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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
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  "authorName": "Nelson Peltz",
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  "notes": "The slide uses a numbered list to detail six specific areas of operational improvement, supported by footnotes referencing SEC filings and research reports.",
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      "text": "Expanded EBITDA margins: From 8% in 2011 to 20% in 2014",
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      "text": "1. Strengthened senior management: Replaced 12 of top 17 executives, including CEO and CFO\n2. Created a results-driven culture, focused on profitable growth: Replaced 69 of top 140 managers\n3. Accelerated organic net sales growth\n4. Expanded EBITDA margins: From 8% in 2011 to 20% in 2014\n5. Invested in European manufacturing to reposition the region for growth (expects $100m of incremental EBITDA in 2017)\n6. Generated nearly $200m of working capital funds immediately by creating third party credit terms and improving inventory position",
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      "text": "According to the August 2014 Axalta S-1 filing and research reports, the private equity firms that acquired DuPont's Coatings business made the following strategic and operational improvements:",
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      "text": "(1) Compares 2011 EBITDA margin reported by DuPont and 2014 EBITDA reported by Axalta. (2) Compares 2011 EBITDA reported by DuPont, adjusted for allocated corporate, pension, and non-cash items to 2011 EBITDA reported by Axalta with certain adjustments for non-cash items and pension expense to make comparable with DuPont. (3) According to Axalta cash flow statement in the S-1, the “changes in operating assets and liabilities” provided a source of cash of $199.2m in 2013.",
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      "text": "Source: Axalta Form S-1 filed on 8/20/14, Trian estimates SEC Filings, Robert W Baird report 1/12/14, Bank of America report 12/22/14, Citi report 12/22/14.",
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      "text": "Coatings: The Operational Improvements After The Transaction",
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