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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-10-29 00:00:00",
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  "notes": "Uses press release excerpts to highlight the pattern of 'Five Years Later' failure.",
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      "text": "Five Years Later: Volker impaired. Assets sold for nominal fee after annual sales declined by >50%.",
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      "text": "Five Years Later: L. & G. Arnold assets impaired. Brand no longer appears on subsidiary list. Manufacturing sites removed from properties.",
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      "text": "Over ~25 years, Hill-Rom managed to destroy Germany's top two premier hospital bed brands, failing to learn from previous missteps.",
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      "text": "In FY12, Hill-Rom acquired German hospital bed manufacturer Volker... In FY17, management sold the business for effectively nothing... Hill-Rom's failure with Volker was almost a carbon copy of its failed acquisition of L. & C. Arnold 20 years earlier.",
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      "text": "Press release excerpts for L. & C. Arnold (1994) and Volker (2012/2017)",
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      "kind": "title",
      "text": "Killing Quality Brands With Failed Post-M&A Integration",
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