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  "documentTitle": "Solventum Corporation (SOLV)",
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  "authorName": "Trian Fund Management",
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  "presentationDate": "2025-01-08 00:00:00",
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  "notes": "The slide uses a bar chart to compare historical Solventum allocations against peer benchmarks, arguing that Solventum was over-allocated costs by 3M.",
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      "text": "Solventum's corporate cost allocations were much larger than what either Covidien or GE HealthCare were allocated inside of their former parent companies",
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      "text": "Solventum's corporate cost allocations were much larger than what either Covidien or GE HealthCare were allocated inside of their former parent companies. In fact, Solventum's corporate cost allocations increased over time. In conjunction with Solventum's separation, 3M launched its biggest restructuring effort ever.",
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      "text": "We believe that these allocated costs offer a significant opportunity for Solventum to right size its overhead structure as an independent entity, realize savings and reinvest those savings in driving faster organic growth",
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      "text": "Inside of 3M, Solventum had a large corporate cost allocation (approximately 1,000 basis points) – the vast majority of which was SG&A-related (approximately 800 basis points)",
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      "text": "Source: Company filings, equity research, Trian analysis.",
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      "text": "3M Cost Allocations Offer a Significant Savings and Reinvestment Opportunity",
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