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  "documentTitle": "Solventum Corporation (SOLV)",
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  "notes": "Uses case studies of GE and DuPont/Axalta to argue for corporate spin-offs.",
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      "text": "The carved out entity reported EBITDA that was $229 million higher than what was reported in the same year inside DuPont, meaning 500bps of costs were allocated to Axalta and stayed at DuPont",
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      "text": "R&D Investment and Adj. EBIT Margin for GE HealthCare",
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      "text": "GE's Spin of GE HealthCare and DuPont's Sale of Coatings",
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      "text": "So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate.",
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      "text": "\"So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate. And furthermore, we really get to optimize things for us specifically versus a broader organization. And so part of the reason we're going to be able to expand margin are some of the benefits of becoming a stand-alone company.\" — GE HealthCare (January 9, 2024)",
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      "text": "Source: Company filings, equity research, Trian analysis.",
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      "text": "Companies With Smaller Corporate Allocations Have Seen Meaningful Benefits",
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