{
  "docId": "019dd923-622b-71dc-a6db-615d7f9553a7",
  "docSlug": "90d63e982928",
  "documentTitle": "PPG Industries, Inc. (PPG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 36,
  "pageCount": 42,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "before_after",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "This slide uses a 'before-after' narrative structure to credit activist intervention for operational improvements.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-615d7f9553a7/36",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7#slide-36",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Once DuPont replaced management and started to execute on Trian’s operating initiatives, including eliminating the matrix structure, standalone DuPont improved organic growth by ~400bps and eliminated ~$1.7bn of costs pre-merger",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8556-51c18707d801",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "disclaimer",
      "text": "Sources: Bloomberg, DuPont press releases and transcripts. DuPont SEC filings. Note: This case study is an example of a discrete investment...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "811648fa-a4da-45ff-8e74-582018cb72cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.1,
        "x": 0.85,
        "y": 0.02
      },
      "kind": "image",
      "text": "DuPont Logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16732226-bd40-4955-a6f7-000b94227717",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.13,
        "y": 0.22
      },
      "kind": "image",
      "text": "Kevlar, Pioneer, Tyvek logos",
      "attrs": null,
      "subkind": "logo-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b95a958-3268-4fe2-83b5-70a6061f0371",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.81
      },
      "kind": "list",
      "text": "$4.3bn of planned synergies to the benefit all shareholders, over and above the standalone improvements pre-merger",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03f15735-3ac5-4b98-a824-c85dcca9c22c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "list",
      "text": "DowDuPont’s Plans to Separate (M&A): In November 2015, Trian signed confidentiality agreements with both DuPont and Dow after being asked to assist in the negotiation and structuring of a $130bn merge-and-spin transaction",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bd6e07c-dc62-43ff-99ef-321198cf9f66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "list",
      "text": "DowDuPont currently plans to separate into three more focused, world-class companies in Agriculture, Specialty Products and Materials Science",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4195ec55-3f90-4f86-965f-f9d73d452dbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "list",
      "text": "Poor results under former management: Despite owning iconic industrial businesses and leading market share positions, DuPont underperformed peers and struggled to meet earnings promises",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4fa549a-cf4b-4628-929b-41fbc2273a29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.52
      },
      "kind": "list",
      "text": "Once DuPont replaced management and started to execute on Trian’s operating initiatives, including eliminating the matrix structure, standalone DuPont improved organic growth by ~400bps and eliminated ~$1.7bn of costs pre-merger",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0f67b5b-27a5-4fca-9e4c-b62ca3e92898",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "list",
      "text": "On 3/15/13, the day before Trian first invested in DuPont, the stock price was ~40% below its prior high from 15 years earlier",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b39a59a6-9ee6-4014-9e7f-4efb3f5ac0c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.42
      },
      "kind": "list",
      "text": "New management led to better operating performance (growth and margin): In 2015, after the company missed earnings targets for a fourth consecutive year, DuPont replaced the CEO/Chair with Ed Breen",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eee2429f-d7eb-4658-9deb-4a39da51e4fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "organic growth: ~400bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8556-558ba536d8e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "DuPont: New Management and Separation Plans Led to Better Operating Performance (Growth/Margins)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ebd5f6a0-6a0c-4283-ad43-5ce47722f9e4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "8986a513-c482-4e14-b8a6-cd5d33501917",
      "evidence": "Contrasts 'Poor results under former management' with 'New management led to better operating performance'",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 42,
      "from": 36,
      "beatId": "5d25649f-4ec5-46dc-9f5f-40631c82f4b5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document outlines the potential impact of the proposed solution and next steps for implementation.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 42,
      "from": 36,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "0598704e-dc17-4fb8-8c24-15d50d4402a5",
      "evidence": "The document outlines the potential impact of the proposed solution and next steps for implementation.",
      "position": 4,
      "objective": "What are the next steps for implementation and potential impact?",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}