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Good morning and welcome everyone to the Hormel Foods conference call, where they will discuss their announced definitive agreement to acquire Breakbush Brothers LLC. My name is Joel, and I will be your conference operator today. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you Would like to withdraw your question, press the pound key. Thank you. I will now pass the call to Jess Blomberg, Director of Investor Relations. Jess, you may now begin your conference. Good morning. Welcome to the Hormel Foods conference call regarding today's announcement of our agreement to acquire Break Bush Brothers LLC. Earlier this morning, we issued a press release announcing the transaction. If you did not receive a copy of the release, you can find it on our website, hormelfoods.com, under the investor section, along with supplemental slide materials. Joining me on today's call are Jeff Ettinger, Interim Chief Executive Officer, John Gingo, President and Chief Executive Officer-Elect and Ash Boombla, Chief Financial Officer. Jeff, John, and Ash will discuss the strategic rationale for the acquisition, provide an overview of the transaction, and review our financial expectations. We will conclude with the Q&A portion of the call, and the line will be open for questions following the prepared remarks. Before we get started today, I'd like to reference our Safe Harbor Statement. Some of the comments we make today will be forward-looking, and actual results may differ materially from those expressed in or implied by the statements we will be making. Please refer to today's press release and our SEC filing, which can be accessed on our website under the Investors section. Additionally, please note we may discuss certain non-GAAP financial measures this morning. Management believes that doing so provides investors with a better understanding of the underlying operating performance. Reconciliations of these measures, where applicable, can be found in the materials posted on our website. With that, I'll turn the call over to Jeff. Thank you, Jess, and good morning, everyone. Today, we are announcing an important step in the continued evolution of Hormel Foods. We've agreed to acquire Breakbush, a leading value-added chicken company with a major presence in the food service industry. For more than 100 years, BreakBush has earned the trust of customers through innovation, quality, and strong relationships. What attracted us to BreakBosh is straightforward. First, it is a highly respected company with leading positions in value-added chicken across a variety of food service channels. This is a billion-dollar net sales business that has delivered consistent growth over time through a diverse customer base. Second, BreakBash has a talented organization, The company's team and direct sales force have been instrumental in building and maintaining the partnerships that have supported its success. Finally, BreakBush is truly a value-added company. It is not vertically integrated. Instead, they have built deep relationships with suppliers. BreakBosh brings differentiated capabilities through five production facilities and two research and development labs. Few businesses combine this level of scale, growth, operational expertise, innovation capability, and customer loyalty. Beyond the strengths of the business itself, we believe there is meaningful cultural alignment between our organizations. BreakBush has been a family-owned business guided by a long-term perspective and a steadfast commitment to employees and communities. Those qualities resonate deeply at our 135-year-old company. As we look ahead, our focus is on building upon the strong foundation the Brakebush family and team have created. With that, I will now turn the call over to John to discuss the compelling opportunities for the future. Thank you, Jeff. I am excited about the future ahead. BrakeBush is exactly the type of business we have been looking to add to our portfolio. As we have discussed throughout the past year, we have taken a number of deliberate actions to sharpen our focus and direct resources toward the businesses, categories, and capabilities that we believe have the greatest long-term growth potential. This acquisition is another clear example of that strategy in action. We believe the combination of Breakbush's value-added chicken portfolio and our advantaged Hormel food service business creates a compelling value creation opportunity for the future of our company. Protein remains one of the most attractive long-term opportunities in food, and chicken continues to grow in relevance with consumers and food service operators alike. Within that landscape, value-added chicken stands out as a sizable and growing category. We believe value-added chicken will benefit from favorable demand trends, menu innovation, and operators' increasing need for convenient, high-quality solutions that make chicken preparation easy in the kitchen. Taken together, these dynamics create an attractive opportunity for sustained growth. Breakbush has built a leading position in this space through deep customer relationships, category expertise, and a commitment to innovation. The company has earned the trust of operator partners by delivering solutions that help them run their businesses more effectively and better serve their guests. Our businesses are highly complementary. BreakBush has built an outstanding position with national and regional restaurant operators, while Hormel Foods brings broad capabilities and an expansive channel presence. Together, we believe there are opportunities to broaden customer access, accelerate innovation, and bring a wider range of value-added solutions to market. While the overwhelming majority of the business today resides in the food-away-from-home channels, we also see clear opportunities to expand value-added chicken within our consumer-branded portfolio in the retail space. Another area of alignment is our shared commitment to staying close to customers. A towering strength of the Brakebush company is its direct sales organization and its operator-focused approach. That solutions-based philosophy closely mirrors how we have built our Hormel food service business over many years. Both organizations have earned the trust of operators by helping solve challenges in the kitchen, supporting menu innovation, and delivering high-quality value-added protein solutions. We believe this common approach creates a compelling foundation for future growth. I'd like to take a moment to add some perspective about our overall focus as an organization. We have announced four portfolio shaping actions within the last year. Justin's, Holberg Turkey's, our Brazil business, and now Breakbush. We have taken deliberate actions to remove businesses from the organization that were non-strategic and creating complexity. And now we have agreed to acquire a company that doubles down on our advantage food service business, expands our presence in the on-trend value-added chicken category, and has a strong track record of execution. One of the things we admire most about BreakBush is what the organization has already accomplished. They have built an outstanding company, a distinctive culture, and a successful business model. While there are certain areas we will look to integrate, our priority will be to remain focused on driving performance behind both Hormel Food Service and Brakebush. With that, BrakeBush will operate as a subsidiary reporting through our food service segment. When I step back and look at Hormell Foods following the completion of this transaction, I see a company that is more aligned with attractive long-term growth trends, even better positioned in food service, and participating with more scale in one of the the most compelling categories in protein. We believe those advantages will drive sustainable growth and long-term value creation, and we're optimistic about the opportunities ahead. With that, I'd like to welcome our new Chief Financial Officer, Ash Bumla. I'll turn the call over to him to discuss the transaction and early financial details. Thank you, John, and good morning, everyone. I'm pleased to provide additional details on our early financial expectations for the transaction. My comments this morning will pertain only to the Breakbush acquisition. We will not be covering the fourth quarter or fiscal 27 today. Rather, we'll discuss those topics on our next earnings call. With that, as we announced this morning, we have entered into a definitive agreement to acquire Breakbosh for approximately $1.055 billion in cash on a cash-free, debt-free basis and subject to customary closing adjustments. we believe this transaction represents an attractive opportunity to deploy capital in support of our long-term growth strategy as john has highlighted this is a strategic combination of two highly complementary businesses brake push brings proven capabilities in value-added chicken an attractive growth profile and strong customer relationships formal food service brings breadth of product offering, operating expertise, and a broader operator portfolio. Together, we see a compelling opportunity to accelerate profitable growth, expand margins, and generate attractive long-term returns. For calendar year 26, BreakBush is expected to generate approximately $1.2 billion of net sales. Based on estimated adjusted EBITDA for the same period, the purchase price represents an approximately 10.7 times multiple before synergies and an 8.9 times multiple, including expected annual run rate cost synergies. We have identified approximately $20 million of annual run-rate cost synergies, which we expect to realize by the end of fiscal 28. These opportunities are primarily concentrated in procurement and manufacturing productivity. We also see meaningful revenue opportunities from combining Hormel Foods' customer relationships, food service reach, and retail capabilities with Brakebush's value-added chicken portfolio, complementary direct selling organization, and operating capabilities. These commercial opportunities would be incremental to the cost synergy target. The transaction is expected to receive asset purchase treatment for U.S. federal income tax purposes. As a result, Hormel Foods expects to receive an ongoing cash tax benefit from the step-up in the tax basis of acquired assets. We expect to finance the acquisition through a combination of cash on hand and new debt. The final instrument mix, maturity profile, and cost of debt will depend on market conditions at the time of issuance. We intend to maintain our strong investment-grade credit profile and preserve appropriate liquidity and financial flexibility. At closing, we expect pro forma net debt to adjusted EBITDA to be slightly above our long-term target range of 1.5 to 2 times. Supported by the cash generation of the combined company, we expect to rapidly return net leverage to our publicly stated range within fiscal 27, with the objective of progressing towards the lower end of that range thereafter. Importantly, this transaction does not change our other capital allocation priorities. We recently announced our 393rd consecutive quarterly dividend, and we remain committed to investing in the highest return growth and productivity opportunities across the business. We expect the transaction to close in the first quarter of fiscal 27, subject to regulatory rules and customary closing conditions. When we report fourth quarter results in early December, we plan to provide fiscal 27 guidance for the combined company, including the anticipated contribution from Brakebush. At this time, we expect the acquisition to be solidly accretive to adjusted earnings per share beginning in fiscal 28 after taking into account financing and purchase price accounting. In summary, this transaction adds a profitable and growing business, strengthens our presence in value-added chicken and food service, and creates identifiable opportunities for further growth and margin expansion. We're confident that this transaction offers attractive long-term financial returns and is consistent with our commitment to disciplined capital allocation with that we would be happy to open the lines for questions at this time i would like to remind everyone in order to ask a question press star then the number one on your telephone keypad if you would like to withdraw your question plus star one again we'll pause for just a moment as we compile the the Q&A roster. Your first question comes from the line of Rupesh Parikh with Oppenheimer. Your line is now open. Please go ahead. Good morning, and thanks for taking my question. Also, congrats on the acquisition. So to start, I would love to hear more, maybe just more about the strategic rationale of the acquisition, if needs to be at least, you get the nice benefit of added diversification more to the more attractive food service business, and obviously also on the chicken category so just overall we're just more more color just on the strategic rationale thank you yeah thanks for the question rupesh this is jeff edinger i mean you hit the one-two punch it's food service where we think we already have an advantage business and this is a great opportunity to double down in that area and it's value-added chicken and we've been a protein-centric company for many many years that's a big advantage right now but chicken has been probably the least of the proteins for us under five percent historically with this acquisition it'll now be closer to 13 percent even with turkey and beef for our portfolios and then just the fit between the organizations they're a direct selling organization with a strong reputation mirrors what we have with our hormal food service group they have very complementary operator relationships which we have very little current overlap with and we're looking forward to being able to understand better their expanded innovation and manufacturing capabilities they have the five value-added plants and the two r d centers and then you know importantly from our perspective they don't they don' have any harvest that was not a part of the business we were looking to invest further in so the value-add emphasis is important ultimately we think there's a great fit between the organizations frankly we're both from small Midwest towns. We're over here in Minnesota, and they're in Wisconsin. A group of us will be heading over tomorrow, actually, to introduce ourselves more broadly to their team, and we're very excited about the transaction. Great. And then maybe one quick follow-up question for Ash. In terms of financing acquisition, in terms of mixed debt in cash, is that something we'll just hear more color about later next year in terms how you guys will, or next year, in terms of how you guys approach that. Yeah, thanks for the question, Rupesh. We've noted that we expect to finance the acquisition through a combination of cash on hand and new debt. Our strong investment grade credit profile does provide meaningful flexibility for us regarding the timing, maturity, and structure of that financing. And so you're exactly right. I think we'll have more to say on kind of the upcoming calls around the final financing mix and costs, which will be dependent on conditions at time of issuance but we feel comfortable that this is the right allocation of capital for a long-term strategy and a long term return generation great thank you i'll pass along your next question is from heather jones with heather jones research your line is now open please go ahead Good morning. Thanks for the question. I guess I have a two-part question. I was just wondering, so you mentioned that you're not firing any slaughter facilities, so wondering how you procure the raw materials. Is that on a cost plus basis, spot basis? And then wondering, because a lot of times food service business tends to be cost pass-through. So, I was just wondering if you could give us a sense of how much of this business has, like, programmatic cost pass-thru mechanisms in place. Thank you. Yeah. Good morning, Heather. Thanks for the question. So Breakbush does purchase chicken inputs. And so, overall, the business is not immune to changes in chicken costs or supply availability. But the financial performance over time has been very, very consistent. And that's really because of the array of pricing mechanisms that that business has in place. There are portions of that business that are effectively more on a long-term fixed price basis, and there are several portions that are really more in a stable margin type portfolio, whether that's cost plus or some sort of market minus. So overall, when we look at the business, it's very consistent with the value-added orientation that we see in our own core food service business, and we think we're in a good position to drive value there and then heather this is john just to add one comment to that from a commercial perspective in terms of pricing i would say you know broadly speaking break bush utilizes pass-through pricing mechanisms that are similar to our food service segment that we've discussed before which helps with movements up and down in the chicken markets you know the timing of those pass-thru mechanisms can vary by contract but That's the general approach. Okay. Thank you for that. And a follow-up is just wanting to, I missed part of the comment on expecting accretion in fiscal 28. Is that, did I hear you all say that's going to be adjusted for increased amortization, or I wasn't sure if I understood that correctly? Great question, Heather. So, big picture, no. That's just an adjusted earnings basis, but not necessarily adjusted specifically for amortization there. I should note, we fully expect break push to contribute substantially for fiscal 27, but the first year in particular does reflect financing costs associated with the transaction, some of the purchase price accounting effects, and limited realizations of those cost synergies. And so when we take those factors into account, wefully expect the acquisition to become solidly accretive to adjusted EPS beginning in fiscal twenty eight. OK, thank you so much. Your next question is from Peter Galbo with Bank of America. Your line is now open. Please go ahead. Great. Thanks. Good morning, everybody. Ash, welcome. I guess it's hard as you tried to to run away from chicken. It found you again. So so there's that. Jeff, I was wondering if you could start off, you know, this deal is, I think, consistent with the successful deals that Hormel has done in the past from a food service perspective. It's a little bit larger, I guess, than what you would have done historically in that segment. So maybe you could just compare and contrast it against some of the more recent food service deals that you all have done, you know, that you were there for, or at least were privy to on Fontanini and Sadler's, and how we might think about it in that context. Yeah, thanks for the question, Peter. You know, it has been about five years since the company's last major acquisition, and we obviously take a disciplined approach to M&A. We really saw Brakebush as the right target, the right price at the right time. It does remind us of certain past acquisitions, some of the more successful ones we've had. First, I'll start with some in the food service segment, as you referenced. I mean, we had Fontanini. We've had Sadler. Even before that, there was Burke. So these are brand names within the food surface world and had a reputation coming in that we've been able to really build on. They're not known as consumer brands, but they're important differentiated points within the business. And they each came with new capabilities and capacity and operator-first solutions. And in each case, we were very careful to be respectful of what the team had built up. In many cases, we blended our team with their team over time. So our food service team definitely has a history of successfully delivering on M&A acquisition. I also see some similarities with our Applegate acquisition. to me when I think about that one 11 years ago we kind of look strategically at the category and said hey look this organic natural antibiotic free area is important it's growing it's not a fad we really ought to be getting into that but you then make sort of the build versus buy decision in that case we thought we were the wrong brand I mean we you look at it coming out of capital gate they had over 150 relationships with farms and other suppliers key to that area so it just was very very much moved the needle toward hey if we could find the right partner that's the way we go and we did with Applegate and we've done really wonderfully with that business and we see Break Bush in the same light in terms of size I mean I guess to me I think historically some of our better acquisitions have been in sort of the high hundreds of millions this one presses slightly over a billion but I think it's in that same network whether it's Skippy or Applegade Fontanini etc so i mean i think we're comfortable with this level it's big enough to move the needle but not so big that we think it adds more risk okay great um thanks for that jeff john i was hoping to get a little bit more color on just the the overall customer mix for for brake bush i'm understanding it's it's 90 food service but you know if i think about the historical Hormel food service model, it's super diversified. It's in a lot of channels that I guess qualifies food service, but we may not traditionally think of. So maybe you just help us think about the customers that BreakBush is currently serving and whether or not that has a material change in terms of your overall food service portfolio going forward. Thanks very much. Yeah, thank you, Peter. So I would say that Breakbush has a pretty diverse and really strong balance across their current business in terms of channel and customer profile. If you're thinking about strength within national and regional accounts, you know, think about areas like restaurants, certainly some healthcare. There is some retail business within BreakBush today. So very, I would say, deep, strong customer relationships across a number of different areas. If you then step back and look at Hormel, you now, we obviously have a very broad set of channels and customers across broadly across away from home. That includes a lot of street business or independent regional business, as well as strong customer relationships in some different areas, commercial and non-commercial. And then we obviously have a very broad retail mix of customers and channels. So we see a lot opportunity putting those pieces together in terms of the growth momentum we see for value-added chicken across away-from-home channels, as well retail channels, frankly. So, we see opportunities to take advantage of the best both in that sense so very complimentary okay thanks your next question is from tom palmer with jp morgan your line is now open please go ahead good morning uh thanks for the question and um i'll echo uh pete with uh welcome ash um great too great to meet uh on the phone um i wanted to maybe just first ask on the growth of this business it's really helpful to get sales and ebitda expectations for 2026 but if we if we look back i guess in in recent years any framing of of maybe how this business has grown either top line or maybe more so from a profitability standpoint thank you you. Good morning, Tom. It's John. I'll take that question. So, you know, if you kind of step back on this value-added chicken segment and just look at the long-term trends, we see robust demand growth. You know, in the food service space, operators increasingly are looking to add more chicken to the menus. And, you Know, what we see underneath that is, you Now, a couple of things. One, you Know more interest from consumers in chicken in terms of the lean protein characteristics of chicken, but certainly there's also been a lot of menu innovation around chicken in the food service space. So when you look broadly across channels, we've just seen a lot of increasing demand for chicken on the menu and food service. Now, when you get to the operator side of that and you're looking to add more chicken onto the menu, certainly chicken adds complexity. It takes time in the kitchen. So the desire for easy solutions in the kitchen to get high quality chicken onthe menu is a robust area of growth. And if you look back over the past five-plus years, we've seen mid-single-digit growth for the category of value-added chicken and food service, and we have seen the Brakebush business outperforming that trend. So, we feel very good about kind of the sustained demand and growth profile of the business. I'll let maybe Ash comment a little bit on margins. Absolutely. And, Tom, thank you for the warm welcome. So we kind of referenced it a little earlier in the call today. We've seen that BreakBush's margins have been remarkably consistent over time. And that consistency really reflects the fact that it is a true value-added business portfolio. So a lot of the profit growth has really come from that top-line growth over time for us that really reinforces the fact BreakBosh is a value-add business portfolio rather than a commodity-spread business. And as it's been growing, it's able to outpace category growth. So reflecting the truly differentiated capabilities, the customer intimacy, and the true on-trend value-added capabilities that they bring to the marketplace. As we look ahead, I think we see great opportunities to continue to drive both that top line and margin expansion, particularly as we think about shifting mix within our portfolio and some of the cost synergies that we referenced in today's announcements. Oh, great. Thanks for the details. Also, maybe a little bit of color on how the deal kind of came about. It does seem to be a pretty family-involved business. On their website, the executive team includes a lot of break bushes, I think, and so maybe a LittleColor on both how the deal came about and kind of the managerial structure as we look at it on a go-forward basis, just with that family involvement. Sure. So this is Jeff. I'll start with that. I can start with it because I can tell you that we've had an interest in BreakBush since way back when I was here before. We literally have talked with them for over two decades. You know, in a hundred-year-old business, I mean, it's obviously a huge decision that they made to go the route of partnering with another company, and we're very proud that they picked us to be that partner. We've had good experience in the past with honoring the cultures of family-owned businesses. I was years ago back at Genio when we acquired the turkey store in the Jerome family and integrated. We ended up with people from that group and senior leadership at Hormel here at the corporate office, ultimately. There are people from Fontanini still with the organization. There people from Berksdale with the organization, at Applegate. I had the chance earlier this year to go back in there and see that, you know, half of the team at Appegate was there 10 years ago. They stayed with it after Hormel, and there was, you Know, folks said, oh, gee, you guys seem like you have different cultures. This could be at risk, and so, no, that to me is a huge benefit to this, the fact that we're a 135-year-old company with a foundation behind us that keeps us in a, you know, a strong protected position with a very long-term orientation. We share that with the BreakBush family, and I think it'll just be a great relationship going forward. Yeah, and just to build on that, I would say from the standpoint of the go-forward approach is, you know, we love the company we're buying. That includes the culture, the talent, the people. BreakBish is a highly successful, well-run company. We believe our cultures, to Jeff's point, are highly aligned. If you think about our focus with our customers around quality, innovation, customer service, we see great alignment there, but BreakBush has a proven business model that we intend to preserve. So, you know, we talked about having BreakBosh run as a subsidiary, reporting into our food service segment, and, you Know, our intention would be to keep it moving and keep it rolling. Great. Thank you. as a reminder if you would like to ask a question please press star then the number one on your telephone keypad your next question is from ben teurer from barclays your line is now open please go ahead yeah uh good morning and uh thank you very much for taking my question i'll just follow up as well ash uh welcome good luck with chicken again uh it was a good one from pete um now my My very first question really is about, obviously, as you're having experience in the chicken business, and usually most chicken companies are actually more on the vertically integrated side. So there's a lot of emphasis here on not being vertically integrated. Where do you see the advantages of not being integrated versus maybe some of the disadvantages as it relates to the projectability and the visibility of flows? So help us just a little bit understanding why you think there is value in being not integrated for what tends to be an industry, a more integrated approach. Understood. Ben, thank you for the kind welcome as well. So you've hit kind of the key point here, which was we look at BreakBush, it is not vertically integrated, and we see that primarily as a feature and something that we're excited to be adding to our portfolio. It really allows this team to focus on further processing, product development, and innovation, and really insulates it from some of the volatility that we see in upstream poultry production. It's also very, very well aligned to our own value-added protein network and our own approach to offering protein solutions to the marketplace. So when we looked at Brakebush, and to your point, in the chicken industry, this is truly a unique asset. to acquire scaled, non-vertically integrated, value-added chicken platforms come about rarely. And so as Jeff noted, this acquisition has been on our watch list for more than two decades. So I kind of look at this ultimately as not just an opportunity to increase our exposure to chicken, it gives us a scaled operating platform in a highly attractive category. It strengthens our already differentiated food service business and puts us in a spot to win for years to come. Perfect. And then just my my follow up question. I mean, obviously, it's it is going to be a broadening of your just exposure within food service, new categories, et cetera. Just wondering, there's still a little bit of retail left. What is your thought on that? Are you just going to keep that going and actually recognize it in food services? They're going to be thrown over into the retail business. I mean, we're talking just about maybe 10 million of EBITDA. But I was just wondering, what are your plans as it relates to the retail portion of the business that comes in? Yeah, Ben, good morning. It's John. I'll start us off on that one. So if I just step back and look at the business, to your point, it is vast majority food service today. the vast majority of what we see as the go-forward approach is to really run the business and drive growth and expansion through our food service segment, and that will be our focus. Certainly, if you look at the channel profile of the business and compare it to some of the channel opportunities we have on Hormel Food Service, we see a lot of opportunity and potential. That being said, you also know we have a very broad set of customers on the retail side. There's a lot of consumer momentum for poultry and for chicken in particular on the retail side. So we are going to look at both pieces of business and look for expansion opportunities. But in the near term, the business will report into our food service segment. Perfect. Thanks, John. Your next question is from Puran Sharma with Stevens. Your line is now open. Please go ahead. Puran, just letting you know that your line is now open, so you can go ahead with your question. Sorry about that. Good morning. Thanks for the question. Just wanted to start off understanding the profitability structure with a bit more granularity. from your prior comments that you're you know you're pretty stable and you're seeing expansion from the top line but as we're thinking about modeling this into into our numbers would you expect the profitability profile of break bush to be accretive relative to your existing food service EBIT margins, or should we think of them as being dilutive? And how does that evolve as synergies are realized? Good morning, Foran. Thanks for the question. So, when you look at the overall EBITDA margins of this business, while they remain solid over time, we recognize that they're ultimately, and they've ultimately been very stable, as you referenced, which reflects the value-added nature of that portfolio, they are still at a discount to our very healthy margins within our core food service business. So as we think about kind of that overall portfolio, we expect that it will have an impact in terms of merging those pieces together. What we're excited about, though, is less about the margin focus and more about our ability to unlock value over time. So we've talked about the cost synergies that we're seeking to pursue, which we feel very confident in and have been conservative around our publicly stated targets john has also referenced how we're thinking about upgrading the mix over time and really by putting these two companies together we feel comfortable that we'll be able to get the break bush acquisition to a margin profile that continues to look closer and closer to our core food service portfolio as well appreciate the color there ash and i guess on that um the the potential commercial opportunity the the synergy opportunity from operational and commercial it sounds like you have little overlap um is it fair to characterize that bucket as potentially being greater than the cost realization itself? Yeah, I mean, I would say that we are, you know, very focused on unlocking the commercial opportunities around the business. That is definitely the case. That being said, I means, BreakBush is a company with a lot of momentum. I mean they've demonstrated consistent growth over time, you now, separate and apart from any involvement with Hormel Foods. So, So, you know, number one is keep that execution going, keep that growth profile going. Number two is, you Know, we're going to learn from each other. We're going look for opportunities to open up additional growth that neither company would have been able to access alone. So that'll be something we work on together as we go forward. And then I think, you Now, on top of that, there are synergies out there. You Know, if you think about manufacturing, if You think about procurement, we do see some clear opportunities for us to get more efficient on the business as well. But that's how I would think about the structure of it. Great. Thank you very much. There are no further questions at this time. I will now turn the call back over to John for closing remarks. Well, thank you. I just wanted to take a moment to close us out. I want to thank everyone for their interest for joining this morning on this very exciting day for Hormel Foods and for the Breakbush Company. and we appreciate the interest in the story. Thank you. This concludes today's conference call. You may now disconnect.