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  "documentTitle": "Trian Partners | Activist Presentation Deck | 7 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2015-04-01 00:00:00",
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  "notes": "Uses a before-after structure to validate Trian's historical activist thesis.",
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      "text": "Marketing spend increased 74%, more than twice the rate of sales, while deals and allowances declined as a percentage of sales. Positive organic sales growth every quarter; annual revenue growth of +3.8%",
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      "text": "Despite world-class assets and strong cash flow, total shareholder returns at Heinz had underperformed peers. After purchasing a stake, Trian filed a 13D recommending focus on key brands, reducing deals/allowances, and cutting costs.",
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      "text": "Situation Overview (Feb. 2006 – Feb. 2013)",
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      "text": "Excerpts From Trian White Paper: May 23, 2006",
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      "text": "Great brands define markets... Trian believes Heinz should reduce the amount that it currently spends on deals and allowances (20% of gross revenue) and reinvest those funds in creative consumer advertising...",
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      "text": "Source: SEC filings. (1) Cost of goods sold. (2) Selling general and administrative costs. (3) From 2006-2012 as only time frame available for which marketing information is available.",
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      "text": "H.J. Heinz Company",
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