“My expectation is we will start the TSMC first plant second half of this year, even before the fab actually starts a lot of product is needed to make sure the tools are in place and tested out.”

In context

“roductively deeply embraced across that entire business today is paying out good dividends. And obviously, they've managed very disciplined pricing over this period as well, which was absolutely essential given what happened to energy costs, et cetera. I see EMEA performance, and the team has done a fantastic job. I see EMEA performance holding and continuing to move forward. I see them managing their business in order to make sure that margins continue to hold or hopefully go up slightly as you would expect from our business. Mike Leithead: Great. Thank you. And then just briefly, a housekeeping question on electronics. I believe TSMC delayed the start of their Arizona fab by about a year or so. Would that also delay your sales for that site by an equivalent amount? Thanks. Sanjiv Lamba: My expectation is we will start the TSMC first plant second half of this year, even before the fab actually starts a lot of product is needed to make sure the tools are in place and tested out. So that process has started. All fabs go through a ramp process. I suspect TSMC's announcements were probably related to other negotiations they were having rather than the actual start-up of the fab and how it progresses in terms of its ramp. Mike Leithead: Great. Thank you, guys. Operator: We'll take our next question from Jeff Zekauskas with JPMorgan. Your line is open. Jeff Zekauskas: Thanks very much. The multinational oil companies have been outsourcing hydrogen production to industrial gas companies because they believed that their returns on capital are higher in drilling for oil and gas. But now that the Inflation Reduction Act has been passed, the returns on capital for them for producing their own hydrogen rise because they get a tax credit. And we're beginning to see over a lo”