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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 visual callouts (dashed boxes) to highlight M&A additions to the portfolio.",
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      "kind": "callout",
      "text": "Halex Acquisition",
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      "text": "Sterling Lloyd Acquisition",
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      "text": "In the last 4 years, GCP has spent over $75 million on R&D but has not launched a single new SBM brand.",
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      "text": "In the last 4 years, GCP has spent over $75 million on R&D but has not launched a single new SBM brand.",
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      "text": "Source: GCP's public filings.",
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      "kind": "title",
      "text": "The Company Has Underinvested in SBM",
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