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  "docSlug": "41c1c7e3c345c2432b58f19478122ec0",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 23,
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  "notes": "The slide uses a comparison framework to justify a corporate breakup (breakup-spinoff).",
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      "kind": "disclaimer",
      "text": "Source: Wall Street research and Trian estimates. Financial estimates for the year ended December 2017. Note: We would assume that the architectural business would be spun-off from the industrial business and that based on our experience, a significant majority of the existing PPG board would continue as the directors of PPG following a separation.",
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      "text": "We believe that PPG is comprised of high quality businesses that lose their strategic value when operated as part of one company. Separating into a “Global Architectural” company and “Industrial” company could enable PPG to unlock value by creating leading, pure play businesses. A separation also increases the probability of optimizing the US architectural coatings business, which has underperformed peers in recent years",
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      "kind": "table",
      "text": "Global Architectural Coatings Co. vs Industrial Coatings Co. comparison of financial and operational metrics.",
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      "kind": "title",
      "text": "3. Commence Strategic Portfolio Review: PPG Should Consider Separating into an Architectural Coatings Company and an Industrial Coatings Company",
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