Question-and-Answer Session
Unidentified Analyst
Good afternoon. I guess, first of all, on GlobalOne, could you address the timing for us to star seeing savings and how fast you will be pushing that?
Marvin Quin
The focus is past year as we are getting GlobalOne in place. And that has frankly increased our cost in the short-term for training, support people to pick up jobs or other relating to the new job. So costs increased this year. So, as we look in the next year with continued training. so I would anticipate in the first quarter five months that cost will not change much, but as we move into the second half of the year, my expectation would be that we start gaining the efficiency that GlobalOne was designed to provide. So, our focus would be after the second half in plans to represent the first half to start moving those efficiencies through the business. I anticipate that will take two years to fully gain the efficiency that we want out of this system.
Unidentified Analyst
Okay. And then secondly, excluding distribution, what is your relative margin between your US businesses and international businesses?
Jim O'Brien
When you look at margins in the US, we have been trying very hard to get price increases through on the performance side. We have been fairly successfully and on Valvoline, very successful, distribution not successful at all. Europe has followed a similar course. Asia, the margins there are relatively less than the US and European markets. But we are focused on there as on very large international customers, and we are trying to bring higher technology through our plans to increase those margins overtime. So, we are looking at a strong hold in the Asian markets, continue to upgrade those as the market matures and they get more into domestic production and utilization of these products versus export.
Unidentified Analyst
Thank you. Could you remind me what the normalize tax rate is we should think of going forward? And the second one question is on slide 13, I may just have missed it. In distribution, the revenue is being $1.50 billion, did you say Dow US was out of that or there was still a five months of Dow US in that?
Jim O'Brien
The numbers that reflected there would have the Dow through the first six months through March and then after that they are out. And Marvin, why don't you address the tax rate?
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