{
  "docId": "019dd923-622c-750b-8b95-a00c0b305dce",
  "docSlug": "43e7ee2e62f9",
  "documentTitle": "Avantor, Inc. (AVTR)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-08-11 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 8,
  "pageCount": 12,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 7,
  "notes": "Includes a comparative table of YTD Organic Growth vs. peers.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-a00c0b305dce/8",
  "deckHref": "/decks/019dd923-622c-750b-8b95-a00c0b305dce",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-a00c0b305dce.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-a00c0b305dce#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "More generally, Avantor has meaningfully trailed competitors' organic growth figures this year, as the table below highlights.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0390-727f-bb90-09779368b195",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "YTD Organic Growth: 0.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0390-727f-bb90-0d8a42450941",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.78,
        "x": 0.11,
        "y": 0.265
      },
      "kind": "paragraph",
      "text": "New leadership needs to raise the bar in terms of commercial and operational discipline and change the culture from one of complacency to one of excellence...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09f6567e-f584-45fb-bd23-b3a35b46e885",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Given the widespread nature of the issues plaguing Avantor today, we believe the Board must prioritize the following initiatives to optimize the business and realize the Company's full potential if it is to remain a standalone entity.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e02857c0-75b8-4693-8601-ada2dda8ba5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.845
      },
      "kind": "paragraph",
      "text": "The Board has neglected the Company's cost structure and allowed it to become bloated. Based on our discussions with former employees, there is substantial cost-cutting potential within the organization, but",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4241237-5677-40c6-8148-2207ac46b7bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.11,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "11 We suspect that revenue per SKU at LSS is even lower than for Avantor as a whole.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0db1b348-595b-4530-8748-029c587aa132",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.52,
        "x": 0.24,
        "y": 0.65
      },
      "kind": "table",
      "text": "Peer comparison table showing YTD Organic Growth for Merck, Repligen, Danaher, Sartorius, Bio-Techne, Bio-Rad, and Avantor.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85ad9bf9-5b23-43ec-96aa-a55d39451ecb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.22,
        "x": 0.11,
        "y": 0.235
      },
      "kind": "title",
      "text": "1. Strengthen Execution",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e2bc8f8-98d1-4684-9211-5172d5e5a377",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.11,
        "y": 0.815
      },
      "kind": "title",
      "text": "2. Instill a Culture of Cost Discipline",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ceeaeed-d2e7-41e1-86c2-f217731862ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.48,
        "x": 0.26,
        "y": 0.138
      },
      "kind": "title",
      "text": "Several Opportunities Exist for the Board to Improve Avantor",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6c395db-ecf4-4dc2-8871-dfdb0b6a177a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 10,
      "from": 8,
      "beatId": "db19e385-f2d3-489e-9638-05144c91e8b2",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Propose solutions to improve Avantor's governance",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}