Diversey divested;
decline diversion?
Ingram owner Platinum's
chemicals maker acquired
Diversey, the $2.8Bn in sales, international hygiene & infection protection provider just reported delayed and disappointing results for Q4'22. Meanwhile, it changed ownership again, from Bain Capital to public, now back to privately owned via Platinum Equity chemicals making subsidiary. Updated
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16 Mar 23
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Updated: 17 Mar 23
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FedEx fails from
faulty leadership
Losing market share. Cuts
costs and customer service
FedEx ceo Raj Subramaniam opaquely reported again on disappointing & inflated Q3'23 results. Huge price hikes boosted sales, but disguised serious market share losses to UPS & Amazon.The 'market cap gap' between similar sized UPS widened to $109Bn. The future is bleak for arrogant, cost cutting 'new boss, same as the old boss'; who blames the (strong) economy, not incompetent execution. Updated
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16 Mar 23
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Updated: 16 Mar 23
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Mighty 3M mired in
mounting mgt mess
Earplug/PFAS legal issues;
& Health Care div. spinoff
distract from core focus
3M's cfo Monish Patolawala spoke with JPMorgan's Steve Tusa at its Industrials Conference yesterday. 3M's market cap is down -30% over past year, reflecting legal issues with defective miltary earplugs and PFAS chemicals. Meanwhile, it's spinning off the Health Care (25% mix) division and struggling with volume decline in its main businesses. Analysis here...
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14 Mar 23
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Updated: 15 Mar 23
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Depot buys back
Vora stake. Why?
Multi-distractions divert
from core incompetence
On 28 Dec'22 activist VC HG Vora Capital took a 12% stake in ODP Corp aka Office Depot plus a board seat. Now as part of its $1Bn buyback plan ODP bought shares at a similar price cutting Vora's stake to 8%. What's going on? Is sinking ship Capt Gerry Smith shifting deck chairs to distract from its core incompetence?
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14 Mar 23
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Updated: 15 Mar 23
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Westrock: doing
good, doing well
African bean farms move
from poverty->productivity
Westrock Coffee, the leading custom/private label coffee and tea provider to US restaurants, reported Q4'22 results. We talked with CEO Scott Ford about progress and plans for the "poverty to productivity" purpose driven beans importer from Rwanda through roasting and distribution processes
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