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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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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-02-17 00:00:00",
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  "pageNumber": 70,
  "pageCount": 95,
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  "notes": "Uses a 'before-after' logic to expose hidden corporate costs.",
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      "kind": "callout",
      "text": "DuPont transferred >$5bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin. We estimate that consolidated DuPont is burdened by $2-$4 bn of excess corporate costs",
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      "kind": "callout",
      "text": "DuPont transferred >$5bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin",
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      "kind": "chart",
      "text": "Three sets of bar charts comparing EBITDA performance under DuPont vs. Axalta ownership.",
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      "kind": "list",
      "text": "In 2012, DuPont announced the sale of Coatings to private equity buyers. At the time, Coatings generated $339m of EBITDA. Today, that same business, renamed Axalta, generates $852m of EBITDA, an improvement of >150%. In 2014, the new owners filed a Form S-1 to take Axalta public. The S-1 disclosed that Pro Forma EBITDA in 2011 was $568m, $229m higher than originally reported by DuPont in the same year – this implies that DuPont burdened the Coatings segment with $229m of excess corporate costs",
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      "text": "EBITDA: $229m",
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      "kind": "source-note",
      "text": "Source: DuPont and Axalta SEC Filings. (1)-(5) footnotes.",
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      "kind": "title",
      "text": "Excess Corporate Costs: The Coatings Case Study",
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      "evidence": "The presentation outlines the potential impact of Trian's initiatives and the next steps for DuPont.",
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