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How to Triangulate Success With M&A
M&A is often said as it's not valuable to the buyer. But 70% of M&A is done on large deals, he says. If you have a regular M&A program, so you do one deal a year, no deal is bigger than 30%, but on average, you buy 6% of your revenue or 6%. You're changing the odds of your success. On CapEx expansion, that's really only for CapEx intensive industries with high growth. The story is basically if you don't build the factory before the demand is there, you're going to be behind the demand when theDemand is there. So then you take productivity and differentiation, productivity being all