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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 before-after structure to highlight the deterioration of Solventum's growth relative to peers.",
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      "text": "3M’s MedSurg segment used to deliver leading organic growth. Today, peers and end markets are performing better than in prior periods, yet Solventum’s MedSurg business is performing worse",
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      "text": "2015 – 2021 Organic Growth",
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      "text": "2021 – YTD 2024 Organic Growth",
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      "text": "3M’s MedSurg segment used to deliver leading organic growth. Today, peers and end markets are performing better than in prior periods, yet Solventum’s MedSurg business is performing worse",
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      "text": "We believe Solventum’s leading market position and superior product performance give it an advantage, and organic growth can be re-accelerated through increasing investments in the sales force, innovating into adjacent product categories, and driving adoption through expanding use cases and developing international markets",
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      "text": "organic growth: 1.8%",
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      "text": "Source: Company filings, Trian analysis. Note: The majority of the Company's Wound Care business was acquired for $6.7 billion in 2019 (Acelity). YTD 2024 organic growth is annualized to represent a full year. (1) Wound Care peers include Smith & Nephew's “Advanced Wound Management” segment, ConvaTec's “Advanced Wound” segment and Coloplast's “Wound & Skin” segment. (2) Infection Prevention & Surgical Solutions peers include Becton Dickinson's “Medical” segment, Baxter's “Medical Products & Therapies” segment and Teleflex' “Surgical” segment.",
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      "kind": "title",
      "text": "Overhead Cost Savings Should Be Reinvested to Drive Growth at MedSurg",
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