to all the veterans for your service. Now we are very excited to announce that Parker has signed a definitive agreement to acquire Filtration Group Corporation. On slide 2 you will find the company's Safe Harbor disclosure statement addressing forward looking statements. Items listed here could cause actual results to vary from our forecast. This morning's press release. This presentation and all reconciliations for the non-GAAP measures are available under the investor section on parker.com. A replay of this webcast will be available approximately one hour after we conclude the webcast. Today we have planned about 30 minutes to give you an overview of the Filtration Group transaction, its strategic fit within Parker and how it aligns with our long term strategy and creates shareholder value. We'll then open the call up to any questions. I call your attention to slide three. Jenny, I'll hand it off to you. Thank you, Todd. Thank you to everyone joining the call this morning. I'd like to welcome all of our shareholders, analysts, Parker team members, and a special welcome to all Filtration Group team members that may be listening in this morning. It's an exciting day for us as we announce another strategic addition to Parker. Filtration Group is a great company with a great culture, and we really look forward to welcoming everyone to the Parker team. The acquisition of Filtration Group adds complementary and proprietary technologies for critical applications while expanding our presence in life sciences, HVAC, refrigeration, and in-plant and industrial market verticals. The combination of Parker Filtration and Filtration Group creates one of the largest global industrial filtration businesses with expected sales of $2 billion in calendar year 2025. At 23.5% Adjusted EBITDA margin, this acquisition will increase Parker filtration aftermarket sales by 500 basis points. We will leverage our business system, the WIN strategy, to achieve approximately $220 million in cost synergies and we expect this deal to meet our disciplined acquisition criteria of being accretive to organic growth, synergized EBITDA margin, Adjusted EPS, and cash flow. This strategic transaction continues our investment in high quality businesses that continue to transform our portfolio, accelerate sales growth, improve profitability, and drive shareholder value. I'll turn it back over to Todd to review the transaction summary. Thanks Jenny. All right, I'm on slide 4. Let's take a look at some of the numbers on the transaction. We are acquiring the Filtration Group for $9.25 billion in cash. This will add roughly $2 billion of highly recurring filtration sales at an Adjusted EBITDA margin of 23.5%. That purchase price equates to a multiple of 19.6 times on expected calendar year 2025 Adjusted EBITDA. Incorporating synergies, that synergized multiple would be 13.4 times. We are expecting $220 million of cost synergies over a three year synergy period. In addition, we expect incremental cash benefits of about $140 million at a net present value. The transaction is on a cash free, debt free basis which we plan to fund with a combination of new debt and cash on hand. Upon funding, we expect our net debt to Adjusted EBITDA leverage to reach approximately three times. I think you all know this, but we have built a great track record on rapid deleveraging after each of our previous transactions and we remain committed to operating around a net debt to Adjusted EBITDA level of two times. After the Meggitt transaction we delevered in seven quarters. That was our largest transaction ever. That seven quarters was the fastest that we returned to a two time leverage and our goal with this transaction is to delever even faster. Our target is to return to two times leverage in just six quarters. As Jenny said on the previous slide, this transaction meets all of our financial criteria. We expect it to be accretive to EPS in the first year of ownership and it will achieve synergized EBITDA margins in the mid-30% and deliver a high single digit ROIC by year 5. Slide 5 please. This slide shows a breakdown of Filtration Group by market, vertical sales by region, and sales mix. These are markets that we know well, with a life sciences business that expands our presence in this market, good global presence very similar to Parker's industrial business, and a robust aftermarket that again increases Parker Filtration Aftermarket sales by 500 basis points. Filtration Group's complementary capabilities and strong aftermarket presence enhances our ability to serve customers globally. Slide 6 please. Filtration Group brings a diverse portfolio with strong brands, material science capabilities, highly engineered products, embedded application engineers, and multiple R and D centers. This enhances our exposure in life sciences, HVAC and refrigeration, in plant and industrial, and transportation. Within Life Sciences we have solutions for medical, diagnostic and test applications that include consumable separation technologies, pharmaceutical protection, special chemistry and material science solutions. Within HVAC and refrigeration, our complementary products and advanced media capabilities ensure indoor air quality in places like hospitals, schools, museums and airports. Moving to in-plant and industrial, Filtration Group brings proprietary media for liquid, air and gas filtration, increasing both safety and productivity for customers. Within transportation are transmission filters and desiccants engineered to an application-specific form factor. Slide 7 please. When we combine the Filtration Group with our existing filtration offering, we will have one of the largest industrial filtration businesses at nearly $5 billion in annual revenue. Much like our previous acquisitions, this is highly complementary, bringing new capabilities in existing applications as well as near adjacencies, thus expanding our addressable market. This is aligned with our acquisition strategy to acquire high quality businesses with complementary technologies that accelerate organic growth. Slide 8 please and we know from experience that cultural alignment is key to a successful integration and we see this once again with the combination of Parker and Filtration Group. It is the safety, engagement and ownership of our people that is the foundation of Parker's culture. With Filtration Group we share an entrepreneurial culture and belief in a decentralized structure with P and L ownership at the local level. We are committed to being great generators and deployers of cash and living up to our purpose of enabling engineering breakthroughs that lead to a better tomorrow, thus making the world safer, healthier and more productive. We look forward to welcoming the very talented Filtration Group team members to Parker. Back to Todd to review the synergy opportunity. Thanks Jenny. As I said, we are confident and committed to achieving this $220 million of expected cost synergies that is roughly 11% of sales. Our integration plan utilizes a proven playbook and leverages our business system to WIN strategy. Key focus areas are similar to what we've done in past successful transactions and that includes our simplification process, supply chain, lean and obviously productivity. These expected synergies are in line with what we've achieved in past transactions. The structure of the Filtration Group business very much complements our existing filtration divisions. It's an extremely good fit. The increased scale of this transaction also brings significant opportunity for our combined filtration business. We're very confident in achieving these synergies. Moving to slide 10, this is a different Parker. Filtration Group enhances our technology offering with complementary and differentiated filtration solutions. This transaction will further expand our filtration and engineered materials technology platform, where material science serves as a common differentiator. Our past acquisitions of Clarcor, LORD Corporation, Meggitt, and now Filtration Group have meaningfully changed our portfolio. As you can see with this comparison back to fiscal year 2015. We value all of these technology platforms as they are critical to our distribution and aftermarket channel, give our application engineers a competitive advantage when solving customer problems, and provide us with a powerhouse of interconnected technologies. This is why we win. Parker is clearly a different, more balanced, and more resilient company than ever before. Slide 11, for those of you that have followed us for a while, this slide remains unchanged. We are on track to be approximately 85% longer cycle secular trend and aftermarket revenue mix by fiscal year 2029. Our acquisition of Filtration Group, which brings an 85% aftermarket sales mix, continues this transformation. Slide 12, and all of this has worked when you look at the metrics over the last decade. We have a 6% revenue CAGR, adjusted operating margin expansion of 1,130 basis points, 16% Adjusted EPS CAGR, and 10% free cash flow CAGR. It is our people, strategy, and portfolio that drive top quartile performance. Slide 13, the first four acquisitions on this slide have been a big part of our transformation. Curtis is still early days, and we are very excited about the Filtration Group. Just a reminder that we have compounded EPS at 16% and approximately 60% of this has come from the WIN strategy and our legacy businesses while approximately 40% has come from acquisitions. The acquisition of Filtration Group will continue our track record of accretive acquisitions. Slide 14, this is the same slide where we started, another strategic addition to Parker that demonstrates our capital deployment strategy of driving shareholder value. Our final slide 15, a reminder on what drives Parker. Safety, engagement and ownership are the foundation of our culture. It's our people and living up to our purpose that drives top quartile performance. That allows us to be great generators and deployers of cash. Okay, Nikki, before we begin the Q& A, we need to apologize to Mig Dobre with Baird and all the shareholders we were planning to meet with this morning at the Baird conference in Chicago. We are obviously not in Chicago. We're here in Cleveland this morning. As you can imagine, we've been working very hard on diligence and we are not going to be able to attend that conference today. We look forward to engaging with all of you very soon in the future. Okay, Nikki, we are ready to begin the Q& A session. Thank you. As a reminder, to ask a question, please press the star one on your telephone keypad. To withdraw your question, please press star two. So others can hear your questions clearly, we ask that you pick up your handset for best sound quality. We'll take our first question from Mig Dobre with Baird, please. Go ahead. Your line is open. Yes, good morning. Thank you and appreciate the kind words, Todd. If there ever was a good reason to cancel the conference, I guess this would be it. Congratulations on the deal. My first question. The business you're acquiring here, Filtration Group, has got an interesting exposure to life sciences and HVAC. Can you maybe talk a little bit? About how this fits in your portfolio, some of the gaps that it's filling in Life Sciences specifically? I know, Jenny and I, we've talked about this before. You know, what are your ambitions in this vertical, maybe even beyond Filtration Group longer term? We'll stick with today's ambitions, Mig, but, you know, life sciences and specifically healthcare filtration is mostly a new thing for Parker Filtration. So within that, Filtration Group brings some porous polymer components that are used in drug delivery devices, as I mentioned before, some diagnostic testing and venting for medical devices. This is. This is a pretty new space for us, but there are many solutions here in medical, and what we like about it is material science solutions. Right. That's a sweet spot for us. These products really characterize that. We think this is a good expansion of life sciences market for us. We're real excited about adding it to the portfolio. Understood. Maybe follow up on the go to market for Filtration Group. Maybe a little bit of detail on that and how that matches or maybe it's different than your core Parker business. Thank you very much. The one thing that I would say is very similar to Parker is these deep customer relationships, these engineer to engineer relationships, products that are deeply embedded with the customers. Long track record of innovation and really specialized application expertise, which is something that we have said gives us a competitive advantage for many years. Inside of Parker distribution is about 30% of the business and about 70% of the business goes direct with obviously a lot of aftermarket flowing direct. One thing I would also add is if you look at the breakdown geographically, the breakdown of the Filtration Group almost exactly mimics the breakdown of Parker's industrial segment. It adds nice scale and it is in geographies that we already operate in. We think we can leverage some synergies out of that. All right, thanks. Good luck, guys. Thanks, Mig. Thank you. We will move next with Jamie Cook with Truist Securities. Please go ahead. Good morning and congratulations on a nice acquisition. I guess just two questions, Jenny. I don't know if you can give us any history behind the deal. How long you guys have been talking, other bidders, just the history behind this and why the timing now is correct. I guess just my other question. Food protection and life science is a new sort of area for you. Just wondering if, as we think about M and A in the future, should we expect Parker to continue to want to grow in these markets? I guess just last, is there any sort of investment required from Parker Hannifin side in this business? Thank you. Filtration Group is a business that, you know, we've admired for a long time. It's been in our pipeline for a long time. As you know, as you've heard me say many times, it's about the timing. Right. It is about developing relationships throughout the years and staying close to these type of businesses. This was an auction process, but obviously we're very excited today to be announcing this deal. As far as life sciences and future acquisitions, it's always going to be about really following that discipline criteria we have. Right. Making sure that it fits inside of our portfolio, complementary technologies, and that it meets all that financial criteria that we talk about. We're not announcing a major shift in any strategy here. We've found a business here that is a very solid business. Great technologies, great, great innovation in engineering, happens to have a great life sciences business, and we're excited about it. Hey, Jamie, I would just add the investment profile is very similar to Parker. This is low R&D, almost exactly what we see in our total business, and the CapEx is similar to our industrial businesses. No overly needed investments, just continued invest just like we invest in the rest of Parker. Congrats again. Thank you. Thanks Jamie. Thank you. Our next question comes from Scott Davis with Melius Research. Please go ahead. Hey, good morning Jenny and Todd. I'm sure Jeff is there somewhere, but congrats. It's a good asset. Since it's a private asset though, we don't have a great sense of the kind of history as it relates to core growth and perhaps you could give us a sense of what the growth rates have looked like in the past and maybe how you would expect that to be equal or better in the future. Filtration Group has had a mid single digit organic growth CAGR from before COVID to today. The business with 85% aftermarket has historically been very resilient through the cycles. We do not expect much cyclicality here. I would say that recent growth rates have been better than Parker's industrial business. It is a healthy growth business. Is it a business, Jenny, where you're able to generally get, you know, a regular inflationary price increase every year because there is so much aftermarket? I mean, listen, we'll use the same tools that we've used with every acquisition. You know, strategic pricing is a strong muscle for us. So just like you've seen us do in the past, we'll be implementing those tools. Fair enough. Best of luck. I'll pass it on. Thanks, Scott. Thank you. Our next question comes from Andy Kapowitz with Citigroup. Please go ahead. Good morning everyone. Congrats on your deal. Thank you. Cost synergies of $220 million seems relatively good, but I think Meggitt had slightly higher versus sales and I imagine you have, as you said Jenny, a lot of overlap with Filtration Group. Could it be viewed as maybe a little conservative? Do you see a relatively significant portion of the synergies that could come in year one after close? This is 11%. We've, you know, historically been at about 10%. We think that this $220 million is, you know, a really, really good target. You know, like usual, we'll be phasing this in. There will be multiple phases to the synergy plan and we'll have our really robust and disciplined cadence wrapped around it. You know, we're going to use the WIN strategy, all the tools in the WIN strategy to get these synergies so the team's going to go and get it. Let me ask a follow up on that. Like just a little more color on the margin opportunity. Their margins obviously significantly below yours, but maybe just talk about their market positioning. Is there anything that's been holding them back, you know, in terms of their margin? Because you seem pretty confident getting it to 30% over the next few years. You know, I don't have any comments about, you know, their operational strengths or how they've, you know, gone to market or run their business. I would tell you that I'm just very confident in our ability. There's a clear path to margin accretion here with the WIN strategy. These tools have been successful in previous acquisitions and we know they're going to be with this one. Appreciate the color. Thanks, Andy. Thank you. We will move next with Julian Mitchell with Barclays. Please go ahead. Hi, good morning and congratulations. Maybe my question would just be trying to understand a little bit more on those synergies on slide 9. Any way you'd characterize the focus areas maybe of what's driving those synergies in terms of the split of items you mentioned, like supply chain and Lean. Any impression of COGS versus SG&A savings, perhaps, in comparison with recent large acquisitions you've done like Meggitt, and do we assume for now just a linear realization of that $220 million goal over three to four years? Julian, I'll take that one. You know, this is Todd. I think we've talked before. We are completely agnostic when it comes to taking cost out of the lines on the P& L. We look at every single line on the P& L, whether it's cost of goods sold, whether it's SG&A. We don't see anything different with this transaction. You know, Jenny said this. We're going to combine this with our existing filtration business. That business is going to be nearly $5 billion in annual sales. The scale there is significant. I mentioned how complementary it is to our existing businesses. We see some opportunities there in the combination. It really is leveraging the power of the WIN strategy and that's all the levers that we use to expand margins across all of our businesses. Jenny called out, when you look at that expansion that we've had over the last 10 years, it's now 60% of that expansion has come from businesses that we did not acquire and 40% came from the great transactions that we were successful on. We do not see this any differently. It will be just like the last transactions. We're not providing a dollar phasing at this point in time for the synergies, Julian. Obviously there will be multiple phases to the synergy plan. Like I mentioned, we have a really disciplined cadence wrapped around integration and the team's going to go get it. That's great. Just my follow up would be around the market share, maybe in aggregate. You have slide 7, the details around the market footprint. I think you said that overall you'll have a $5 billion plus filtration revenue base pro forma for this deal. Wonder if you could give us any sense around maybe the addressable market size, you know, how much larger you think you might be than some of the other leading players here. Any color around that, please? Yeah, I would just say that we expect this to increase our total addressable market, but we, you know, we're not disclosing that at this time. We don't have that. You know, Filtration Group has a really strong position across diverse and growing end markets. And like I mentioned, it adds near adjacencies and expands the markets that we currently, you know, currently play in and springing new products. So those complementary technologies are definitely going to help our position. Great, thank you. Thanks, Julian. Thank you. Our next question comes from Joe O Dea with Wells Fargo. Please go ahead. Hi, good morning. I'll add my congrats on the deal. Just wanted to start with confirming that we're thinking about some of the sort of key drivers of the ROIC framework correctly. It seems like something like 7% growth, 35% base incrementals, and then the synergies can get you to around 8% ROIC. Are we thinking about those drivers correctly? If we are, just any additional thoughts on that 7% growth? Maybe it's a little better than what they've achieved over time and how you think about getting to that. Hey, Joe, this is Todd. I think you're pretty close there. We're a little bit more conservative on the growth line. You know, we have them right in line with our stated 4-6% target. You know, we do expect to rebound as industrial markets recover here. You've already seen we're starting with a very good EBITDA, 23.5% EBITDA. We're modeling this at a similar tax rate to Parker. As a total I did call out, there's $140 million of tax benefits that will phase in over roughly the first three years. I don't remember if I called it out or not. If you look at our expected cost of borrowing, it's about 4.5%. That's based on today's rates. It's pretty attractive considering where we've been and you know, all that. You work in the synergies and that's how we see a path to, as being accretive to cash flow, being accretive to EPS and obviously delivering that ROIC hurdle. I appreciate that. And then just in terms of the filtration business that you have today, where are those margins as we think about that is any kind of blueprint or support for taking Filtration Group margins up and along with that, as you've presumably competed against them a little bit over time, when we think about the mapping you gave on end market exposure, why you've won, why they've won, to understand some of the competitive advantages between the two. Well, I think, you know, listen, like I said, we've admired this business for a long time and this brings a lot of complementary technologies. You know, I think we both won because we've had these deep customer relationships. We've been good at innovation, proprietary media, proprietary product and being able to solve customers problems. The Filtration Group has built a very impressive suite of brands that are well known in these markets and these are markets that we know. So I think this just puts us in even better position from a competitive advantage and really helps us hit that 4 to 6% organic growth. You know, what we've committed to on this transaction is EBITDA margins greater than 30. I would just call back to what we saw when we had the Megan announcement. We committed to getting Megan specifically above 30. And at that time our aerospace business was below 30. And we very quickly realized that synergies come from the entire business, not just the acquired business. If you look at that business today, that business in total is operating greater than 30. And we really have a clear path to our filtration business doing the same. I appreciate it. Thank you. Thank you. We will move next with Joe Ritchie with Goldman Sachs. Please go ahead. Thanks. Good morning, everybody. Good morning. Congratulations. Yeah, look, I think 11% synergies is certainly a healthy number. It doesn't seem like you've got much footprint rationalization embedded in that number. I just want to touch on that point. Just going back to some of the learnings from Clarcor back in the day in terms of making sure that you guys feel very comfortable in achieving those synergies. There isn't a lot of footprint associated with those synergies as well. Yeah. So you know what's been so good is that with every acquisition this playbook has just become stronger and stronger. Right. And we really have some great people running these integration teams that when it comes to things like footprint and it's no difference with this deal, the footprint of filtration groups, businesses will be reviewed and thought out very carefully. You know, we're not giving individual bucket areas right now, but we value the global footprint with this business and we want to ensure that we continue to be able to meet the global demand and the in region supply for customers. As you know, that's our model and that's important to us to be local for local and be able to serve those customers in, in those regions. Got it. That makes a lot of sense, Jenny. And look, my following question. It's interesting to see an aftermarket business, 85% of the mix, but predominantly most of the business sells direct. As you kind of think about the. Different channels going forward and maybe it's too early, too premature to start talking about this. Like is it, is there an opportunity to even, maybe even optimize the channels going forward and maybe sell more through distribution? I'm just trying to understand like the path forward from here. Yeah, you know, we obviously will be looking into that. You know, as you know, our distribution network has been very successful for well over 60 years. Makes up 50% of our industrial business. And while we think Filtration Group, you know, has a great go to market story here, we'll obviously be looking for those opportunities. It's something we know how to do. Joe, just to reiterate the $220 million, those are cost synergies. We do not have any sales synergies baked into the justification of this transaction. We know there will be some, but we did not use them to justify the transaction. Makes sense. Thanks guys. Thank you. Our next question comes from Chris Snyder with Morgan Stanley. Please go ahead. Thank you. This is obviously a pretty sizable deal for you guys at over $9 billion. You know, can you talk about bandwidth. To continue to push forward on additional. M& A, you know, both from just a balance sheet and then just, you know, like a management operational bandwidth perspective. Thank you, Chris. That's a great question. You know, we're very much focused on the integration planning for this transaction. The Curtis transaction is in process as we go now. That team is set. When we put these integration teams together, we take the best talent from both organizations and we give them the playbook and we give them opportunities to shine. And it's been unbelievably successful. You know, the company as a whole has never been larger, it's never been more profitable. Core Parker itself is generating over $5 billion of EBITDA. That's in our FY26 guide. Both of these transactions are obviously accretive to that. I would tell you we remain committed to maintaining that net debt to EBITDA and operating in the around 2.0 times space. We've done that for the last year and a half, roughly. This will push us slightly, right? It won't be nearly as high as what we've been in the other transactions. And just the cash flow generation of the company is so strong, we will very quickly return to a 2.0 times. This is roughly just six quarters. So we talk about it all the time. That the relationship building the pipeline, the work that occurs across the organization never stops when it comes to what's next. Right now I would tell you we're very much focused on integrating these two transactions properly. Making sure the model achieves what we expect it to achieve, and generating great returns. Thank you. I appreciate that. And then to follow up, Jenny, you often reference that Parker's distribution network is. The envy of the industry. I just wanted maybe some color on how expanding the company's portfolio impacts or helps with that distributor network. Whether it's bringing new distributors into the fold or maybe even more importantly making Parker more important to the existing distributor network, which could have positive implications elsewhere. So just any thoughts on that, the. Scaling of the portfolio and what it ultimately means for the distribution network? Thank you. I'll tell you, we are always all about making our distributors stronger and healthier. They are truly an extension of our engineering teams. They are our partners. And whatever we can do with products in this portfolio, like I said that we'll evaluate that and whatever we can do to help them have more products on their shelf, be able to solve customer problems with these products and these solutions. You know we're going to do that. So most of the time our distributors are very excited about new products coming into the Parker family. Thank you. Nikki, this is Todd. I think we have time for one more question here. So we'll take whoever next. Thank you. All right, we will move next with Jeff Sprague with Vertical Research Partners. Please go ahead. Hey, thank you and congrats. A lot of ground covered. I did want to come back to the synergies just one more time. I also thought 11% was a large number for I think an ostensibly very well run private company, you know, versus Megat. Right. Like ostensibly a poorly run public company with layers and the like. I guess my question is obviously you had to undertake Megat with, you know, very little actual due diligence. Right. You had to make your own judgments. From the outside looking in, which were. Obviously thoughtful, but you didn't have a. Whole lot of information. Given this situation, have you really been able to get, you know, get deeply inside the organization and sort of map out the synergies or is this still more of sort of kind of a high level Parker playbook? We've done it before and you know, we're going to do it again in. Terms of how you approach things. Well, it is. We've done it before and we're going to do it again, that's for sure. You know, obviously we were able to do more diligence on this deal than we were with Meggitt for sure. One of the most exciting things to me was to be able to meet some of the team members, to meet some of the leaders and see the talent that is in the organization. That's through my comments speaking to culture and how important that is. So that is I think the foundation for a successful integration, the buy in to the wind strategy, the similarities in our culture. So we feel really good about the way, way we've mapped out these synergies here. And you know, I'm confident the team's going to go get them. And then just on the, on the aftermarket side too, you know, obviously a lot of the aftermarket is going to be tied to utilization of assets and we've had, you know, a period obviously of weak utilization and plant in a. Couple of these markets. Did the aftermarket business, you know, stay positive through sort of this kind of channel inventory liquidation dynamic that we just went through and parts of 23 and 24 and even into 25. You know, Jeff, we don't have details on the, you know, on the inventory levels and obviously not as close to it as we were with our, with our own business. But you know, as I mentioned earlier, this, you know, with this 85% after market mix, you know, very resilient through the cycles and mid single digit organic growth from COVID to today and you know, growing, you know, faster than Parker's industrial business. So a nice resilient business here. Yeah, no, it looks like a perfect fit. Congrats and good luck with it. Appreciate the time. Thanks Jeff. We appreciate it. Okay. This concludes our webcast on the acquisition of the Filtration Group Corporation. Our investor relations team of Jeff Miller and Jenna Stuckey will be available if anyone has any follow ups or model questions. We really do appreciate your time and attention and we wish everyone a wonderful day. Thank you. Thank you. And these does conclude today's program. Thank you for your participation. You may disconnect at any time.