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  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 29,
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  "slideType": "competitive_analysis",
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  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide highlights a strategic gap between PPG and its primary competitor, Sherwin-Williams.",
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      "kind": "callout",
      "text": "SHW is targeting ~40% growth in store footprint longer term",
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      "text": "North American Stores by Competitor",
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      "text": "Sherwin Williams Store Growth (2013-2017)",
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      "text": "PPG’s direct competitor, Sherwin-Williams, has been aggressively investing in its paint store network for years\nSherwin-Williams has been adding 100-125 net stores annually, driving ~2-3% unit growth, while PPG has barely added any stores over the last 2 years\nPPG has not articulated a paint store strategy to the investment community",
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      "kind": "source-note",
      "text": "Source: SEC filings, Investor presentation.",
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      "kind": "title",
      "text": "Investing in the Paint Stores Network Seems to Be a Significant Long-Term Opportunity",
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