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Air Products and Chemicals, Inc. (NYSE:APD)

DbAccess Global Industrials and Basic Materials Conference

June 14, 2013 10:20 am ET

Executives

Guillermo Novo - Senior Vice President of Electronics, Performance Materials, Strategy and Technology

Simon R. Moore - Director of Investor Relations

Analysts

David L. Begleiter - Deutsche Bank AG, Research Division

David L. Begleiter - Deutsche Bank AG, Research Division

Air Products, it is Guillermo Novo. He's Senior Vice President of Electronics, Performance Materials, Strategy and Technology. Guillermo joined Air Products last September after a very long and successful career at both Rohm and Haas and Dow Chemicals. With that, Guillermo will have a few slides, and we'll go into our fireside chat format. With that, Guillermo, it's all yours.

Guillermo Novo

Good morning, everyone. As David said, Guillermo Novo, with Air Products. David, thank you, and the rest of your group here for the invitation. It's a real pleasure to be with all of you today. I have Simon Moore, our Director of Investor Relations, also joining me here today.

If I can get this moving. There we go. I want to remind you, all of you, of the forward-looking nature of the statements that we'll be making today.

It's very interesting for me, joining Air Products and look

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One of the first questions I asked myself joining was, how this industry and this company has had a great reputation, especially when you compare it to a lot of other materials companies in the chemical space. And a lot of that has to do with the business model that we're seeing, both in the -- at the industry level and at the company level.

If we look at Air Products by the $10 billion company, a very diversified portfolio. If we look at our

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the types of businesses we have, 42% of our portfolio is what we would classify as on-site or pipeline kind of business. These are longer-term contracts, very stable revenue earnings streams that we have. The deals are structured so that we have very good energy pass-throughs that protects our margins over this period of time.

From a business productive, about 80% of that falls into our, what we call our Tonnage business, and the other 20% fall into our Electronics and Merchant business. 21% of our portfolio is the Liquid Bulk. Those are the trucks you see on the road carrying a lot of liquid oxygen, nitrogen around to distribute to many different industries. Again, like the Tonnage, stable business tends to be long-term contracts, but more in the 3 to 5 range. The structure of this part of the business allows us to recover any cost increases that we have, so again, delivering very healthy margins.

28% of the portfolio is what we call specialty gases, Package Gases & Specialty Materials. It's about 1/3 of the Package Gas side of the business, and the 2/3 is the Materials sides of the business that fall into our Electronics and Performance Materials areas. Again, these are shorter-term contracts. It's about how we deliver, how we service our customers, be it in the Package Gas or the Materials side about innovation and the technologies that we bring to our customers. And 9% of our portfolio is the Equipment. About 1/2 of that falls into our Energy and Equipment side of the business, and 1/2 of it falls into the Electronics and Merchant part of the business. And I'll talk a little bit on the Electronics so that you can get a feel for the different components.

Within this 9%, our LNG business, which is a lot of the heat exchangers, but 80% of the LNG in the world is -- uses -- is processed, liquefied using our heat exchangers. So an important part of the portfolio here.

I'm going to -- the next 2 slides, I want to just give you a little bit more highlight to the businesses that I manage directly, our Electronics and our Performance Materials business. And we're trying to give a little bit more detail of the profiles of this business so that we can talk about the performance of what's driving our priorities.

If you look at the Electronics, it's about almost $1.7 billion in revenue. $350 million of that is reported in our Merchant business, $1.3 billion is reported within the Electronics and Performance Materials group. 26% of our portfolio here is Tonnage-type business. This is a lot of our nitrogen-type business. Again, similar to what I said before, long-term contracts, very stable and a very strong position that we have in those areas.

We also have the -- 20% is the Liquid Bulk part of the business, where we supply the oxygen, nitrogen, a lot of the chamber gases that are used in the fabs. So 40% -- 46% of our portfolio is around gases, and 50% of the portfolio is what -- is linked more to the Materials side of the equation. Of that 50%

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And we -- the nature of the materials that we sell are very specialized. A lot of them go into very special containers. Some of those are returnable containers that we work with our customers. So we design equipment so that our customers can take our packaging, connect them and really have a very -- with a high degree of control, deliver those materials to the tools in the fabs. That's about 14% of our portfolio. So it's more of a sale of equipment. And then through Materials is about 40% of our portfolio. And we break it down into 2 areas, our process materials and our advanced materials. Our process materials are materials that are used in the processing steps in the industry, go into a lot of the semiconductor and the display side of our system. So it's chamber cleaning, etch-in, built-ins, so it's materials where you're not going onto the chips, you're helping process the chips. And the advanced materials is really the higher tech part. This is -- these are the materials that really go into the architecture of the new chips and in the manufacturing of the new chips. That's where we spend a lot of our R&D, and that's where a lot of the collaboration with our customers are.

If you look at these 3 buckets, you could say in the Gases side, very stable. Our performance has been very good, along with a lot of the models that we have in industrial gases business. Our advanced materials is also performing very well, driven by technology. Our DA Nano acquisition, in the slurry side of the business, is in that part doing very well. Where we're seeing probably most of the noise in our performance has been more around the equipment and the process side, and I'll talk a little bit more in the next slide about that.

So again, if we look at those 3 buckets, as I said, the gases goes into the semiconductor and to the advanced display side of the equation. We have a #1 position there. We really target a very specific product line, and by product line, I mean, the design of the equipment that we put in these tonnage facilities around nitrogen are designed specifically for the electronics industry. So that's allowed us to gain a #1 position, and really deliver very strong returns on those investments over the time that we've been making them.

Process materials, as I said, is where we've had a little bit more of the noise. And that's driven by 2 things. One is the reduction in the electronic chip demand, that has been falling, so overall demand has dropped. But we've also had some structural issues that we're addressing. 60% of our manufacturing capabilities are in the U.S., 65% of the volume is in Asia for some specific products, and that difference puts us in a competitive disadvantage position from a supply position. And now given that the supply-demand balance from these products have gone long and the competitive environment has increased, that's probably where we've seen a lot of the erosion in our business and where we're taking lot of our actions.

And as I said, the advanced materials is about technology. We're very excited about the future of this business. We expect it to continue to grow 2x GDP because it's about what nodes we're targeting for these new technologies. There, we collaborate with our customers, with the tool manufacturers, really to develop and enable the chips of the future.

So that's a little bit of the electronics. On the performance side of the business, Performance Materials, it's probably more similar to the advanced materials part in Electronics, heavy technology-driven segment. It's about $1 billion in sales segment, driven by 4 businesses. Our polyurethane additive businesses is catalyst used to make anything in flexible foam or rigid foam. So a lot of the foam in the seats you're sitting on, automotive industry, furniture, bedding, those kinds of applications. And in the rigid foams, a lot of the insulation for spray foam, for board or for appliances, a big use. Epoxy curing agents really go into a lot of the high-performance epoxy systems. They go into coatings, basically, a lot of the high-performance industrial-type coatings. It goes into the civil engineering, industrial floors, and a lot of the newer, higher-tech composite materials that are being developed.

And then the specialty additives surfactants go into their specialty additives that give a functional performance to our customers' products or application performance. And they go to a wide range of applications from coatings, inks, adhesives, construction materials, cleaning materials, mining. So a very broad-based portfolio.

We're very good stewards for this business, and have been for many years. These businesses have been growing at 2x GDP. So through innovation, we've been able to capture a fair share, and we do a lot of rejuvenation of our portfolio, bringing newer technology to replace some of the older products in our portfolio. We have a #1, #2 position in each of these key segments, so we're in a very strong position to support them and support our customers through innovation.

If I step back and talk a little bit of major projects, in -- at a corporate level, we still have a very robust project backlog, over $3 billion. And what's exciting there, it's a very diverse portfolio of projects ranging from hydrogen, electronics, a number of different ASU -- oxygen applications for a number of different industries, and also a lot of projects in coal gasification in China and our energy-to-waste projects in the U.K. So a very nice portfolio. We're executing very diligently to be on time and on budget on all these projects. So good outlook moving forward.

Tied to our portfolio -- to our project portfolio, we look at our priorities for cash use. Obviously, we want to grow our business and we want to grow it profitably. So that portfolio really drives a lot of our activities. We don't have a number in capital that we're trying to spend. We really define our capital targets based on the project portfolio we have. And that has to be meeting a lot of very stringent criteria on returns, on how we evaluate risk, and on our strategy, which segments we want to focus on.

Second area is dividends. We're very proud, 30 years of continuous increase in dividends, and we don't want to change that. And obviously, we also want to maintain -- we strive to maintain our A-bond rating. And this is to give us flexibility, as big opportunities come up that we have the flexibility to be able to act on them.

And under share repurchase, we have approved for this year $500 million of share repurchase, of which we've executed $460 million. We don't see that we're going to do any -- a lot more to the year, but it's had a lot of momentum this year.

And lastly, I would close by, the overall economic environment, there's still a lot of uncertainty, so we're focusing on the things that we can control. First and foremost is the loading of our existing assets. We have made investments, especially if you look at our Merchant business and our Electronics and Performance Materials, we're working diligently to load those assets and make sure that we're getting the returns out of them. We're executing our project backlog. It's a very critical backlog for us. We want to do that on time and on budget. And we want to control what we can control, and that's a lot of work on cost and productivity, and bringing that in early into the year.

So with that, let me stop and then we can go to the Q&A.

Question-and-Answer Session

David L. Begleiter - Deutsche Bank AG, Research Division

Well, thanks. That was an excellent overview. And you can stand up, that might be helpful for people to see you. So I'll just begin the fireside chat format. Really first, in Electronics, Guillermo. How are demand trends? Has business bottomed? Are there any signs of recovery in your -- in the electronics end markets?

Guillermo Novo

Okay. I would say, to answer your question, both in terms of end markets and in terms of our own business. If you look at end markets, clearly, their -- the expectations that we had, all of us had, the industry had last year, for 2013, has come down. So our expectation going into the year was to be a strong growth that has not happened. If you look at the MSI, numbers on square inches of silicon, they have had some significant revisions. But clearly, they're forecasting some recovery

[Audio Gap]

If you look at our business, again, if you look at the buckets that I was talking about, I would say our Tonnage business is very stable. If you look at over time, our customers need to use the gases, regardless of if the fab is working or not, because it's used to protect a lot of the equipment in the nitrogen blanketing. So that's been fairly stable. The new projects, big fab investments, that's driven more by capital rather than the MSI number really looking at the capital projections of the industry. And that's been -- there's some significant projections that they're making, but it's been moving back. And right now, there's not a rich portfolio of projects in the near term. We have a number of them that we're working on and driving. But most of those will come later into 2014 and beyond. The sale of equipment, also capital-driven, but this is both new fabs but also retooling old fabs. We've seen a lot of delays. But the forecast was for it to pick up in the second half of the year, and I think the industry is already feeling that. From our Materials side, it's the 2 sides of -- this demand has impacted us. And it's not only the demand, it's how each of our customers have reacted. This is a very concentrated industry. So depending on where your position with each account, a customer, and how they're doing, it does have an impact to us. So we've had a lower market, some dynamics positive and negative depending on the account, and then it's about the innovation side of things in our competitive position. I would say, in the process materials, the demand pick-up will come, we're going to be taking actions still to work that part of the portfolio. So we're not ready to put projections on what we want to do there. But definitely, it's an area that is high on our radar screen of activities. And as I said, the advanced materials side, these -- those are about the new nodes. That area is actually growing. What we're focusing on is growing irregardless because that's where our customers are focusing their time and energy, to develop and drive those new nodes. So those are growing, and if you look at the fabs, the leading-edge fabs, they have higher utilization rates than the older fabs.

David L. Begleiter - Deutsche Bank AG, Research Division

Just on that metrics range of the silicon process. So what's your current forecast for '13 versus '12? Any early thoughts on 2014 and then perhaps a recovery-type year?

Guillermo Novo

Yes, I think, overall, we're forecasting it to get back into the mid single-digits growth towards the back end of this year and into next year. If you look at the longer-term outlook, '12 through '17, it gets back to that number of middle single-digit growth. And so we're comfortable with that outlook. I think for us again, a lot of it is going to be the new nodes. And there is a lot of change going on in the industry, with the move from PCs, mobility coming in, the types of products. So there is, clearly, a change in the products. And it's -- our performance is going to be dictated by our positioning on some of these new nodes as they come in.

David L. Begleiter - Deutsche Bank AG, Research Division

On the process side, NF3, WF6, these have been long-term products for Air Products. What is the -- you have a lot of work to do moving manufacturing overseas over a longer term. How is pricing these products right now? And what's the -- how long will this manufacturing transformation take in these process side -- processes of businesses?

Guillermo Novo

Good question. I think we've definitely seen some price erosion in some parts of the world, more than others. Again, that's driven more so by the deterioration of the PV market. A lot of our competitors specifically look at NF3 as an example, expanded capacity, with the view of supplying the PV market. As that collapsed, that's where they're trying to place the material. Most of that expansion was in Asia, and so that's where the impact, and we've seen erosion there. We don't see that improving at this point in time. We do have, if you look at our footprint, we have most of our production in the U.S., but we do have a plant in Korea. So what we're doing there is expanding our capacity in Korea, upgrading it, so we can make the types of products and the grades of products that our customers are wanting, so that we can shift more of our production to Asia.

David L. Begleiter - Deutsche Bank AG, Research Division

So looking at margins, in Electronics, you, over the years, have done a good job to improve these margins. You're moving some of the lower-margin products. Given the changes recently and the decline in your margins, business, how should we think about margins in Electronics going forward in the next 2, 3, 4 years?

Guillermo Novo

Yes, I think you should look at it in the buckets that we talked about. If you look at, again, Gases side, very stable. It's the model that you've seen. We don't see significant changes there. It's about continuing to service our customers and continuing to gain share as new projects come in. And I think we're well-positioned there. The advanced materials, that's very high margin area, that's where we want to grow. That's -- margins and returns would be above our corporate average, so very profitable, and that's going to drive a lot of our activities. That's not a capital-intensive area, that's an R&D-intensive area, and that's where we're spending our resources right now as we brought in DA Nano for the slurry business, but also developing a lot of new products. I think the question really comes down to the process. And on the delivery side, we're okay, it's not a lot of volatility. It's more the timing of the orders that we come in. It's the process materials. And I think the issue there is, get our house in order. I said we're not ready to talk about how we're going to position and what actions we're going to specifically take on specific products, because we have a good position on most of them, it's about not a radical change, it's about adjustments that we need to make. Once we have -- make those adjustments, we will be competitive, very competitive, and we will be in a position to sustain our business at very reasonable and acceptable margins for the type of investments that we're making.

David L. Begleiter - Deutsche Bank AG, Research Division

Okay. And just on the R&D side in Electronics, given the changes that are occurring away from PCs towards handheld, how's your product's position? How do you make sure you're positioned longer-term to make sure that you're not going to be on the outside looking in?

Guillermo Novo

Yes. I think this is one of the advantages of our market-facing approach with the industry. I mean, we're $1.6 billion of business with our customers. We have a lot of access, and we leverage that access with our key accounts. That industry is concentrating, so we really need to work very closely with a handful of the fab -- the silicon producers -- chip producers, but also, with the tool manufacturers. So we have a great relationship. The way we work it, is working with those key accounts, working with the tool manufacturers, and really bringing in the technology development for our customers. And it's that trifecta that really drives a lot of our activities. I think -- we have leadership positions. If you look at the slurry business, we have -- we're a strong #2 there. We have some unique IP that is allowing us to really work into some of the higher-end applications that have a lot of future. Not everybody will be able to play in some of those spaces because of the IP spaces, so I think we're very excited about the potential there. Equally, if you look at our deposition materials, where it goes into building the layers of the new chips, a lot of new technologies. What's were interesting there is, we do a very strong portfolio management of the projects that we're working on so that we can track the development, the milestones and the timing that we want to achieve. And we have a very good visibility of where we're already approved so that we can track the ramping plans of our customers. But also, one of the future nodes, that we want to work 2, 3

[Audio Gap]

To choose the spaces that we want to play in and lead. And I think we've been very successful at that.

David L. Begleiter - Deutsche Bank AG, Research Division

Let me see. Any questions, I mean, from the audience for Guillermo? Otherwise, I'll keep on -- please go ahead, wait for the mic, please.

Unknown Analyst

Could you talk a little bit about the gasification plant in the U.K., timeline, plans for future plants?

Guillermo Novo

I mean, we -- the project is going very well. It's on target with our expectations. This is a very interesting space for us. A unique project, both to leverage a lot of our engineering and gasification, both through our ASU and the gasification technology we have. Linking in both supply of

[Audio Gap]

We're very excited. All indications are it's on time, on budget. So we don't expect any changes from the timelines that we've talked about. And we will be looking at other opportunities. There is a second project in the U.K. that is already being analyzed. And we're going to make decisions on which path we take as the timing of those projects move forward. But this is going to be -- part of the beauty of our portfolio is that we have a very diverse portfolio in our Tonnage business. If you look at hydrogen-coal gasification, ASUs for a lot of different industries, and steel and glass and electronics, energy-to-waste, LNG. So there's a lot of -- it's a very diverse portfolio that I think, strategically, we want to make sure that we keep a good balance.

Simon R. Moore

And then I think, specifically on the project, right, we expect to be in startup late in our fiscal year '14, and fully on stream around the beginning of our fiscal year '15. Consistent with what we set it up for, the projects are going very well.

David L. Begleiter - Deutsche Bank AG, Research Division

[Audio Gap] Guillermo, just finishing up your directly porous performance materials, talk about demand trends in these businesses that you're seeing right now?

Guillermo Novo

Performance Materials, if you look at it, I can talk about geographically and then maybe segment-wise. Geographically, probably, what you've heard from other parts of the industry, overall market views are still, Europe down, but holding no big surprises. North America, some level of recovery, but lumpiness. And Asia, growing but at a lower rate and

[Audio Gap]

That's what we hear from the industry, our customers, and pretty much we're in line with what they're saying. If you look at specific segments, again, in the Materials side, automotive industry has been a big driver for us. It's been doing very well around the world. And that pushes a lot of our polyurethane catalyst business, the higher end of our polyurethane catalyst business. The coatings part of it, we've had -- also in the polyurethane, the spray foam in residential constructions, here in the U.S., has been a very good area for us. If you look at the epoxy business, there's a lot of infrastructure. So one big market for us that is underperforming is the marine coatings area. That's the higher performance of -- part of our business, and that's fallen, probably, in the 20% range over the last few years. But we've been able to develop new applications, new uses with our customers in other industrial-type applications. So there's a lot of portfolio mix depending on how the infrastructure projects are going around the world. And the civil engineering, again, it's about the non -- like industrial pouring, manufacturing and the nonresidential investments that are going on. And again, it goes in line with the regional expectations. The additives, actually, has been doing very well because there you're going into very unique products and usually, when our customers reformulate is where we're coming in. So those new products usually focus on new developments from a functionality point of view or from an environmental point of view. So for example, the architectural coatings industry in the U.S. is not booming, but we are very growing very rapidly because our additives are growing in some of the newer, more environmentally friendly coatings that our customers are formulating. So in this part of the business, it's about very segment-specific focus. I would say, this is very similar, as we talk about our advanced materials in Electronics, as we look at our growth, it's not just how your base will grow, it's what nodes, what products are we going to be targeting. So it will be very segment-specific as we talk about what are the growth drivers.

David L. Begleiter - Deutsche Bank AG, Research Division

Okay, and maybe switching to the larger gas portfolio. First, on the backlog. What is the level of bidding activity today for large on-site projects? Is it up, down, or flat versus a year ago?

Guillermo Novo

We see a robust portfolio. If we look moving forward, hydrogen, still a lot of activities, not in only in the U.S., but if you look at China, India, with new standards for fuel standards, new needs for transportation fuels, I think we're excited about the future there. Obviously, in the oxygen area, China, around the world but specifically China, a lot of growth opportunities. If you look at coal gasification, if you look at

[Audio Gap]

steel that we see, there's still a lot of the future there, and energy-to-waste in other areas. So the portfolio is very robust. I think the issue there is, we're focusing on choosing the right projects. And to reiterate, they're coming at a very stringent process by which we evaluate projects. We don't want to spend capital, we want to grow the business with good investments -- with good returns. So we evaluate our projects very diligently, in terms of strategic fit, financial performance, country risk, company risk, and I would even say, asset risk, the underlying quality of the assets, to know that over a long period of time, those assets will stay. So an example of that is a hydrogen unit for a refinery. It doesn't matter who owns the refinery, if they're going to operate it, our hydrogen unit will be very critical to the owner of that refinery.

David L. Begleiter - Deutsche Bank AG, Research Division

And on the critical coal gasification opportunity in China. You have taken a little bit different approach than Praxair, in terms of the types of projects, size and customer orientation. Maybe both you and Simon can chip in as to why your strategy makes sense for you, and why you think it is -- will be successful vis-à-vis perhaps a Praxair strategy on coal gasification in China.

Guillermo Novo

Okay, I can't comment on Praxair. I don't work for them, so I'll comment on what our strategy is. I think we feel that we have a very robust plan. If you -- again, we go at a -- if you look at our bidding portfolio of projects on our strategic direction and then the individual projects and the quality of those projects, I think we're focusing, if you look at the -- when you talk about coal gasification, it's what type of coal gasification projects and the quality of them. Again, I can't speak for other companies. We're focusing on the high-end quality projects where we're dealing with very good companies. And especially if you look at coal to syngas, coal to transportation fuels, or energy, is an area that if you look forward, is going to be -- is very exciting and we're working on a few projects. Simon, you might want to comment on some of the specific projects.

Simon R. Moore

Yes, so in addition to the specific projects, I think it's really important to understand how do we win these projects. And really, this is about designing the right product. So we identified this market a few years ago. We thought there would be growth in this market, so we set out to design a product that's fit very, very well with the applications. So it's not just 3,000 tons of oxygen. It's matched up with the customers' needs from a pressure, from a purity and from an utility integration standpoint. So once you engineer that product, you look to source the materials, to do the engineering and actually manufacture the plant itself in low-cost areas in the world. We do all of that work in China and source most of the materials in China. And then finally, it's about replication. We've been very, very successful in this marketplace. We certainly haven't won all the projects, but we've been very successful. And so we're reproducing the product line plans that we have previously engineered, which gives us a lower cost position, which is how we can be successful and competitive to win the projects at good and attractive returns. A comment on the end markets. As we look out over the next 10 years, we think about 60% of the customer demand, so this is all oxygen for coal gasification making syngas. Where does that syngas go? We think about 60% of that goes as what they call, synthetic natural gas, where it will be used to generate power, where it will be used, just literally, as an alternative to natural gas, but not in the chemical space. We think another 15% of the market is in coal to liquids. As an example, the 2 big projects we're doing right now in the interior of China, those are taking coal to syngas and then syngas to a liquid transportation fuel. So this is not actually, if you will, coal to chemicals, it's coal to liquids. And I think everybody -- we're very comfortable with the long-term demand for transportation fuels in China. So there are segments of coal to chemicals, there are segments of fertilizer. But I think our customers have a much more diverse set of products that they're going to than perhaps everybody appreciates.

David L. Begleiter - Deutsche Bank AG, Research Division

Very good. Maybe, Simon, given your position here, just walk around the world, globally, on gas as demand trends that you're seeing, U.S., Europe, Asia, the merchant tonnage, previously for people.

Simon R. Moore

Sure. Or Guillermo -- okay. So yes, so I think one of the most interesting things about that question is the Tonnage business now, we really see, quite frankly, the opportunity set is relatively disconnected from the near-term economic activity. It's because of the things we just talked about. China's 12th Five-Year Plan is very consistent with coal gasification in China, energy independents utilizing the coal resources. So as Guillermo mentioned, we see strong bidding activity, good project activity, that's happening, quite frankly, independent of what's happening this quarter or this year in China manufacturing. The other side of the Tonnage business, hydrogen for refining, driven by a heavier, more sour crude oil, driven by increased global transportation fuel demand and increased by tighter fuel specifications. Again, not primarily driven by manufacturing. So the Tonnage business has some great opportunities in front of it that aren't so tied to near-term economic activity. The energy-from-waste project in the U.K. is also not really driven by near-term economic activity. But the Merchant business is tied in more to manufacturing activity. And I think, really, around world, things continue to be as we expected. We've seen relatively slow steady growth in the U.S., in North America. Europe has continued to be a challenge, clearly. And as we said, we expect to see an improvement in Europe in the second half of our fiscal year, but improvement, quite frankly, from a volume demand standpoint that's been declining. And again in Asia, in some of the countries in Asia, particularly Korea and Taiwan, our Merchant business does see some impact from the Electronics market, that Guillermo talked about. And in China, again, perhaps China is not growing from a manufacturing standpoint as much as we or others expected, but still the highest growth region of a significant size around the world.

David L. Begleiter - Deutsche Bank AG, Research Division

Very helpful. Unfortunately, we're out of time. So with that, Guillermo, Simon, thank you very much.

Guillermo Novo

Thank you.

Simon R. Moore

Thank you.

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