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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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  "notes": "Uses a before-after-framing style to contrast R&D spend (parity) with organic growth (underperformance).",
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      "kind": "callout",
      "text": "... But dramatically UNDERPERFORMS its Direct Peers on using its R&D to drive organic growth.",
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      "kind": "disclaimer",
      "text": "Source: GCP's and Direct Peers' public filings. (1) Direct Peers include Sika, SGO, and CSL... (2) GCP's organic growth excludes Venezuela and Darex...",
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      "text": "Organic Growth: 1.0%",
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      "text": "GCP's current R&D strategy should be reevaluated in light of the Company's extremely poor organic growth.",
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      "text": "We Believe There is an Opportunity to Improve Research & Development Productivity",
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