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    John McNulty

    Managing Director and Chemicals Analyst at BMO Capital Markets

    John P. McNulty is a Managing Director and Chemicals Analyst at BMO Capital Markets, specializing in equity research with a focus on the chemicals sector and covering companies such as Avery Dennison. He has delivered forecasts including a recent $207.0 price target for AVY and holds a professional track record with a 55.96% success rate and an average return of 3.23%. McNulty has been with BMO Capital Markets since 2017, bringing prior equity research and financial analysis experience from other leading financial institutions. He is recognized for his extensive analytical expertise and leadership in chemicals sector research, holding relevant securities licenses and professional credentials.

    John McNulty's questions to Ecovyst (ECVT) leadership

    John McNulty's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    John McNulty asked for an update on the expected synergies and earnings contribution from the recently acquired Cornerstone (Wagaman) assets in 2026, and for details on the new technology trials planned for that year.

    Answer

    CFO Mike Feehan indicated that while 2025 will see integration costs offsetting sales from the Wagaman acquisition, they expect a positive contribution in 2026. CEO Kurt Bitting added that the new trials are focused on the AMAC segment, specifically in high-interest areas like biocatalysis and advanced plastics recycling.

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    John McNulty's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    John McNulty from BMO Capital Markets asked for an update on the synergy and earnings potential from the Cornerstone (Wagaman) acquisition in 2026, and for more details on the new product trials planned for 2026.

    Answer

    CFO Mike Feehan indicated that while specific 2026 guidance for the Wagaman acquisition is not yet available, it is a strategic asset expected to create opportunities in the Gulf Coast. CEO Kurt Bitting added that new trials are focused on the AMAC segment, particularly in the high-interest areas of biocatalysis, using silicas as enzyme carriers, and advanced recycling catalysts.

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    John McNulty's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets asked for an update on the expected synergies from the Cornerstone (Wagaman) acquisition in 2026 and for more detail on the trial programs for emerging technologies like biocatalysis.

    Answer

    CFO Mike Feehan indicated that while 2025 will see integration costs offset sales, the Wagaman acquisition is expected to be a positive contributor in 2026 through synergies and new customer opportunities. CEO Kurt Bitting added that trial programs are focused on high-interest areas like using silicas for biocatalysis and catalysts for advanced recycling to improve energy efficiency.

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    John McNulty's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    John McNulty from BMO Capital Markets asked about the expected synergy and earnings contributions from the Cornerstone (Wagaman) acquisition in 2026 and sought more details on new product trials in biocatalysis and advanced recycling.

    Answer

    CFO Mike Feehan stated that while specific 2026 guidance for the Wagaman acquisition is not yet available, they expect it to be a valuable addition with integration proceeding well. CEO Kurt Bitting added that trial activity is strong in the AMAC segment, particularly for silicas as enzyme carriers in biocatalysis and for catalysts that improve efficiency in advanced plastics recycling.

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    John McNulty's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets inquired about the expected synergies and earnings contribution from the recently acquired Cornerstone (Wagaman) business in 2026 and asked for more details on new trial programs for emerging technologies.

    Answer

    CFO Mike Feehan explained that while 2025 involves integration costs, the Wagaman acquisition is expected to be a strong contributor in 2026 through synergies and new customer opportunities. CEO Kurt Bitting added that the new trials are focused on the Advanced Materials and Catalysts segment, particularly in high-growth areas like biocatalysis and advanced recycling catalysts.

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    John McNulty's questions to Ecovyst (ECVT) leadership • Q1 2025

    Question

    John McNulty of BMO Capital Markets inquired about the polyethylene catalyst business, asking if a slowdown tied to tariffs has been observed and if there are any delays from customers for the new 2026 facility. He also asked about the potential for increased volume from U.S. customers if protectionist tariff policies continue.

    Answer

    Kurt Bitting, CEO, responded that Ecovyst has not yet seen any impact on polyethylene catalyst demand from tariffs but is monitoring the situation. He confirmed there are no known delays for customer capacity additions that underpin Ecovyst's Kansas City expansion. Bitting explained that with 75% of sales in the U.S.-centric Ecoservices business, the company generally benefits from strong U.S. manufacturing, while its global production footprint for the Advanced Materials and Catalysts segment helps mitigate direct tariff impacts.

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    John McNulty's questions to Ecovyst (ECVT) leadership • Q3 2024

    Question

    John McNulty from BMO Capital Markets questioned the potential for cost-cutting in the sustainable fuels catalyst business due to the prolonged downturn and inquired about the deployment of the growing cash balance, including the M&A outlook.

    Answer

    CFO Michael Feehan responded that cost reductions were already implemented in Q2 and Q3, but further actions are limited as the assets are fungible with other product lines. CEO Kurt Bitting added that the capital allocation priority is funding organic growth and maintaining balance sheet flexibility. He confirmed continued interest in complementary, bolt-on M&A and noted that market activity appears to be picking up.

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    John McNulty's questions to Chemours (CC) leadership

    John McNulty's questions to Chemours (CC) leadership • Q2 2025

    Question

    John McNulty from BMO Capital Markets inquired about the full-year 2025 outlook, noting the implied Q4 strength seems to defy typical seasonality. He also asked for a detailed breakdown of the drivers behind the Thermal & Specialized Solutions (TSS) segment's outperformance, questioning the sustainability of factors like aftermarket demand versus the regulatory-driven OEM shift.

    Answer

    SVP & CFO Shane Hostetter explained the Q4 outlook is supported by the non-recurrence of approximately $35 million in Q3 operational issues in the TT and APM segments, which offsets some seasonality. He also cited continued strength in TSS. Regarding TSS performance, President & CEO Denise Dignam credited strong execution and market transition, acknowledging some potential short-term hoarding in the aftermarket but expressing confidence in double-digit growth for the year and into 2026.

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    John McNulty's questions to Chemours (CC) leadership • Q1 2025

    Question

    John McNulty of BMO Capital Markets inquired about the new Navin Fluorine strategic venture for immersion cooling fluids, asking about production capacity, commercialization timing, and customer orders. He also sought clarification on the TiO2 segment's 2025 EBITDA outlook and the nature of the projected $100-$150 million in ore contract savings.

    Answer

    President and CEO Denise Dignam explained the Navin partnership is a critical step for commercialization, involving a $14 million investment for a facility sized for field trials and process refinement. SVP and CFO Shane Hostetter confirmed the outlook for TT segment improvement in 2025 vs. 2024 and clarified that the ore savings are a cash flow benefit of $100-$150 million, expected to phase in during late 2026 and into 2027 as contracts expire.

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    John McNulty's questions to Chemours (CC) leadership • Q4 2024

    Question

    John McNulty asked about the 2025 CapEx budget of $250-$300 million, specifically whether it includes spending for the data center immersion cooling opportunity and the timing for a final investment decision. He also asked for an update on the TSS segment, particularly the outlook for Freon inventory destocking and Opteon volume growth.

    Answer

    CFO Shane Hostetter confirmed the CapEx range and reiterated a focus on asset-light approaches. CEO Denise Dignam added that while commercialization of the immersion cooling technology is targeted for next year, details on the asset plan remain confidential. For TSS, she stated Chemours is less dependent on Freon in 2025 and expects Opteon growth of at least 23%, though she cautioned that 2025 is an 'OEM year' with less pricing flexibility in the aftermarket.

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    John McNulty's questions to Chemours (CC) leadership • Q3 2024

    Question

    John McNulty, on for Caleb Bowman, asked for a breakdown of the $250 million cost-saving plan between fixed cost-out and volume-dependent efficiencies. He also requested an update on the data center cooling pilot facility and customer interest, and whether recent Freon sales trends signal a bottoming of destocking pressures.

    Answer

    CFO Shane Hostetter clarified that the majority of the $250 million in savings are identified, structural cost-outs from procurement, operational optimization, and asset footprint changes, rather than being dependent on volume. CEO Denise Dignam confirmed the data center project is on track for commercial quantities in 2026 with significant customer interest. Regarding Freon, Hostetter agreed that while declines continue as HFO adoption grows, the pace of decline has steadied compared to the past.

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    John McNulty's questions to Ingevity (NGVT) leadership

    John McNulty's questions to Ingevity (NGVT) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets inquired about the Performance Chemicals segment's underlying margin, asking what it would have been without the impact of high-cost CTO inventory. He also asked about the specific levers driving the strong free cash flow performance.

    Answer

    CFO Mary Hall clarified that second-half margins are expected to be similar to the first half but will not have the drag from high-cost CTO. She noted that strong paving activity in June and July should also benefit Q3. Hall attributed the strong free cash flow primarily to improved earnings and disciplined inventory management. CEO David Li added that the company's strong execution and repositioning strategy are leading to more predictable cash flows.

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    John McNulty's questions to Ingevity (NGVT) leadership • Q1 2025

    Question

    John McNulty asked about current pricing in the Performance Materials business, particularly in light of potential tariffs, and sought an update on the progress and timeline of the strategic review for the Industrial Specialties business.

    Answer

    CEO David Li and CFO Mary Hall explained that pricing is an annual lever they can use but feel well-positioned to mitigate the minimal expected tariff impact through their 'local for local' production model and other actions. Regarding the strategic review, Mary Hall stated the process is progressing well with broad interest and that the goal to announce a path forward by year-end reflects a deliberate, thoughtful approach, not an unusual delay.

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    John McNulty's questions to Ingevity (NGVT) leadership • Q4 2024

    Question

    John McNulty asked about the focus of increased innovation spending within the Performance Materials segment and questioned why working capital is not expected to be a source of cash in 2025 despite the planned consumption of high-cost CTO inventory.

    Answer

    Interim CEO Luis Fernandez-Moreno confirmed the increased R&D spend is almost entirely for developing new silicon anode applications for batteries, related to the Nexeon investment. CFO Mary Hall explained that the cash benefit from reducing CTO inventory is expected to be offset by working capital increases in other growing business areas, resulting in a neutral net impact for 2025.

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    John McNulty's questions to Ingevity (NGVT) leadership • Q3 2024

    Question

    John McNulty asked for the key drivers of the significant sequential margin improvement in Performance Chemicals, given lower sales in the high-margin paving business, and requested a quantification of the major improvement drivers for 2025.

    Answer

    CFO Mary Hall attributed the Q2-to-Q3 margin improvement to a favorable mix shift from exiting low-margin products and the elimination of financial drag from the Crossett facility, which was shut down at the end of Q2. For 2025, she highlighted expected savings of $20-$25 million from the Crossett closure plus $10 million from corporate actions, but cautioned that lower CTO costs will likely be partially offset by competitive pricing adjustments.

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    John McNulty's questions to DuPont de Nemours (DD) leadership

    John McNulty's questions to DuPont de Nemours (DD) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets inquired about the specific drivers of growth in Healthcare and Water and asked about the prioritization of M&A pipeline development amid the ongoing company separation.

    Answer

    CEO Lori Koch attributed the strong growth to lapping destocking, underlying megatrends, and specific share gains in China's RO market. She confirmed that while the Qunity separation is the top priority, a dedicated strategy team is actively building an M&A pipeline focused on healthcare and water.

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    John McNulty's questions to DuPont de Nemours (DD) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets inquired about the specific drivers of growth in Healthcare & Water and asked about the priority of M&A planning amid the ongoing company separation.

    Answer

    CEO Lori Koch attributed the strong growth to lapping a prior year destock, underlying secular megatrends, and market share gains in China. While separating Qunity is the top priority, she confirmed the strategy team is actively building an M&A pipeline to be ready for execution post-spin, focusing on healthcare and water.

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    John McNulty's questions to DuPont de Nemours (DD) leadership • Q1 2025

    Question

    John McNulty asked for details on the drivers behind the strong performance in the Water business and inquired about the size and applications of the AI-related business within Interconnect Solutions.

    Answer

    CEO Lori Koch attributed the Water business's strength to favorable prior-year comparisons and strong demand for reverse osmosis and ion exchange technologies, highlighting future opportunities in PFAS cleanup. Jon Kemp, CEO-elect of Qnity, noted that the data center business, representing about 15% of the portfolio and a key AI driver, grew in the mid-teens, propelled by advanced chips, packaging, and interconnects.

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    John McNulty's questions to DuPont de Nemours (DD) leadership • Q4 2024

    Question

    John McNulty inquired about the key drivers behind the strong growth in the Water segment and its outlook for 2025, as well as the expected cadence of growth for the semiconductor platform throughout 2025.

    Answer

    CEO Lori Koch attributed the Water segment's 11% Q4 organic growth to secular tailwinds like clean water access and sees mid- to high-single-digit growth in 2025, with long-term opportunities in DLE and PFAS. For the new ElectronicsCo, she guided for 6-7% organic growth, with Q1 being the strongest quarter due to favorable comps before moderating.

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    John McNulty's questions to LINDE (LIN) leadership

    John McNulty's questions to LINDE (LIN) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets asked if the return profile of the sale of gas project backlog has improved, possibly due to a less competitive environment.

    Answer

    CEO Sanjiv Lamba stated that the return profile has not moved significantly because all projects must meet the same rigorous risk-return criteria. He emphasized that timely execution and strong contracting are equally important for returns. He also noted that the competitive dynamic remains largely unchanged, with about half of projects being a 'make or buy' decision for the customer.

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    John McNulty's questions to LINDE (LIN) leadership • Q1 2025

    Question

    John McNulty from BMO Capital Markets asked about potential onshoring opportunities in the U.S. beyond electronics, such as in metals or steel, should protectionist trade policies continue.

    Answer

    Sanjiv Lamba, CEO, acknowledged that while there are no substantive developments outside of electronics in the short term, Linde is engaged in conversations about new U.S. capacity. He believes that as tariff policies stabilize, onshoring will create attractive opportunities, and Linde is well-positioned to benefit due to its network density, though he declined to speculate on specific sectors.

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    John McNulty's questions to LINDE (LIN) leadership • Q4 2024

    Question

    John McNulty of BMO Capital Markets inquired about the $10 billion backlog, specifically asking how much of the equipment portion is protected from potential tariffs and foreign exchange volatility.

    Answer

    CEO Sanjiv Lamba clarified that the sale of equipment portion (~$3.2B) is typically protected by contractual clauses and firm pricing. For the larger sale of gas business, a recent analysis of U.S. projects showed a de minimis impact from tariffs. He added that historically, currency devaluations have often offset tariff impacts, giving them confidence in their current project positioning.

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    John McNulty's questions to LINDE (LIN) leadership • Q3 2024

    Question

    John McNulty asked about the composition of the nearly $4 billion increase in the sale of gas backlog, inquiring about the projects making up the non-Dow portion and their expected startup timelines.

    Answer

    CFO Matt White explained that while large clean energy projects like Dow have longer 4+ year timelines, the remainder of the new backlog consists of more traditional projects with a normalized 3-year timeline from announcement to startup. CEO Sanjiv Lamba added context, noting the backlog is dynamic, with about $1 billion in projects starting up and converting to revenue this year.

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    John McNulty's questions to Tronox Holdings (TROX) leadership

    John McNulty's questions to Tronox Holdings (TROX) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets asked if the market is nearing a supply-demand tipping point given recent industry capacity closures, and how the Botlek closure impacts Tronox's vertical integration strategy.

    Answer

    CEO John Romano noted that 750,000 tons of industry capacity have been removed since 2023, positioning the market for recovery once demand returns. He clarified that the Botlek closure does not make Tronox fully integrated and the company will continue to manage its asset footprint to maintain its cost advantage and the right supply balance.

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    John McNulty's questions to Tronox Holdings (TROX) leadership • Q4 2024

    Question

    John McNulty asked about the drivers behind the softer pricing environment expected in the first half of 2025, despite new tariffs, and inquired about the new $125-$175 million cost-cutting initiative, specifically its reliance on volume versus efficiency and its expected timeline.

    Answer

    CEO John Romano explained that Q1 pricing would see a slight downward movement similar to Q4 due to competitive activity, but expects an upward recovery in the second half, aided by tariffs in Europe. CFO John Srivisal clarified the cost program is focused on efficiency, not volume, with $25-$30 million in run-rate savings expected in 2025 and the majority realized by the end of 2026. Romano added that technology, like automated process control, is a key enabler of these savings.

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    John McNulty's questions to Tronox Holdings (TROX) leadership • Q3 2024

    Question

    John McNulty inquired about the quantifiable cost benefits for 2025 from resolving 2024's high-cost inventory and operational issues, and sought details on the antidumping tariff playbook in the EU and Brazil.

    Answer

    CEO John Romano explained that running at lower rates cost $25-$35 million per quarter, a headwind that will reverse. He also detailed a new operational efficiency initiative, leveraging technology from the 'neutron' program to lower costs without new volume, with specifics to be announced later. Regarding tariffs, he noted that final EU duties are expected in Q1 2025 and that Chinese exporters are currently absorbing provisional duties, causing short-term market choppiness but creating a long-term positive outlook.

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    John McNulty's questions to Air Products & Chemicals (APD) leadership

    John McNulty's questions to Air Products & Chemicals (APD) leadership • Q3 2025

    Question

    John McNulty from BMO Capital Markets sought clarification on the $185-195 million cost savings plan, asking if it was incremental to previous announcements and about the implementation effort for digital and AI initiatives.

    Answer

    CFO Melissa Schaeffer explained this is the total program, which includes a 10% headcount reduction that is 60% complete. She quantified the savings at approximately 40 cents of EPS in FY25 versus pre-program levels. CEO Eduardo Menezes added that the AI and digital transformation initiatives represent future opportunities on top of the current plan.

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    John McNulty's questions to Air Products & Chemicals (APD) leadership • Q2 2025

    Question

    John McNulty from BMO Capital Markets inquired about the expected EBITDA contribution from underperforming projects and the reasons for the significant cost overruns and delays at the Alberta project. He also asked about the performance and resilience of the company's gasification projects in China amid geopolitical tensions.

    Answer

    CEO Eduardo Menezes explained that underperforming projects are expected to generate enough EBITDA to cover depreciation, essentially recovering the capital on an undiscounted basis. He attributed the Alberta project's issues to self-inflicted execution problems in a difficult construction environment, leading to a spiral of delays and capitalized interest. Regarding the China gasification projects, Menezes stated their combined EPS contribution was near zero in 2023-2024 and that he does not foresee significant impacts from U.S.-China tensions on this localized business.

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    John McNulty's questions to Air Products & Chemicals (APD) leadership • Q1 2025

    Question

    John McNulty of BMO Capital Markets asked for the expected savings in 2025 from recent restructuring initiatives and the anticipated EPS contribution from the Uzbekistan project for the year, given the planned downtime.

    Answer

    Chief Financial Officer Melissa Schaeffer estimated the annual savings from a 5% workforce reduction at approximately $75 million, with the benefit ramping up in the second half of the fiscal year, partially offset by inflation. For Uzbekistan, she stated Q1 had a partial contribution, Q2 will be down for maintenance, and Q3 and Q4 should reflect a full run rate.

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    John McNulty's questions to Air Products & Chemicals (APD) leadership • Q4 2024

    Question

    John McNulty inquired about the key drivers for the fiscal 2025 earnings guidance, seeking a breakdown of contributions from price, new projects, and core volume growth. He also asked about the ideal structure for an equity partnership in the Louisiana blue hydrogen project.

    Answer

    Chairman, President and CEO Seifi Ghasemi explained that the FY2025 guidance is conservative due to economic uncertainty in China. He anticipates a 1-2% price increase, volume growth aligned with regional GDP, and contributions from numerous smaller projects. Regarding the Louisiana project, Mr. Ghasemi stated the ideal equity partner would also be an offtake customer, but the company is also considering financial partners. The partnership would involve equity participation in the entire manufacturing project.

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    John McNulty's questions to ASHLAND (ASH) leadership

    John McNulty's questions to ASHLAND (ASH) leadership • Q3 2025

    Question

    John McNulty of BMO Capital Markets asked about the expected scaling of innovation-driven sales from the $10 million target in 2025 into fiscal 2026 and beyond. He also requested quantification of the advanced manufacturing tax credit benefiting the Intermediates segment.

    Answer

    CEO Guillermo Novo explained that long-term platform innovations will gain commercial momentum in 2026, while near-term growth is being driven by core innovations in pharma, specialty additives, and personal care. He also highlighted the impact of process innovation. CFO William Whitaker quantified the tax credit for the Intermediates business, stating it provides approximately $5-6 million in incremental savings per year, recognized ratably, and is expected to continue through 2029.

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    John McNulty's questions to ASHLAND (ASH) leadership • Q1 2025

    Question

    Speaking for John McNulty, an associate asked about sequential pricing trends, the potential for positive pricing power, the quantified impact of pharma inventory destocking, and whether that process is now complete.

    Answer

    CEO Guillermo Novo stated that pricing is largely a rollover from prior contracts with no improvement forecasted, and the year-over-year headwind is already factored into guidance. He explained that the pharma inventory control actions were mostly a Q1 event and are now largely behind them. He broke down the Life Sciences performance gap as roughly one-third pricing, one-third volume/inventory, and one-third other business issues.

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    John McNulty's questions to PPG INDUSTRIES (PPG) leadership

    John McNulty's questions to PPG INDUSTRIES (PPG) leadership • Q2 2025

    Question

    John McNulty from BMO Capital Markets inquired about the soft volumes and margins in the Global Architectural segment, seeking clarity on the European recovery, the outlook for Mexico projects, and the drivers behind the margin pressure.

    Answer

    CEO Timothy Knavish explained that the European recovery was hampered by weakness in Eastern Europe, though other areas showed momentum. He noted that Mexico's project spending is expected to improve sequentially. Knavish attributed the Q2 architectural margin decline to a combination of negative FX, an unfavorable sales mix in Mexico, a temporary supply chain disruption in Australia, and the impact of a higher-margin business divestiture.

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    John McNulty's questions to PPG INDUSTRIES (PPG) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets inquired about the softness in Global Architectural Coatings volumes and margins, specifically questioning the recovery pace in Europe and the project spending outlook in Mexico.

    Answer

    Chairman & CEO Timothy Knavish explained that the European recovery stalled due to weakness in Eastern Europe, though other regions showed positive momentum. In Mexico, retail sales have recovered, but project work is only improving sequentially. Knavish attributed the margin pressure to a combination of unfavorable FX, a less profitable sales mix in Mexico, a transitory supply chain disruption in Australia, and the impact of a recent divestiture.

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    John McNulty's questions to PPG INDUSTRIES (PPG) leadership • Q1 2025

    Question

    John McNulty of BMO Capital Markets questioned why PPG maintained its full-year guidance despite a strong Q1, favorable FX trends, and an improved Q2 volume outlook, asking what factors might be holding the forecast back.

    Answer

    CEO Timothy Knavish provided a detailed overview of tariff impacts, concluding they are minimal and built into the guide. He emphasized PPG's structural resilience and mitigation efforts. CFO Vince Morales detailed the puts and takes, noting that headwinds from Mexico's project pause and lower auto builds are being offset by favorable FX, higher self-help expectations, faster share gains, and a quicker stabilization in Europe.

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    John McNulty's questions to PPG INDUSTRIES (PPG) leadership • Q4 2024

    Question

    John McNulty asked about the Comex distribution platform in Mexico, specifically the mix of products sold for domestic use versus export, to assess tariff risks.

    Answer

    CEO Tim Knavish stated that it is '100% domestic use' within a few decimal points, making tariff risk on these products immaterial. He gave examples of products like protective coatings for local construction and traffic solutions for Mexican roads. CFO Vince Morales added that expanding the range of PPG products sold through the 5,200-store Comex network is a key growth engine for 2025.

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    John McNulty's questions to PPG INDUSTRIES (PPG) leadership • Q3 2024

    Question

    John McNulty sought confirmation on the automotive outlook, asking if the current downturn would persist through Q4 before recovering in early 2025. He also asked how much of the new cost-cutting program is tied to the auto and industrial segments.

    Answer

    Chairman and CEO Timothy Knavish agreed with the Q4 downturn/Q1 recovery timeline but cautioned that a potential U.S. auto strike is not factored into guidance. He confirmed a portion of the restructuring program is dedicated to the automotive footprint, particularly in Europe. SVP and CFO Vince Morales added that the auto industry is managing inventory well, which is a positive sign.

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    John McNulty's questions to Axalta Coating Systems (AXTA) leadership

    John McNulty's questions to Axalta Coating Systems (AXTA) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets asked about the potential growth contribution from the Nimbus and Iris digital platforms in 2026 and inquired about the current M&A pipeline in Refinish and Industrial given market weakness.

    Answer

    President and CEO Chris Villavarayan explained that digital tools like Nimbus will accelerate growth by improving customer lock-in and enabling cross-selling of adjacent products, which already contributed 2% of growth in Q2. Regarding M&A, he noted that while more bolt-on targets are available, the company's current focus will likely remain on share repurchases given the stock's valuation, unless a highly strategic and opportunistic deal arises.

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    John McNulty's questions to Axalta Coating Systems (AXTA) leadership • Q1 2025

    Question

    An analyst on behalf of John McNulty asked why the full-year sales guide was lowered while the EBITDA guide was maintained, and if there was upside to cost savings.

    Answer

    CFO Carl Anderson explained that the EBITDA guide was held flat due to two factors. First, the company is executing on new cost-saving actions that are incremental to the previously announced $30-$40 million transformation initiative. Second, the original full-year outlook contained a degree of conservatism that is now helping to offset the impact of a softer revenue forecast.

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    John McNulty's questions to Axalta Coating Systems (AXTA) leadership • Q4 2024

    Question

    John McNulty of BMO Capital Markets questioned if Axalta has additional levers to pull on its transformation initiative if the macro or tariff situation worsens, and also inquired about the M&A pipeline and capital allocation priorities.

    Answer

    CFO Carl Anderson confirmed that Axalta has additional levers at its disposal, including potentially accelerating freight and logistics savings and realizing benefits from increased capital expenditures in plant productivity. CEO Chris Villavarayan added that the current market volatility is creating more M&A opportunities and that the company's strong balance sheet provides optionality, suggesting more news on this front in the coming quarters.

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    John McNulty's questions to Axalta Coating Systems (AXTA) leadership • Q3 2024

    Question

    John McNulty asked about Axalta's 2024 margins already reaching the 2026 'A Plan' target and the outlook for 2025, as well as the potential top-line contribution from new auto OEM wins in a flat market.

    Answer

    CEO Chrishan Villavarayan confirmed that while the 21% margin target has been hit early, the plan was for '21% plus,' with further upside from supply chain and productivity initiatives. He emphasized a pivot toward growth, having stabilized margins. For auto OEM wins, he highlighted outperformance in China and Latin America, quantifying the LatAm opportunity as 'north of $50 million' for next year. CFO Carl Anderson added that the company is in the 'early innings' of productivity gains from capital investments.

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    John McNulty's questions to ECOLAB (ECL) leadership

    John McNulty's questions to ECOLAB (ECL) leadership • Q2 2025

    Question

    John McNulty from BMO Capital Markets inquired about the trend in delivered product costs (DPC) during the quarter and the outlook for the second half, considering tariffs and raw material volatility.

    Answer

    CFO Scott Kirkland explained that while market commodity costs rose by low-single digits, net DPC was slightly favorable due to supply chain efficiencies. He anticipates market inflation to persist in the low-to-mid single digits but expects Ecolab to outperform this through ongoing supply chain initiatives. CEO Christophe Beck added that this dynamic was a key driver of the 100 basis point gross margin expansion in Q2.

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    John McNulty's questions to ECOLAB (ECL) leadership • Q1 2025

    Question

    John McNulty from BMO Capital Markets asked for a comparison of growth rates for the top 35 accounts under the 'One Ecolab' initiative versus the core business to better understand its impact on volume.

    Answer

    Christophe Beck, Chairman and CEO, explained that the 'One Ecolab' initiative is progressing very well by focusing on increasing penetration with top corporate accounts. The strategy involves identifying a customer's best-performing unit and replicating that success across their network. While not disclosing specific numbers, Beck confirmed the program is driving growth and also improving internal operational performance through AI platforms, putting the company ahead of its savings delivery targets for the program.

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    John McNulty's questions to ECOLAB (ECL) leadership • Q4 2024

    Question

    John McNulty asked for the company's outlook on delivered product costs (DPC) for 2025, noting the various puts and takes in the market.

    Answer

    Scott Kirkland, CFO, responded that after normalizing in 2024, Ecolab expects a return to normal, low single-digit inflation for delivered product costs in 2025. He added that the company will continue working to offset a portion of this increase through ongoing supply chain efficiencies.

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    John McNulty's questions to ECOLAB (ECL) leadership • Q3 2024

    Question

    John McNulty inquired about the growth drivers in the electronics and data center business, the outlook for the next 12-24 months, and whether growth is coming from new or existing facilities.

    Answer

    CEO Christophe Beck described the 'Global High Tech' business as a strong double-digit grower serving both microelectronics and data centers. He stated that growth comes from both new and existing facilities, with a preference for embedding technology in new builds. Beck emphasized the massive future water and energy needs driven by AI, positioning Ecolab's circular water and direct-chip cooling solutions as critical for the industry's future.

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    John McNulty's questions to Veralto (VLTO) leadership

    John McNulty's questions to Veralto (VLTO) leadership • Q2 2025

    Question

    John McNulty questioned the sustainability of volume growth, asking about potential pre-buying ahead of tariffs, and inquired about the outlook for free cash flow and the M&A pipeline.

    Answer

    President and CEO Jennifer Honeycutt confirmed that volume growth is demand-driven with no evidence of pre-buying, citing strong visibility from direct sales. SVP and CFO Sameer Ralhan reiterated the strong free cash flow guidance. Honeycutt described the M&A pipeline as active but noted that the company remains disciplined amid elevated valuations.

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    John McNulty's questions to Veralto (VLTO) leadership • Q1 2025

    Question

    John McNulty asked what drove the unexpected strength in Q1, given the business's typical predictability, and how to think about the record-level margins progressing through the year.

    Answer

    President and CEO Jennifer Honeycutt attributed the Q1 outperformance to sustained momentum from reinvigorating the Varalto Enterprise System (VES), investments in commercial execution, and new product development. SVP and CFO Sameer Ralhan added that strong Q1 margins were driven by volume leverage and that the full-year outlook prudently builds in a potential lag for tariff countermeasures.

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    John McNulty's questions to Veralto (VLTO) leadership • Q4 2024

    Question

    John McNulty asked about the growth drivers in the water business, particularly in food & beverage and power, and inquired about the company's exposure and strategy related to the growing data center market.

    Answer

    President and CEO Jennifer Honeycutt explained that while F&B and power were strong, the water business is diversified and agile in pivoting to growth areas, also benefiting from industrial reshoring. Regarding data centers, she confirmed their focus is on water-cooled applications and that while it's a growth driver, the company's overall growth algorithm is broad-based and not dependent on any single industry.

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    John McNulty's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership

    John McNulty's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership • Q4 2025

    Question

    John McNulty from BMO Capital Markets asked for the expected incremental savings from the MAP 2025 program in fiscal 2026, the remaining potential for working capital improvements, and an update on the M&A pipeline.

    Answer

    Chairman & CEO Frank Sullivan projected approximately $70 million in incremental MAP 2025 benefits for fiscal 2026. He also noted there is still a 200-300 basis point improvement expected in working capital over time. Regarding M&A, Sullivan confirmed the company has 'plenty of dry powder' and is seeing more favorable valuations, expecting the acquisition growth machine to deliver more deals.

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    John McNulty's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership • Q2 2025

    Question

    John McNulty requested an update on the onshoring trend and asked for context on the growing MAP 2025 project pipeline, including its potential size relative to past targets.

    Answer

    CEO Frank Sullivan stated that while small-to-medium onshoring projects continue, larger projects are now expected to play out over a longer timeline. Regarding MAP 2025, he revealed the savings target is now likely to reach $500 million, up from the initial $465 million, with the full benefit realized in fiscal 2026, driven by a cultural shift toward collaboration and efficiency.

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    John McNulty's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership • Q1 2025

    Question

    John McNulty asked about the Consumer segment's strong margins despite challenging volumes and the potential operating leverage in a normalized DIY market. He also inquired about inventory issues in the Specialty segment and the timeline for recovery.

    Answer

    Frank Sullivan, Chair and CEO, explained that MAP 2025 initiatives have unlocked significant efficiencies and capacity, positioning all segments, especially Consumer, for strong bottom-line leverage once volume returns. He noted that SG&A spending was down year-over-year. Regarding the Specialty segment, Sullivan stated that the challenged environment has likely bottomed out, with the segment returning to positive EBIT growth, and he expects modest improvement for the rest of the year.

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    John McNulty's questions to Avery Dennison (AVY) leadership

    John McNulty's questions to Avery Dennison (AVY) leadership • Q2 2025

    Question

    John McNulty from BMO Capital Markets inquired about the Solutions Group, asking if tariff-related disruptions could lead to pent-up demand and a quick recovery in the second half. He also asked about the likelihood of securing a new Intelligent Labels account in the food and grocery channel before the end of the year.

    Answer

    President & CEO Deon Stander explained that while apparel consumption is resilient, customer sentiment remains muted due to tariff uncertainty, leading them to assume continued low single-digit demand in Q3. However, he expressed strong optimism for Intelligent Labels in food and logistics, which grew mid-teens, citing on-track rollouts and strong pilot ROIs that support new customer adoption. SVP & CFO Greg Lovins added that Q3 guidance assumes the apparel business will be down low single digits, an improvement from the 6% decline in Q2.

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    John McNulty's questions to Avery Dennison (AVY) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets inquired about the Solutions Group, asking about the potential for pent-up demand in the second half following tariff-related disruptions and the outlook for new customer conversions in the food and grocery channel for Intelligent Labels.

    Answer

    President & CEO Deon Stander acknowledged that customer sentiment remains muted due to tariff uncertainty but noted that underlying apparel consumption is robust. He expressed strong optimism for the food and grocery channel, citing excellent ROI in pilots and expecting new customer rollouts to accelerate. SVP & CFO Greg Lovins added that the company assumes a low single-digit decline for the apparel business in Q3, an improvement from the 6% decline in Q2.

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    John McNulty's questions to Avery Dennison (AVY) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets inquired about the Solutions Group, asking about potential pent-up demand in apparel for the second half and the likelihood of securing a new Intelligent Labels account in the food and grocery channel before year-end.

    Answer

    President & CEO Deon Stander explained that while consumer apparel demand is resilient, customer sentiment remains muted due to tariff uncertainty, leading Avery Dennison to assume continued low single-digit demand in Q3. However, he expressed strong optimism for the food and grocery Intelligent Labels segment, noting that non-apparel categories grew mid-teens and that the ROI from current rollouts like Kroger is exceeding expectations, giving confidence in new customer adoption. SVP & CFO Greg Lovins added that the Q3 apparel business is assumed to be down low single digits, an improvement from Q2's 6% decline.

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    John McNulty's questions to Avery Dennison (AVY) leadership • Q1 2025

    Question

    John McNulty asked about the larger-than-usual increase in working capital during the first quarter and inquired about the company's strategy to mitigate the low single-digit impact from tariffs, specifically the mix between pricing actions and operational efficiencies.

    Answer

    CFO Gregory Lovins explained that the working capital increase was not due to pre-tariff inventory building but was driven by higher incentive compensation and customer rebate payments compared to the prior year. Regarding tariffs, Lovins stated the company will use a combination of sourcing adjustments and pricing surcharges, which are expected to be implemented relatively soon, to offset the impact.

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    John McNulty's questions to Avery Dennison (AVY) leadership • Q4 2024

    Question

    John McNulty followed up on the logistics customer, asking about the expected cadence of their volume declines throughout 2025 and if any impact had already been observed.

    Answer

    President and CEO Deon Stander responded that it is difficult to predict the exact cadence of the transition. He reiterated that the company's 2025 guidance already incorporates the aligned volumes with this customer, which maintains Avery Dennison's position as the significant majority share provider.

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    John McNulty's questions to Avery Dennison (AVY) leadership • Q3 2024

    Question

    John McNulty inquired about the scale and rollout timeline for the new Kroger opportunity in Intelligent Labels and asked about pilot programs and potential launches in the Quick-Service Restaurant (QSR) market for 2025, focusing on food safety.

    Answer

    President and CEO Deon Stander described the Kroger collaboration as a major inflection point for the food segment, the largest addressable market. He confirmed the rollout will start in the bakery department and expand over time but declined to specify the program's size, noting it will contribute to the 15%+ long-term growth target. For QSR, Stander confirmed existing rollouts focused on food safety and traceability, expecting recent FISMA regulations to accelerate RFID adoption.

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    John McNulty's questions to SHERWIN WILLIAMS (SHW) leadership

    John McNulty's questions to SHERWIN WILLIAMS (SHW) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets requested more detail on the SG&A spending, questioning whether it's primarily for headcount or store expansion and why the back-half spending appears less robust after adjustments.

    Answer

    SVP of Finance & CFO Al Mestyshin clarified that the SG&A increase was driven by targeted investments in the Paint Stores Group, including over 91 new stores and 108 additional reps. He explained that second-half SG&A growth is expected to be a modest low single-digit percentage due to cost discipline and the realization of savings from increased restructuring initiatives.

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    John McNulty's questions to SHERWIN WILLIAMS (SHW) leadership • Q2 2025

    Question

    John McNulty of BMO Capital Markets asked for more detail on the SG&A spending increase, questioning whether it was driven by headcount or store openings, and sought clarity on the spending outlook for the second half of the year.

    Answer

    CFO Allen Mistysyn clarified that the SG&A increase was primarily driven by targeted sales rep additions and new stores within the Paint Stores Group, along with some timing of marketing spend. He noted that after adjusting for the pull-forward of new headquarters costs, SG&A is expected to grow only in the low single-digit range for the second half of the year due to cost discipline and restructuring benefits.

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    John McNulty's questions to SHERWIN WILLIAMS (SHW) leadership • Q1 2025

    Question

    John McNulty inquired about Sherwin-Williams' ability to implement price increases to offset potential raw material inflation from tariffs, particularly during the peak paint season.

    Answer

    Executive James Jaye noted that while most raw materials are sourced regionally, tariffs are impacting items like applicators and pigments, pushing the full-year raw material outlook to the higher end of 'up low-single-digits'. Executive Allen Mistysyn added that the company will raise prices if necessary, even in summer, as it has done in the past. He also highlighted other cost-offsetting levers, including simplification, digitization, and tight control over SG&A and working capital.

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    John McNulty's questions to SHERWIN WILLIAMS (SHW) leadership • Q4 2024

    Question

    John McNulty sought to understand the source of optimism for the Paint Store Group's residential repaint segment, asking what customers are saying about their backlogs.

    Answer

    CEO Heidi Petz characterized the sentiment as 'moderate optimism,' driven by proactive partnerships with contractors to help them secure more leads and grow their business. SVP & CFO Allen Mistysyn added that while H1 2025 will be choppy, they anticipate demand improvement in H2, with the Paint Stores Group expected to outperform.

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    John McNulty's questions to SHERWIN WILLIAMS (SHW) leadership • Q3 2024

    Question

    John McNulty asked about the competitive landscape beyond well-understood changes, inquiring about opportunities in the Consumer and Performance Coatings groups and the state of customer inventory levels.

    Answer

    Executive Heidi Petz described the current environment as a 'unique moment' where Sherwin-Williams' consistency is a key differentiator. Executive Allen Mistysyn stated that consumer inventory levels are stable and not a cause of recent sales weakness, which he attributed to a soft DIY market. He also affirmed the company's disciplined approach to potential M&A.

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    John McNulty's questions to HEXCEL CORP /DE/ (HXL) leadership

    John McNulty's questions to HEXCEL CORP /DE/ (HXL) leadership • Q1 2025

    Question

    John McNulty of BMO Capital Markets questioned if Hexcel's more aggressive management of headcount signaled a change in strategy and how the company would ensure it could ramp up quickly when demand returns. He also asked for details on where the planned capital expenditure reductions were being made.

    Answer

    Chairman, CEO and President Tom Gentile confirmed a more practical approach to aligning headcount with current production, clarifying this involves slowing hiring and using attrition rather than layoffs. He assured that high inventory levels and existing capital investments provide a sufficient cushion to meet customer ramp-ups. The CapEx reduction of $10 million was achieved by re-prioritizing and deferring numerous smaller projects, as major capacity investments are already complete.

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    John McNulty's questions to HEXCEL CORP /DE/ (HXL) leadership • Q4 2024

    Question

    John McNulty asked for a breakdown of the 2024 SG&A increase between headcount and wage inflation, the outlook for SG&A growth in 2025, and the expected scale of the ramp in R&T spending.

    Answer

    Executive Patrick Winterlich attributed the SG&A increase to a combination of ERP implementation costs, one-time CEO succession charges, and general labor inflation. Chairman, CEO & President Tom Gentile added that R&T spending is expected to be approximately 3% of revenue going forward to fund innovation for next-generation aircraft.

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    John McNulty's questions to WESTLAKE (WLK) leadership

    John McNulty's questions to WESTLAKE (WLK) leadership • Q4 2024

    Question

    John McNulty inquired about the drivers behind the expected margin degradation in the Housing and Infrastructure Products (HIP) segment for 2025 and asked for a breakdown of the projected $125 million to $150 million in cost savings by division.

    Answer

    EVP and CFO Steve Bender explained that the forecasted HIP margin change is primarily due to an anticipated shift in product mix, not a weakening environment. Regarding cost cuts, Bender noted that while efforts are company-wide, major contributions will come from logistics and procurement, which will benefit both the PEM and HIP segments, along with tighter SG&A management.

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    John McNulty's questions to Celanese (CE) leadership

    John McNulty's questions to Celanese (CE) leadership • Q4 2024

    Question

    John McNulty asked if there have been any offsetting permanent capacity closures for the new acetyl capacity coming online in Asia and questioned the risk of that new capacity moving into other global markets.

    Answer

    CEO Scott Richardson responded that he has not seen permanent capacity reductions but has observed the industry operating at lower rates, with existing players flexing their networks down to match demand. He added that the arbitrage window for moving product out of Asia is not open, as shipping and storage are expensive and complex, which has prevented significant volumes of material from moving out of the region.

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