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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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      "kind": "callout",
      "text": "SBM has not had local manufacturing in Latin America since spin off",
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      "text": "Is poor supply chain management the reason SBM has had nonexistent market share in Latin America?",
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      "text": "Since spin off, the SBM segment has not had any local manufacturing presence in Latin America, leading us to believe that the Company struggles to be price competitive in Latin America due to higher manufacturing and shipping costs relative to competitors with a local presence",
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      "text": "Similar to supply chain inefficiencies with DE NEEF, we believe other similar inefficiencies exist within SBM.",
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      "text": "Source: GCP's public filings and presentations, Starboard analysis, industry research and interviews.",
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      "text": "Excerpt from GCP 2015 10-K Filing",
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      "text": "We believe the Company should initiate a comprehensive supply chain review to root out inefficiencies.",
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      "text": "We Believe There is an Opportunity to Improve Supply Chain Efficiency in SBM (Cont'd.)",
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