The M&M Acquisition significantly contributed to the increase in net sales for the Engineered Materials segment, with the acquired business being integrated into the company's operations.

The formation of the Nutrinova joint venture with Mitsui resulted in a gain recognized in the Engineered Materials segment, reflecting a strategic shift in the company's portfolio.

The company announced the planned closure of its Polyamide 66 and High-Performance Nylon polymerization units at its facility in Uentrop, Germany to optimize production costs across its global network.

The company has allocated, and intends to continue to allocate, capital to repay and reduce its outstanding debt, and has paused its share repurchase program to support deleveraging efforts.

The company expects total capital expenditures to be approximately $400 million in 2024, primarily due to certain investments in growth opportunities and productivity improvements.

Since closing we have actively worked, and continue to actively work, to integrate the M&M Business and its systems into our own.

The company is subject to risks associated with the increased volatility in the prices and availability of key raw materials and energy, which could have a significant adverse effect on the margins of our products and our financial results.

Production at our manufacturing facilities, or at our suppliers', could be disrupted for a variety of reasons, which could prevent us from producing enough of our products to maintain our sales and satisfy our customers' demands.

We are subject to information or operational technology cybersecurity threats that could materially affect our business.

Increased price competition and the introduction of competing products by other companies.

Our operating results depend significantly on the development of commercially viable new products, product grades and applications, as well as improving process technologies.

Our future success depends in part on our ability to protect our intellectual property rights and our rights to use our intellectual property.

On October 31, 2023, the Company announced the planned closure of its Polyamide 66 and High-Performance Nylon polymerization units at its facility in Uentrop, Germany to optimize production costs across its global network.

We have undertaken and are continuing to undertake initiatives in all of our business segments to improve productivity and performance and to generate cost savings.

Like many companies, we experienced significant supply disruptions and increased costs of inputs during 2021 and into 2022.

Our operating results depend significantly on the development of commercially viable new products, product grades and applications, as well as improving process technologies.

AOPlus®3 technology extends our historical technology advantage in acetic acid and enables us to construct a world scale greenfield acetic acid facility at a lower capital cost than our competitors.

Our VAntage®2 technology enables us to increase VAM capacity to meet growing customer demand globally with minimal investment.

We have allocated, and intend to continue to allocate, capital to repay and reduce our outstanding debt using cash from operations and proceeds from asset sales or dispositions in cases where we are able to do so on favorable terms.

In furtherance of these deleveraging efforts, we have paused our share repurchase program and are in the process of evaluating additional cash generation opportunities.

We continue to prioritize projects that drive growth and productivity in the near term and expect total capital expenditures to be approximately $400 million in 2024.

We are focused on developing products to help our customers meet their sustainability goals.

In December 2023, we began carbon capture and utilization operations at our Clear Lake site as part of our Fairway joint venture.

Climate-related regulatory risks are assessed as a part of our Enterprise Risk Management process.

We are exposed to general economic, political and regulatory conditions and risks in the countries in which we have operations and customers.

Adverse conditions in the European economy may negatively impact our overall financial results due to reduced economic growth, trade disruptions, decreased end-use customer demand or other factors.

Climate change is one of the most challenging and significant issues facing the world today, and we seek to do our part to make sustainable progress toward addressing this challenge.