MSD Specialty Chemicals • Reduced investment in warehouse automation capacity leads to demand trough in 2023 • Short-cycle softness impacting sensing and safety technologies and productivity solutions and services, particularly in the first half (HSD) e-Commerce • Mix shift and operational improvements driving another strong year of margin expansion Overall Favorable End Market Outlook in 2023 1Q 2023 Earnings - April 27, 2023 13 ADDITIONAL 2023 INPUTS | --- | --- | --- | --- | --- | |---------------------- ...