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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": "2015-04-21 00:00:00",
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      "kind": "callout",
      "text": "This is Despite Performance Materials Over-Earnings As a Result of Record-High Ethylene Spreads",
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      "kind": "callout",
      "text": "Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps",
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      "text": "Sales Growth Has Been Non-Existent (07-14) ($bns)",
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      "text": "Ethylene Spread Profit Over Time (07-14) ($m)",
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      "text": "The Performance Materials, Safety and Protection and Electronics and Communications segments have historically been low growth and volatile. Margins have deteriorated despite the significant increase in ethylene spreads",
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      "text": "Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps",
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      "kind": "source-note",
      "text": "Source: SEC Filings, Investor Presentations, Trian Estimates. PTOI before non-operating pension expense.",
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      "kind": "title",
      "text": "Disparate Businesses And Overwhelming Complexity: New DuPont(1) Remains A Conglomerate With 44% Of Sales In Low Growth Businesses",
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