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  "docSlug": "41c1c7e3c345c2432b58f19478122ec0",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 33,
  "pageCount": 42,
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  "slideType": "comparison_table",
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  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide argues for a breakup or strategic separation by highlighting the lack of integration benefits.",
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  "slideHref": "/slides/019de06f-be08-7198-94a5-5ede1399a50f/33",
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      "kind": "callout",
      "text": "While PPG has built one of the largest coatings companies in the world, in part through M&A, the current portfolio is comprised of at least 12 underlying businesses with disparate market dynamics. We believe there are virtually no synergies between Architectural and Industrial coatings",
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      "kind": "table",
      "text": "Synergy Type, Level of Synergies, Commentary. Engineering/R&D, Minimal, Limited technology overlap. Procurement, Some, No material impact. Distribution, None, No shared distribution. Customers, None, Distinct channels. Marketing, None, Distinct brands. Admin, Some, Leverage overhead.",
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      "kind": "title",
      "text": "We Believe That Limited Operating Synergies Exist Between Architectural and Industrial Coatings Businesses",
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      "evidence": "Slides 29-42 present Trian's recommendations, including separation, improved capital efficiency, and enhanced corporate governance.",
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      "name": "Before After",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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