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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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      "text": "Trian recommends that the Board take the following actions*: Strengthen management by immediately bringing back Chuck Bunch as Chairman/CEO",
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      "text": "* Neither Trian Partners nor any of its affiliates has any intention, either alone or as part of a group, to directly or indirectly seek to acquire “control” of the Issuer or to otherwise put the Company “in play” through any means. For purposes of the foregoing sentence, “control” shall mean the power, whether or not exercised, to direct or cause the direction of the management and policies of the entity through the ownership of voting shares, by contract or otherwise.\n(1) Based on share price as of October 9, 2018 (the last trading day prior to the date on which Trian disclosed its investment in the Company). Pricing information sourced from Bloomberg.\n(2) See page 31 for additional information.\n(3) “Peers” represents median TSR of Akzo Nobel, Axalta, Masco, RPM International, and Sherwin-Williams from September 1, 2015 through October 9, 2018.",
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      "text": "PPG is the global #2 manufacturer of paints and coatings with a diversified portfolio of products across consumer and industrial end markets",
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      "text": "Underperformance under current leadership\nWeak total shareholder return (“TSR”); ~3,500 bps below peers(3)\nWorst-in-class organic revenue and earnings per share (“EPS”) growth\nQ3 2018 earnings pre-announcement marks the third year in a row that PPG has issued a profit warning\nAccounting issues announced April 2018\nHigh profile business losses, including Lowe’s\nHostile attempt to acquire Akzo Nobel",
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      "text": "Valued at a discount to intrinsic value(1)\nCurrently near a 52-week low\nSum-of-the-parts value suggests up to 40% upside to current price(2)\n~2% dividend yield, ~6.5% free cash flow (“FCF”) yield",
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      "text": "Trian recommends that the Board take the following actions*:\nStrengthen management by immediately bringing back Chuck Bunch as Chairman/CEO\nImprove capital structure efficiency: PPG presently ~1.7x levered vs. ~4x at two closest peers\nCommence a strategic review of the portfolio (consider a separation into two publicly-traded companies)\nEnhance ESG profile: Bring corporate governance standards in line with other S&P 500 companies; better align pay and performance",
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      "text": "total shareholder return: 3,500 bps",
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