ITT at 18th Annual Global Transportation Conference: Ambitious 2030 Goals

On Thursday, 22 May 2025, ITT Inc. (NYSE:ITT) presented at the 18th Annual Global Transportation & Industrials Conference. Led by CEO Luca Savi, the company shared a robust strategic vision, highlighting both its recent achievements and ambitious targets for 2030. ITT’s focus on organic growth, margin expansion, and strategic mergers and acquisitions (M&A) aims to drive the company’s future success.

Key Takeaways

• ITT surpassed its long-term targets two years early, prompting new goals for 2030.
• The company aims for organic revenue growth over 5% and total growth of 10%.
• A significant focus is on strategic M&A in high-growth, high-margin sectors.
• ITT’s Q1 2024 orders exceeded $1 billion for the first time.
• The free cash flow margin guidance was increased to 14-15%.

Financial Results

• Q1 2024 Achievements:

- Orders surpassed $1 billion, marking a record for ITT.

- Share repurchases reached $500 million year-to-date, including $100 million in Q1.

• 2030 Targets:

- Organic revenue growth exceeding 5%.

- Total growth projected at 10%.

- Adjusted operating margin aimed at approximately 23%.

- EBITDA expected to exceed 25%.

- EPS forecasted at $11 organically and over $12 with M&A.

- Free cash flow margin projected between 14% and 15%.

Operational Updates

• Portfolio Shift:

- Emphasis on high-growth, high-margin businesses in flow and connectors.

• Margin Expansion:

- Targeting a 500 basis point expansion by 2030 through productivity improvements, supply chain optimization, and pricing power.

• Capital Allocation:

- M&A strategy focuses on high-growth, high-margin companies with strong market positions.

- Target acquisition size ranges from $400 million to $700 million, with $200 million to $300 million in revenue.

• Motion Technology (MT) Segment:

- Notable performance in brake pads, outperforming peers.

- Quality performance improved to 400 parts per billion (PPB) in 2024, targeting 200 PPB in 2025.

• Innovation:

- Over 4% of revenue invested in R&D, focusing on "now," "new," and "next" projects.

• Free Cash Flow:

- Guidance raised to 14-15%, driven by working capital improvements in IP and CCT segments.

• Vidar Launch:

- New embedded motor drive product to be launched in Q3, aiming for $150 million in revenue by 2030.

Future Outlook

• Growth Targets:

- Organic revenue growth expectations: 5-7% in IP, 2-4% in MT, and 7-9% in CCT.

- Market outperformance by 300-400 basis points through execution and innovation.

• Margin Expansion:

- Focus on improving underperforming sites to meet ITT average margins.

- Cross-fertilization of talent from successful sites to other regions.

• Segment Highlights:

- Motion Technology (MT): Embedding 400-500 basis points of outgrowth for 2025 in the friction OE business.

- Svanahoy (IP Segment): Anticipating double-digit growth with a target of 25% EBITDA margins in five years.

- Kisario (CCT Segment): High single-digit growth outlook over the next five years.

- Vidar: Targeting $150 million in revenue by 2030.

Q&A Highlights

• Margin Improvement: ITT aims to elevate underperforming sites to company-wide margin levels using the SQDC framework (safety, quality, delivery, and cost).
• Innovation Focus: Projects categorized as "now," "new," and "next," with a focus on both product improvement and revolutionary developments like Vidar.
• Capital Allocation: Acquisitions are targeted in the $400-$700 million range, focusing on high-growth, high-margin businesses.
• Competitive Edge: ITT leads in motor technology with Vidar, backed by strong intellectual property.

In conclusion, ITT’s comprehensive strategy and ambitious targets for 2030 reflect its confidence in sustaining growth and innovation. For more details, refer to the full transcript below.

Full transcript - 18th Annual Global Transportation & Industrials Conference:

Brad Hewitt, Multi Industry Team, Wolf: Alright. Good morning, everyone. So continuing with day three of the conference. My name is Brad Hewitt from the multi industry team here at Wolf. Next up, we have ITT to start the day, start Thursday.

Very pleased to have president and CEO, Luca Savi, and also Mark Macaluso from the IR team. Thanks for joining us. Thank you.

Mark Macaluso, IR Team, ITT: Thanks, Brad. Just really quick, I’ll turn it over to Luca. A reminder on page two of our safe harbor, the presentation and comments that Luca and I make may contain forward looking statements, are based on our best view of the world and of our businesses as we see them today. These assumptions and expectations can change, and we ask that you view them in that light. We encourage you to review the latest risks and uncertainties in our Form 10 k and other SEC filings available on our website.

So with that, thanks again, and I will turn it over to Luca.

Luca Savi, President and CEO, ITT: Thank you, Mark. So just a a few minutes presentation before we get to q and a. ITT. ITT is an engineering manufacturing company designing engineering components for harsh environment that works across different industries. So you’re talking in for automotive shock absorbers for high speed trains, for the rail industry, or for defense vehicles, pumps and valves across different sectors from chemical, mining, oil and gas, traditional energy, energy transition, as well as components and connectors that go in aero and and defense.

It’s geographically it’s a wide well spread with more than 40% here in the North America, and our strategy has always been to be in the region for the region. You see here the our results for the last three years, so I’m not gonna take you through those, but we generated a lot of value in the last six years, organic value creation through organic revenue growth and margin expansion. When you look at our q one, q ’1 was was resilient. It was a good quarter and preparing for a stronger q two. The highlights of q one, I would say, really the orders, you know, more than $1,000,000,000 of orders.

This is the first time for ITT in a quarter as well as capital deployment. We repurchased $100,000,000 shares in q one. And then when there was a little bit of mess in the market, we decided to prerelease our results and to go out in the market and to reaffirm our, you know, our trust in the long term future of ITT. So year to date, we repurchased $500,000,000 of of shares. Now if last last week, we had our capital markets day.

And during our capital markets day, the last one was in 2022 when we shared the long term targets. We surpassed the long term targets two years ahead of plan, so we decided to do another investor day last week, and we shared how we’re gonna create value in the future. Both organic because that part is still there. We are not even close to be done, as well as combining with m and a. And we shared how we’re gonna do it through differentiation in execution as well as innovation.

And we shared also our long term targets at 2030, which is organic revenue growth of far more than 5%, total growth of of 10, and adjusted operating margin roughly of 23% or an EBITDA above 25, EPS of $11 from an organic basis or more than 12 if you consider total with the m and a and the free cash flow margin between 4015%. So with that, we can move to q and a. Right. Great.

Brad Hewitt, Multi Industry Team, Wolf: Thanks, Luca. So maybe starting with the organic growth outlook. So the greater than 5% organic growth target through 2030, that would be, you know, targeting five to 7% in IP, two to 4% in MT, and then seven to nine in CCT. So just curious if you could walk through, you know, kind of some of the moving pieces on the the long term growth outlook there.

Luca Savi, President and CEO, ITT: Sure. As as you see, our portfolio is is shifting towards more flow as well as more on connectors. So higher growth and higher margin businesses. So you see that in those growth, there is, for sure, some market growth when you think about the flow as well as connectors, but there is a lot of outperformance. So we’ve been able through execution and innovation to outperform the markets that we were in.

If you look at the ITT overall, it was more than 9% of that in the last three years. So I would say the same outperformance will happen in flow, and this is because of the way that that we are executing on time for our customer ecosystem manner, good quality products across all the different region, you know, particularly well in in The Middle East. I would say, outperformance on the connector side of the business where we are exposed to air and defense, we differentiate here through a very fast customization of our connectors. So we develop and we customize the connector very quickly, prototyping very quickly. This is how we get specified in programs as well as an outperformance in auto and rail.

Traditionally, we outperform more than 700 basis points every year in the automotive market, and we’ve committed in ’25 and in the in the next few years to outperform between 305 basis points.

Brad Hewitt, Multi Industry Team, Wolf: Okay. Great. Then maybe in terms of that consolidated greater than 5% organic growth outlook, how do you think about, you know, what you’re embedding there for the market growth versus innovation versus execution and kind of outgrowth versus Sure.

Luca Savi, President and CEO, ITT: Sure. I would say if you if you look at that properly, the outperformance overall in the market is anything between the 300 and to 400 basis points. That is and this is really related to the execution and innovation.

Brad Hewitt, Multi Industry Team, Wolf: Okay. Great. And then maybe switching over to the margin side of things. So you’re talking about 500 basis points of margin expansion in 2030 versus 2024. Maybe just walk through some of the moving pieces on how we get there.

Luca Savi, President and CEO, ITT: Sure. When when you look at the margin has been a great story in terms of the last few years, and it’s generated a lot of value. But as I said before, we are not even close to to to get it done. So, if you come to our plants and you walk the the shop shop floor, you will be able to see a lot of efficiency, a lot of things that are are super lean, but at the same time, we’ll be able to share with you and pointed out the area for for improvements. So our factories in in process, in in flow, pumps and valves are working well, but there is still a lot of progress that we can do in lead and productivity.

A lot of automation that can happen there. The same is when it comes to connectors and and controls. A lot of lean, a lot of automation that would make our factory more productive. And then even when it comes to the jam in terms of productivity, which is our automotive and and rail business, there is still room to improve that in terms of continuous progress. So productivity is a big chunk of that.

I would say in terms of supply chain, we have a pocket of excellence, but there is still improvement that needs to be made on that front. And then in some in some of the sectors like flow and controls, I think that we will also have more price price powers. So there is definitely room to get those 500 basis points.

Brad Hewitt, Multi Industry Team, Wolf: Okay. And one of the interesting slides from the Capital Markets Day, you had a slide about an opportunity to expand margins by five 400 basis points from getting some of the underperforming sites up to the ITT level. Maybe just walk through, you know, what are the biggest steps you’re taking to get there? What are the characteristics of those sites that are underperforming on margins?

Luca Savi, President and CEO, ITT: Sure. In the framework that we are operating in when it comes to to our plant, our businesses, SQDC, safety, quality, delivery, and cost. And these are really the fundamentals of the businesses. And there is a a very good correlation if you look at the best performing site or the site that got the best track record on safety, best track record on quality. So working on continuously improving those fundamentals is is really key.

So focus on that one, and guess what? The financials will just just happen as a consequences as a consequence. Now the other thing is ensuring that we cross fertilize the talent. So we have sites where we have developed the best performing sites. It’s also where we have the best talent, and therefore, moving those talents across the organization from Saudi, which is an incredible pool of talented individual, moving them to sites either in Europe as well as in North America will facilitate also the the gain of the 500 basis points that we’re talking about.

Okay.

Brad Hewitt, Multi Industry Team, Wolf: And maybe sticking along that that topic, you know, it seems like IP in Saudi has been one of the one of the really good success stories for you guys in terms of margin expansion. I guess curious how replicable you think that level of performance can be, you know, kind of across other regions.

Luca Savi, President and CEO, ITT: It it is. Definitely, it is. And in using the the framework and the processes that we developed with the SQDC as well as some of the talents that we had in Saudi, I think that that that will make that improvement right across the board. And just to to share, there are talents. For instance, Hamdi Hamdi Salim.

Hamdi went to Saudi in ’28 2018, ’20 ’19. It turned around that operation. It was responsible then of the European operation, now responsible of goods pumps or our pumps around the world. And therefore, it is facilitating the implementation of all those process and those framework around the world for sure.

Brad Hewitt, Multi Industry Team, Wolf: Maybe sticking with the execution topic, but switching over to MT, your motion technology segment. You know, the brake pad is the big biggest business there. Your execution there has been vastly better than peers. I guess maybe talk about how much further room for improvement you see in that particular segment, you know, given where you already are in terms of quality, speed of launches, customer experience?

Luca Savi, President and CEO, ITT: Sure. Definitely. Of course, the the profitability of and the journey the journey of of friction of our business has been has been incredible. But as I said, we are not even close to be done, and that’s the beauty of the culture that you have in in this team. Let me give you an example.

There I live at quality on a quality point from a quality point of view, they are performing in PPBs, in parts per billions. So there is nobody in the market, no competitor that is at that level. So they closed 2024 at 400 p p p, 400 parts per million. And when they set their own target for 2025, they didn’t go for 10%, twenty %, or 30% improvement. They just said, okay.

We half it to to 200 PPP. They don’t need it. The market you know, I mean, the competitors are not even close to be there. And by the way, they will not hit it, but they simply do not care. They know that, you know, if they have stretched themselves, they will go for absolutely, you know, the best result that they can get.

And they will be read every single month of the year, but they know that at the end of the year, they will achieve the best result. That approach in terms of quality is the same when it comes to the productivity of a of a press or an oven or a finishing line. And therefore, the lines that today are operating at more than 90% efficiency, they set their target, you know, even higher than that. So there is still room that they can work on.

Brad Hewitt, Multi Industry Team, Wolf: And maybe on the innovation side of things, curious if you could talk about kind of the pace of innovation at the total company level, and maybe is there a way to translate that into a new product vitality metric?

Luca Savi, President and CEO, ITT: Sure. The way we do, and we have metrics internally, the way that we we we classify our innovation is in, you know, now, new, and next. So now are all the VAVE, the value analysis, value engineering project that we get going to continuously improve the competitiveness and the performance of the product that we do have. And as you can imagine, plenty of projects in there, and this is where the success rate is is the highest. Then you have the new.

The new is practically is the the same product, but it’s really new. It could be a a a new mix. It could be, you know, a a new product for us that has got an indication in mind that we didn’t have before. And and therefore, we got less project on that one and good success rate, but less than than the than the now. And then we got the next.

The next is really when you have the revolutionary product. It could be a smart, a pre pad that is intelligent and that gives that data for autonomous driving, or it could be vital, a new motor, new to the world, and new to us. And in those cases, you know, our success we’ve got fewer project, but, also, the success rate is a little bit lower just because they’re completely new. So but we keep on feeding. We tend to invest, you know, more than 4% of our revenue in r and d, and it’s one way that we differentiate.

Brad Hewitt, Multi Industry Team, Wolf: Maybe in terms of capital allocation. So m and a was also a big focal point of the Capital Markets Day. Can you talk about some of the criteria, and how do you think about what are the nice to have criteria versus the must have criteria for m a?

Luca Savi, President and CEO, ITT: Sure. M and A is a is a muscle that that we are building. So as I said before, a lot of value is created organically. But in the last couple of years, we start to deploy capital also on the M and A front. We bought Habony, a vast company out out of Israel that works a lot on the LNG hydrogen.

We bought MicroMode RF connectors in air and defense. And then Habony, cryogenic pump for in the marine industry for LNG, LPG, ammonia. And and then last but not least, Kisario last September for interconnect solution for aero and defense. So the best, you know, the those are all working very well. And I would say the criteria are a, working for high growth and high margin businesses.

So you see the cryogenic energy transition. You you look at air and defense. So high growth, high margin business. Companies that have a leading position in their market. Svanio is a leader in three of the sec three of the four sectors that they’re operating in.

And then strong management teams, and this has been the case for Havanin. It’s been the case for Svanio. It’s been the case of Kisaria to the point that the management team of these three companies, they’re all 100% still with us within within ITT. So these are really the the the criteria that we are we are looking for.

Brad Hewitt, Multi Industry Team, Wolf: So it sounds like both FanoHoy and Kisari are both very good templates in terms of what to expect for future acquisitions. But I guess curious, is there anything that could lead you to do a meaningfully larger size deal?

Luca Savi, President and CEO, ITT: Sure. I think those are if you look at the Kesaria and the Svanoa are is the is really the the sweet spot. And if I look at the funnel of opportunities, the majority of the opportunities in the funnel of m and a are really that kind of size. So you’re talking about anything between 400 to $700,000,000 in terms of capital deployment and revenue between 200 and $300,000,000. Sure.

There are, you know, some larger deals in the funnel, but the majority is really in that in that range.

Brad Hewitt, Multi Industry Team, Wolf: Maybe on free cash flow. So the you raised the free cash flow margin guidance, long term guidance, 14 to 15%. At the previous Capital Markets Day, was 11 to 13%. So a nice step up there. Maybe how much you know, curious how much of that is coming from working capital.

Luca Savi, President and CEO, ITT: A a lot of that is coming from working capital. So when you look at our portfolio, you have our motion technologies business. The working capital of motion technologies is roughly 15%. It’s the best performing as as as a value center, and and we still have some some room for improvement on on that front. If you think about it, we were discussing with the board that their past due as a percentage of all receivables is is less than 4%.

So great, great performance. And if you think about it, a big chunk is also European business where, you know, it operates differently. So great on that respect. But when you look at IP and CCT, their working capital leaves some a lot to be improved. So they are in the in the twenties, low twenties, or in the case of CCT, you’re also in the higher twenties.

So a lot has to be done on the working capital and particularly on the inventory side. If you look at Svanoy, which is marine industry projects flow, their working capital is single digit. So there is a lot that we can learn in IP from the way that Svanoy is managing their working capital. So

Brad Hewitt, Multi Industry Team, Wolf: Okay. Great. And maybe moving on to the motion technology segment. So as we think about your friction OE business, you you guys are embedding kind of four to 500 basis points of outgrowth for 2025 and, you know, over the long term. I guess curious if you could talk about your confidence level of that level of outgrowth.

And, you know, historically, you guys have outgrown by more like 800 basis points. So, know, what can cause that outgrowth to reaccelerate?

Luca Savi, President and CEO, ITT: Sure. I think that, you know, it’s it’s true. If you look at the last ten years as an average and even in the last five, six years despite COVID and all, you know, what was happening in supply chain, war, etcetera, we outperformed as an average by 700, eight hundred basis points. I would say, you know, we we committed to 400 to 500 basis points also because, you know, as your market share is growing, you know, the the amount of outperformance becomes more and more challenging. We have a very very healthy market share in in in Europe.

China went from low single digit in 2014, ’20 ’15 to more than 30% market share last year. If you look at North America, went from zero in 2017 to ’26, ’20 ’7 percent market share into last year. So as we gain all this market share, the outperformance becomes a little bit more challenging. But so this is why we went 400 to 500 basis points. Now in terms of confidence in in meeting that performance, we are pretty confident because think about it.

You win an award in automotive, and the SOP, the start of production in the Western world is two years after the award. So the award that that we won in ’23 are gonna start in ’25. The award that we won in ’24 are gonna start in ’26. So and the award that we are winning now, they’re gonna start in ’27. So we have that visibility in terms of the platform that we won and that we stopped.

So this is why we we we’re not being arrogant. We’re just we know we had the visibility, and therefore, we know that that market share has already been won as an award. It would just be have to be executed as just making the breakouts.

Brad Hewitt, Multi Industry Team, Wolf: Okay. Great. Let me pause for a moment and see if there’s any questions in the audience. Alright. We’ll keep going then.

So maybe in terms of empty margins, so you’re talking about around 20% margins this year. Long term target for 2030 is around 23%. So curious if you could talk about kind of the path to get there.

Luca Savi, President and CEO, ITT: Sure. I would say one part is linked to the business within MT. You know, we have friction, the prepaid business, which is the biggest chunk, 70% of the business, and highly, you know, good profitability. And as we said, continuous improvement in the productivity in the plant, in the machinery, in, you know, continue reducing, you know, the waste. Continuous improvement will keep on will keep on feeding, you know, the growth in terms of margin.

Our rail business is today is accretive actually to MT. If you look at the Connie business, and there is still productivity improvement, a little bit of price as well that can be can help on that front. And then we have another business, Axon in rail, where we make crush buffers. That business is today in the in the low teens. That was a business that was impacted by the war in in Ukraine, and and therefore, that is is in a path to to get to the twenties as well.

So all of those are levers for us to get to the the new time.

Brad Hewitt, Multi Industry Team, Wolf: Great. And maybe switching over to the IP segment. So in terms of Svanahoy, know, one of your recent acquisitions, book to bill was one point three in 2024 and then two point o in the first quarter. I guess, you know, curious if you could talk about what’s driving the strength of the orders there, and do you expect that level of strength book to bill to continue?

Luca Savi, President and CEO, ITT: Sure. So there is a component of that which for sure is is the market. If you think about the marine industry, they are all moving to cleaner fluid. And that energy transition to LNG to LNG now and then to ammonia probably the next ten, fifteen years is what is feeding the growth of sphenoid. So there is a big chunk which is the market.

And on top of that, the nice top up is the outperformance simply because their quality is second to none. Their on time delivery is good. They got great credibility and great loyalty from from their customer. Now do I think that the book to bill will always stay to know that the the book to bill will be higher than one, will be consistently higher than one in the years in the years to come as well? And when you look at Spaniola, we we are comfortable in saying that SpanaHoy will will grow double digit for for the next few years for sure.

Brad Hewitt, Multi Industry Team, Wolf: And as we think about the margins of SpanaHoy, I think it’s currently high teens EBITDA margins. I mean, as we think, you know, over the next five years, could that be a 25% EBITDA margin business?

Luca Savi, President and CEO, ITT: I think there is no reason why not. I was on a call with with Soren, the leader of Spaniard this morning, and they had a manager meeting there. And we were talking about the area for improvements, and this is definitely one opportunity for Spaniard for us. That’s for sure.

Brad Hewitt, Multi Industry Team, Wolf: Okay. Great. And then maybe on Vidar, one of your new exciting product launches. I think you’re getting first sales in July. You talked about the $6,000,000,000 addressable market targeting hundred 50,000,000 of revenue in 2030.

Maybe just talk about that a little bit and then Sure. What drives that assumption of hundred 50,000,000 of revenue?

Luca Savi, President and CEO, ITT: Sure. So when we’re talking about innovation, we’re talking about next. Pfizer is is the tip the best example. So if you think about it, you know, the the industry, pumps are the heart of the industry. When you think about your Amazon boxes, those that paper, everything, you know, you you use pumps to, you know, process fluid, etcetera.

And these pumps have got the motor associated with that, and that motor runs 100% speed all the time. Even if you need half of the flow, etcetera, that the motor can run only 100% speed. And therefore, you can imagine it’s almost like you’re driving your car, you know, with a foot full on the accelerator, and then you manage your speed just using the brake. Doesn’t make any sense. It’s a lot of waste.

The industry came to the solution with a variable speed drive. So these are big boxes, you know, with a lot of electronics in it that give the structure to the motor to run 50%, seventy %, forty % depending on your need. But because variable speed drive, electronics, bigs, they need a lot of space. They need a clean room. So these variables speed drive are used only 15% of the cases.

In 85% of the cases, you still have a motor running 100% of the speed, wasting a lot of energy. So and this is where Vida comes in. So what our team did working with the best university in in the world, we invented, you know, an embedded motor drive. So practically, you can imagine, you get the motor, you reduce it, and you insert it into into into the motor. Right?

The the the variable speed drive, you reduce it, and you insert it into the motor. We had we invented these. We prototype data. We tested in the last couple of years in different fields with different customers. And the results are incredible, and therefore, we launched commercially in q one.

We already have orders, and we start selling it in q three. The return ROIC for for the plant is less than two years, between one and two years. The energy saving is between 5070%. The noise level drops dramatically. You go from an incredible noise where you need to cover your ears to the noise of a of a Hoover.

Right? So we are very excited about it. The opportunity is $6,000,000,000 in a market that where we do not play. We do not make motors. And by the way, we will not make the motor.

We will contract manufacture the motor. This motor is contract manufactured, and that old intellectual property is ours. It’s our own sales team, and we are already selling it through our own distribution, new distribution of motors, and also end users.

Brad Hewitt, Multi Industry Team, Wolf: Maybe switching over to the CCT segment. So Kisari, another one of your recent acquisitions, we talked about a high single digit growth outlook for that business over the next five years. Maybe talk about just the confidence in that and then also the margin progression of that business as well.

Luca Savi, President and CEO, ITT: Sure. Kesaria, high attractive market that, you know, is a aero and the fence. They’re very well known in terms of the quality, very good quality high quality team in terms of execution and with a greater customer loyalty. So I there is a the reason why we purchased this is, one, when we are in the connector business, in many cases, we were receiving from our customer request for quotation for fiber cabling with our connectors that we were not able to execute because we didn’t have those competencies. So the acquisition of Kesari was was critical to expand our our market.

And, also, there are nice revenue synergies there. If you think about the Kesari buys a lot of connectors. Some of those connectors are ITT Canon. Some of the connectors are our competition competitors. So there is an opportunity there for the progress where we are qualified, sure, to to put our connectors in there.

The growth is is gonna there. We are in the major programs in terms of defense, and, therefore, we have that that visibility. And now in being together connectors and Kisaria, we will have even more opportunity to win even more.

Brad Hewitt, Multi Industry Team, Wolf: Okay. I guess we’ll pause there and see any questions from the audience.

Unidentified speaker: On the motor oh, sure. Yes. Thank you. On the motor development, you mentioned that it’s your own IP. Are you worried that there’s any risk for other competitors to develop anything similar to this or not at all because of that, or are you one year ahead, five years ahead?

Just curious there.

Luca Savi, President and CEO, ITT: Sure. We I think that we are very comfortable in terms of having protected properly the intellectual property. We managed to go to the most expensive IP lawyers in The US, and we we spend considerable amount of time, brain, and money to have an IP intellectual property strategy to cover. So I we feel comfortable on that one to be the only one that in an industrial world will be able to to have this. I think that we are talking about probably a couple of years ahead from the from the motor manufacturers when it comes to this technology.

Brad Hewitt, Multi Industry Team, Wolf: Alright. I think we’re out of time, so we’ll have to draw the line there. But thanks, Luca, so much for joining us.

Luca Savi, President and CEO, ITT: Thank you, Brian. Thank you.

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