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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
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  "authorName": "William Ackman",
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      "text": "CEO Seifi Ghasemi’s first year marked the beginning of a successful transformation of Air Products",
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      "text": "2015 was a year of substantial progress: Successfully restructured Air Products, creating a decentralized organization with greater accountability; Took action to reduce corporate overhead costs by $300mm run-rate ($170mm realized in FY 2015); Operating margins improved 310 bps to 19%; Significant capex brought on-stream and producing; FY 2015 EPS of $6.57 up 14%, despite 7% foreign exchange headwind; Exceeded the high-end of initial guidance despite unforeseen macroeconomic and foreign exchange headwinds; Announced significant high-quality project wins, which will fuel growth; Announced spin-off of non-core materials technology business, Versum Materials, on or before September 2016",
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