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  "docSlug": "96abbaf09d0b",
  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-21 00:00:00",
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  "pageNumber": 24,
  "pageCount": 87,
  "prevPage": 23,
  "nextPage": 25,
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  "density": "dense",
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  "notes": "Uses a series of bar charts to show EBITDA growth and discrepancies in reporting between DuPont and Axalta's S-1 filing.",
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      "kind": "callout",
      "text": "DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than a tax-free spin. We estimate that consolidated DuPont is burdened by $2-$4bn of excess corporate costs.",
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      "kind": "callout",
      "text": "DuPont transferred >$6bn of shareholder wealth to private equity owners by not running Coatings efficiently and selling the business for cash rather than doing a tax-free spin",
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      "kind": "chart",
      "text": "EBITDA comparison charts showing growth from 2007 to 2014 and the 2011 reporting discrepancy.",
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      "kind": "list",
      "text": "In 2012, DuPont announced the sale of Coatings to private equity buyers. At the time, Coatings generated $339m of EBITDA. Today, that same business, renamed Axalta, generates $851m of EBITDA, an improvement of >150%. In 2014, the new owners filed a Form S-1 to take Axalta public. The S-1 disclosed that Pro Forma EBITDA in 2011 was $568m, $229m higher than originally reported by DuPont in the same year – this implies that DuPont burdened the Coatings segment with $229m of excess corporate costs.",
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      "text": "EBITDA: $851m",
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      "kind": "source-note",
      "text": "Source: DuPont and Axalta SEC Filings. (1)-(5) Footnotes detailing EBITDA adjustments.",
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      "kind": "title",
      "text": "Excess Corporate Costs: The Coatings / Axalta Case Study",
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