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  "documentTitle": "PPG Industries, Inc. (PPG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-11 00:00:00",
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  "notes": "The slide uses a 'breakup-spinoff' logic to justify value creation through M&A capacity and operational synergies.",
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      "text": "By separating into two smaller companies, we believe PPG could participate more easily in prudent M&A (more organizational capacity to do strategic acquisitions)",
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      "text": "Coatings multiples will likely continue to be supported by strategic optionality. Consolidation in coatings has been driven by economies of scale. The coatings supply chain has been consolidating. Separating allows for more prudent M&A.",
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      "text": "Total Cost Synergies: 3%-10%+ of sales",
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      "text": "Source: Diligence calls, Deutsche Bank research.",
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      "text": "Cost Synergies in a Typical Coatings Deal: Raw Materials Purchasing (0.5%-2.5%), Plant Rationalization ($1-$5M), Headquarters Cost (0.5%), Sales Force (1%-5%), Distribution (0.5%-1.5%), Total (3%-10%+)",
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      "kind": "title",
      "text": "How Separating into Two Smaller Companies Could Lead to Further Shareholder Value Enhancement",
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