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  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "Uses a side-by-side comparison of quotes to highlight management inconsistency.",
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      "text": "While we do not take a definitive view on Verifi at this time, we have nominated director candidates we believe would ask the right questions to make data-driven decisions.",
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      "kind": "framework",
      "text": "Grace Tried to Commercialize VERIFI But Gave Up...",
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      "kind": "framework",
      "text": "...Six Years Later GCP is Still Trying to Make it Work",
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      "text": "While we do not take a definitive view on Verifi at this time, we have nominated director candidates we believe would ask the right questions to make data-driven decisions.",
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      "text": "\"We are repositioning our Verifi process control technology business. Market adoption has been below our expectations, and the business is not producing the returns we want. As a result, we have decided to operate Verifi as a more targeted niche offering, and have reduced our investment in growing the business.\" — Hudson La Force, CFO, W.R. Grace (7/23/14); \"Verify is a new marketplace...We have a head start in this market. It's a relatively small business today but growing at very nice mid double-digit rates and we're investing in this business in terms of both its stickiness and its ability to drive performance with the Ready Mix customers\" — Greg Poling, Fmr CEO, GCP (5/17/16); \"Our capital investments could be slightly higher in 2018 than our target of 5% of sales due to investments required for our new VERIFI contracts.\" — Dean Freeman, Fmr CFO (2/27/18); \"With an estimated addressable market of approximately $1 billion, VERIFI is a key source of growth for GCP and remains a top investment priority.\" — Narasimhan Srinivasan, VP Strategy & Corp Dev, GCP (8/7/18); \"We've committed to having sales generated through the VERIFI program of $50 million to $75 million by the end of 2021.\" — Randall Dearth, CEO, GCP (2/26/20)",
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      "text": "Source: GCP's and GRA's public transcripts.",
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      "text": "Grace and GCP Disagreed on Verifi's Market Viability",
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