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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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      "text": "We believe rationalizing Bristol-Myers footprint to improve capacity utilization and streamline geographic cost areas could result in over $100 million in total savings.",
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      "text": "Bristol-Myers Global Facility Footprint",
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      "text": "We believe there may an opportunity to improve Bristol-Myers' capacity utilization. Bristol-Myers appears to be operating its facility footprint less efficiently than peers. We believe the Company may have an opportunity to optimize its footprint away from high-cost labor and high-cost tax regions towards more efficient locations. We also believe that Bristol-Myers continues to operate in legacy manufacturing facilities with opportunities to consolidate into its larger plants. We believe rationalizing Bristol-Myers footprint to improve capacity utilization and streamline geographic cost areas could result in over $100 million in total savings.",
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      "text": "Source: Public company filings, Starboard estimates and analysis from leading consulting firm.",
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