BMS
#<UNK>, what gives us the confidence in the volume is the pipeline.
We did an exhaustive review of the global pipeline, not just the US Packaging pipeline of where the projects stand in the stage gate process.
Are they a P1 or are they at P4.
Are risks retired, are risks not retired.
And as we look at that, when those projects are going to be completed and if you go back to our whole premise around our stage gate process, it starts and ends with the customer.
So we don't develop unless there is a customer tied to it all the way through.
We feel very good about that.
And very good about what is going to get launched in the upcoming months and quarters.
Not just in US but also in Global.
As to your question on restructuring, there is really three elements of the restructure in this quarter.
$1.4 million associated with the <UNK>ly closure in the medical division.
And about $0.5 million associated with acquisition related cost on Emplal.
Those are included in the segment.
There's a $2.7 million charge that was not included in segment and reported as corporate and that is for an indemnification obligation related to a past acquisition.
It's a one-time, nonrecurring charge.
There has really been no shift.
If you think about how to think about it, about $60 million of our spend is environmental health and maintenance.
And I would say it is a 50/50 split above there between innovation and recapitalization.
Recapitalization is heavier in US Packaging.
Just from the standpoint that's where the assets really needed to be recapitalized.
And as <UNK> pointed out a big part of our global strategy is the migration of capabilities in higher barrier of products from the US to those emerging markets as packaging sophistication increases.
I think we figured out ---+ first of all, <UNK>, I just don't think we were really focused on cash flow and we are now focused on cash flow.
Last year in Q4 the number was $56 million.
As we have given you the guidance I fully expect that to be $90 million plus next year so we will continue to get improvements.
And we will continue into 2016.
I think we have made a lot of progress on terms with suppliers.
We've gotten ---+ done a good job with the big ones and now as we go into Q4 and Q1 we are focused on that next tier of vendors to get those terms of improved.
From an inventory side, I think we have done a nice job of getting inventory back to where we want it to be.
But clearly, the big progress is still going to be linked to our rollout of supply chain optimization management and demand forecasting, which those investments are being made right now.
And I would expect that to start realizing second half of 2016 into 2017, when we complete our ERP implementation in US Packaging.
No.
No, first of all I don't think ---+ I wouldn't read anything into it's going to be $550 million.
We're just getting back to normalized.
When <UNK> makes that $550 million comment, think about it, our EBITDA will have grown substantially as a contribution to that.
So I would think in terms of we are targeting to get to primary working capital to be 14% of net sales.
And then the additional growth will come from our improvements in EBITDA as we continue to drive our performance.
