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  "documentTitle": "General Electric (GE)",
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      "text": "Material savings (better sourcing, engineering, supply chain)\nFactory productivity (multi-modal factories)\nServices and other (field services productivity, reducing downtime, leverage overhead)",
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      "text": "gross margin: 23.7%",
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      "text": "GE Industrial's gross margins have declined over the past few years and are ~260 bps below historical averages(1)",
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      "text": "With operating margins on equipment sales of only ~2% net of corporate expense, we believe both GE and Trian are aligned in the view that there are a number of opportunities to enhance gross margins(2):",
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      "text": "Source: Company SEC filings, Technology Investor Day held March 11, 2015.. Note: Gross margins are calculated based on the sales and costs of goods and services as reported in GE's consolidated financial statements and may differ from management's presentation of gross margins. (1) 2014 GE Industrial gross margins (23.7%) are ~260 bps below GE Industrial's average gross margins from 2006-2014. Equipment margins net of corporate expense. (2) Reflects equipment operating profit margins net of corporate expense (i.e. 4.6% equipment operating profit margins less 2.2% adjusted corporate as a % of sales).",
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