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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "Uses analyst quotes to frame the problem of geographic overextension.",
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      "text": "We would review the Company’s investment strategy given the large focus in its lower return business.",
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      "text": "SCC Capital Expenditures Have Doubled",
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      "text": "Capital Expenditures: +105%",
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      "text": "In light of GCP’s declining margins and capitulating market exits, we are concerned that the Company may be overextending its reach in select competitive markets and underinvesting in differentiated SBM categories.",
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      "kind": "quote",
      "text": "The concrete admixtures and cement additives businesses each have fragmented competitive industry structures in the emerging markets... The competition comes mainly from smaller local and regional competitors.",
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      "text": "SCC participates in ~75-80 geographic markets globally where ~40-50 markets have commoditized to some degree or where large competitors that are vertically integrated have better scale to offset inflation caused by FX or raw.",
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      "text": "We look for geographic expansion in the admixture Ready Mix business and then we're trying to sell additional high value products through that distribution...It's a large fragmented market and where you have to have the density or the geography level in order to service the customers, right. It's a high cost to serve model with dispensing tanks, technical service organization, dispenser technicians, all of those things complete.",
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      "text": "“We look for geographic expansion in the admixture Ready Mix business and then we're trying to sell additional high value products through that distribution...It's a large fragmented market and where you have to have the density or the geography level in order to service the customers, right. It's a high cost to serve model with dispensing tanks, technical service organization, dispenser technicians, all of those things complete.” — Greg Poling, Former CEO, May 2016",
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      "text": "Source: Wall Street Research.",
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      "text": "We Believe GCP Would Benefit from a Review of Its Investment Strategy",
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