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  "documentTitle": "PPG Industries, Inc. (PPG)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-11 00:00:00",
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  "notes": "The slide uses a rhetorical question as an action title to frame the lack of disclosure as a potential governance or operational failure.",
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      "kind": "callout",
      "text": "2017 metric is estimated. PPG stopped disclosing this metric in its 2016 annual report.",
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      "kind": "callout",
      "text": "Why did PPG stop disclosing the number of company operated paint stores in 2016? Is there a more structural issue with its store network that management is not disclosing to its investors?",
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      "text": "PPG Paints Stores – North America",
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      "text": "We question why PPG has slowed down store growth in recent years. Is it because management is concerned about meeting Wall Street’s estimates and cannot endure some near term earnings dilution to make the right long term investments?\nAccording to PPG’s recent 10-Q / 10-K filings, comparable sales at the Company’s paint stores have been growing mid-to-high single digits, implying that store-level profits should be improving\nUnder the current portfolio structure, PPG’s paint store business has to compete for capital with at least 11 other underlying businesses that serve well capitalized and demanding customers (e.g. OEMs in autos, aerospace)(1)",
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      "text": "number of paint stores: 925",
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      "text": "Source: Company SEC filings, Investor presentations. (1) According to the most recent proxy filing (2018), PPG’s compensation committee measures the performance of 12 “defined” businesses. (2) Estimate based on a chart in PPG’s March 2018 investor presentation.",
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      "text": "Why did PPG stop disclosing the number of company operated paint stores in 2016? Is there a more structural issue with its store network that management is not disclosing to its investors?",
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      "kind": "title",
      "text": "But The Company Has Pulled Back on Organic Growth Investments",
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