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      "text": "If we exclude $55 million of synergies, Firth Rixson earned only ~$80 mm of EBITDA",
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      "text": "In June 2014, Alcoa acquired Firth Rixson for ~$3 billion. For FY 2016, Firth Rixson generated $136 million EBITDA, or 22x less than the acquisition price. Dr. Kleinfeld never visited Firth Rixson prior to the acquisition",
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