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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a 'before-after' comparison of 10-K facility lists to demonstrate that the divested assets are identical to the acquired Aspen Surgical assets.",
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      "kind": "callout",
      "text": "Recently-Divested Manufacturing Sites Represent All Of Aspen’s Manufacturing Facilities",
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      "text": "Do either the consumables acquisitions or subsequent exits really represent “progress” if the acquisitions are destroyed, and if the exits simply bring Hill-Rom back to square one (at a loss)?",
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      "text": "Surgical Consumable Products Divestiture Press Release details.",
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      "text": "On Jul 10, 2019, management announced its divestiture of “certain surgical consumable products and related assets” responsible for pro-forma annual sales of $100M. This divestiture has much better surface-level optics than Hill-Rom’s other recent exits...",
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      "text": "Aspen Surgical Website: Confirms Facilities And Employee Count",
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      "text": "The sale of these surgical products will strengthen our ability to focus our resources across our portfolio... This transaction underscores our strategic focus on high-growth, high-margin categories where Hillrom can demonstrate leadership and supports our commitment to deliver on our promise of Advancing Connected Care. — John P. Groetelaars, Hillrom President and CEO",
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      "text": "Sweeping Failed Aspen Surgical Acquisition Under the Rug?",
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