IOSP
#Again, I will go back to three years ago when we presented our strategy and we continue to do that, we said we wanted a balance portfolio.
And if you look at this acquisition and then you take ---+ if oil ---+ when oil returns to the mid-$50s to $60, you have really got a very balanced portfolio, anywhere from $350 million to $400 million in personal care, anywhere from $250 million to $400 million, depending on the market changes in oil field, and a $500 million fuels business.
That is a great balanced portfolio with great technology.
So for us, we don't really need to run out and acquire anymore.
I think we have got very good strategy.
We have got ---+ for us, now it is fund organic growth and technology and look at expansion of the dividend.
If something comes along, I don't think you will see anything to this magnitude.
If it is, it might be a small geographic area where we have a technology or we need growth, inorganic expansion, for instance, something maybe in Saudi.
But, for us, we are really well-positioned now to really not go out and do much acquisitions.
Multiples have come down, but I think what we have seen in the market is what has been for sale has not been a business that really does anything for us long-term.
It might be a consolidation of assets, and we really don't need more assess at this time.
I think for us, we will continue to look at oil field, especially if it is geographic growth.
And I think there probably will be some small either geographic expansions and/or product expansions.
But we are properly positioned in the right growth areas in the US market, specifically.
I think it is more so just general organic growth expansion, whether it is putting more plant capacity in or personnel as we get the business.
That is our focus right now.
Yes, it was both.
Sorry.
Good question.
It was both.
It was not only growth in the US market specific, but again, as we stated in the last Q call that there is a customer that we started to deliver to in South America, and that is part of the growth as well.
And that should continue.
Yes.
Yes, there was.
If you look at the Huntsman business, Huntsman ---+ they run good plants.
They have good people.
They have are very good operators, which is good for us.
We are not picking up a business that has been destroyed or in disarray.
It has been a very stable business for Huntsman.
I think it is going to be a very stable business for us.
The same general competitors are out there.
The good thing is that we don't have to put a lot of money of CapEx for expansion into these plants.
We have got more than enough room, and I think with the additional volume in technology that we are bringing to Europe from the US should help grow that volume in those plants.
So I think overall, as a competitive situation, we sit in a good position, along with all the other competitors.
I think it is a pretty responsible market.
No.
It is apples and oranges.
If you look at that [Palmers] business, it has been like that for the last 15 years up and down.
This is a pretty stable business.
Thank you all for joining us today, and thanks to all our shareholders, customers, and Innospec employees for your interest and support.
If you have any further questions about Innospec or matters discussed on this call, please give us a call.
We look forward to meeting up with you later again this year.
Thank you.
