{
  "docId": "019dd923-622b-71dc-a6db-81a8a09bae5a",
  "docSlug": "1bbbc8a9f010",
  "documentTitle": "Solventum Corporation (SOLV)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Fund Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-08 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 25,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "before_after",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The chart includes a table summarizing average organic growth over various time horizons (3, 5, 10, 20 years).",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/11",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "3M Health Care had grown organically every single year for more than 20 years, even through recessions.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98c2-b83871a7b41b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Organic Sales Growth: 3M Health Care vs. 3M RemainCo",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a561b14-c1a1-4715-8c50-62982d640593",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Organic Sales Growth",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98c2-bccec28277ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "3M Health Care had grown organically every single year for more than 20 years, even through recessions. The business had consistently grown at more than 2x the rate of the rest of 3M, and it delivered that growth at substantially higher profit margins than the rest of 3M.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc2f79f7-e071-4c4c-ad69-348bee137820",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings, Trian analysis. Note: Health Care organic growth excludes the pharmaceutical business which was divested in 2006 and 2007.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50a21981-2ba3-4069-a7bd-b181674dbcd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.37,
        "x": 0.13,
        "y": 0.36
      },
      "kind": "table",
      "text": "Average Organic Growth table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6df93c19-b06c-4a7b-b3d8-544ea6ff110f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.68,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Health Care Had Long Been 3M's Best Performing Business",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c29a6f2-aea9-43b4-a765-3a46a6082b4f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "55157075-7560-4ca8-a1d0-ee43b0ab7983",
      "evidence": "Direct comparison of two business units over time",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 6,
      "beatId": "2f40f330-478d-4d06-a818-df5f8ce83974",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 23,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
      "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
      "position": 0,
      "objective": "The cost of inaction is a decline in shareholder value.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 15,
      "from": 11,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "e48883c9-3c60-4e4a-9a45-5c0081624b7c",
      "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
      "position": 1,
      "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}