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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "This slide serves as a historical case study of Trian's activist strategy, specifically highlighting the 'breakup' or 'spinoff' thesis.",
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      "text": "We believe the spin-off, which is the result of an in-depth review of strategic alternatives by our Board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses.",
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      "text": "Source: Company SEC filings, investor presentations... Disclaimer: This case study is an example of a discrete investment...",
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      "text": "Ingersoll Rand and Allegion logos",
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      "text": "Ingersoll-Rand management had struggled to run a multi-industry conglomerate: Rescinded guidance, lower margins, subpar ROIC. Trian met with management in 2012. Nelson Peltz joined the Board. Recommended separation into 3 businesses, settled on 2. Spun off Allegion.",
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      "text": "We believe the spin-off, which is the result of an in-depth review of strategic alternatives by our Board and management, will allow both companies to enhance value by allocating capital and deploying resources in a more focused way, while preserving and increasing synergies within their businesses. At the same time, it will position the new security company to build scale and make the necessary investments for the future. — Michael W. Lamach, IR Chairman & CEO, Dec. 10, 2012",
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      "kind": "title",
      "text": "Benefits Of Focus: Improve Performance Vs. Peers",
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