ADM
#Yes.
So some of the legacy businesses, one of the businesses is, for example, hydrocolloids.
Hydrocolloids go like about half of it to food applications and that continues to go very well, but about half of it goes to drilling fluids, and as you can read, the industry has basically reduced significantly the drilling in the U.S., so that market has been significantly impacted.
So nothing to do with our food strategy, if you will, but it happens that we will report it in that segment.
The second is related to fibers.
The fibers market has a little bit of overcapacity so prices have been soft there and we have some more competition.
And one of the businesses that we acquired, SCI, have had some issues with inventory that we needed to write off or sell it at a discount because they may not have been in the greatest of condition.
So all those three things basically impacted the WFSI business.
On the other hand, Wild Flavors is growing significantly and is going to post growth of about 20% year-over-year basically on innovation that has happening at the customer level.
So when we talked about the revenue synergies being a little bit slow, it's because obviously, first of all, you need to think about how to combine all these products into a new solution and then you create the prototypes, and then you present those to the customer and the customers create a marketing campaign and also look at the potential for that product and look at the stability of those products.
So that approval process takes a little bit longer, especially in some of the companies that are very much focusing nowadays on cost and productivity and they may not have that many people to take care of these products.
So that's why we tried to ramp up a little bit more the cost synergies to make sure we don't fall behind in our promises.
But, as I said, the Wild Flavors business is going strong and having again probably a 20% increase in profits versus already a record year like it was 2015.
So we are extremely proud of the business.
Yes, <UNK>, I wouldn't like to describe a number or talk about the number for 2017, but certainly the dynamics at this point in time in the industry calls for a little bit of a continuation of the supply/demand fundamentals we are seeing now.
Certainly exports to Mexico have been better than expected.
Certainly there has been a flattening of the secular decline of the U.S. domestic market, if you will.
And what we continue to do, which we like and it bodes well for the future of the business is we continue to introduce new products, and some of these products are more at the developmental stage, if you will, but some you can see in the press releases that we continue to launch these products.
At this point in time, I cannot give you top of my head something that you can look at to track the progression of that portfolio, but traditionally ---+ five years ago, we looked at trying to replace 10% of the grind, if you will, just in case high fructose corn syrup were going to decline 2% per year, which it hasn't happened, so we haven't needed to bring all those products, but we have all those developments.
And as we are trying to sell up our capacity and bring products at higher margins, we continue to introduce some of that.
So probably we will get together with our businesses and we will try to come up with some kind of indication that at least you can track on the progress of that initiative.
We haven't done it, as I said, because of the strength of sweeteners and starches; we didn't feel that we needed to communicate anything for that.
One thing too though, <UNK>, is we have purchased the remaining interest in Eaststarch.
That is something different and that is an increment compared to where we were before, so that clearly is a positive.
And as we indicated in prior calls, the Eaststarch acquisition was about $0.04 per share accretive to our overall earnings going forward.
Thank you.
Thank you for joining us today.
Slide 15 shows some of the upcoming investor events where we will be participating.
As always, please feel free to follow up with <UNK> if you have any other questions.
Have a good day and thanks for your time and interest in ADM.
