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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "presentationDate": "2020-04-30 00:00:00",
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      "text": "We believe there are is an opportunity to reduce costs by increasing regional manufacturing capabilities.",
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      "text": "PREPRUFE 25+ year product, came off-patent in 2011. Competitor knockoff products launched since 2015.",
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      "text": "Based on conversations with former employees, we believe a number of key SBM products are manufactured in the U.S. and Western Europe before being shipped to local markets.\nWe believe management's reluctance to move manufacturing into local markets may stem from fear of IP theft. While this may have been a valid concern a decade ago, many of the patents on GCP's iconic products have expired, and knock-off products from competitors are already on the market today (e.g. PREPRUFE).",
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      "text": "Review product demand potential by region, and consider adding production lines to existing local production facilities for products with high local demand potential.",
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      "text": "Lack of regional manufacturing increases product cost and forces the Company to choose between reducing profit margins or reducing price competitiveness relative to peers.\nManufacturing in U.S. and Western Europe increases ordering lead times in key markets (e.g. SE Asia and Australia) – order to delivery may take nine weeks; reduces ability to react quickly to customer demands.\nLong lead times also conflicts with the Company's just-in-time manufacturing practices, as the sales organization struggles between accidentally over-ordering and needing to hold inventory, or maintaining low inventory levels but forgoing unanticipated customer orders due to long delivery times.",
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      "text": "We believe most of SBM's products are manufactured in the U.S. and Western Europe before being shipped to local markets, resulting in higher labor and shipping costs.",
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      "kind": "source-note",
      "text": "Source: GCP's website, Starboard analysis, analysis from leading consulting firm engaged in the evaluation of GCP's operations and performance, and interviews with industry experts.",
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      "text": "We Believe There Is an Opportunity to Improve Supply Chain Efficiency in SBM",
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