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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2015-04-17 00:00:00",
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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 recent 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": "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. (1) (2) (3) footnotes.",
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      "kind": "title",
      "text": "Coatings: The Operational Improvements After The Transaction",
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