{
  "docId": "019de06f-be08-7198-94a5-5ede1399a50f",
  "docSlug": "41c1c7e3c345c2432b58f19478122ec0",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 35,
  "pageCount": 42,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a table to quantify potential cost synergies, supporting the argument for corporate separation.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-be08-7198-94a5-5ede1399a50f/35",
  "deckHref": "/decks/019de06f-be08-7198-94a5-5ede1399a50f",
  "deckJsonHref": "/decks/019de06f-be08-7198-94a5-5ede1399a50f.json",
  "deckAnchorHref": "/decks/019de06f-be08-7198-94a5-5ede1399a50f#slide-35",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.88,
        "x": 0.08,
        "y": 0.14
      },
      "kind": "list",
      "text": "Coatings multiples will likely continue to be supported by strategic optionality\nConsolidation in coatings has been driven by economies of scale on raw material purchasing, manufacturing, distribution, sales and R&D\nThe coatings supply chain has also been consolidating – both upstream suppliers and large customers (i.e., retail, industrial, automotive)\nBy separating into two smaller companies, we believe PPG could participate more easily in prudent M&A (more organizational capacity to do strategic acquisitions)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "179019f0-bb11-457e-9a53-94f0f8ffa669",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Diligence calls, Deutsche Bank research.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "476358db-9b0a-4265-bef3-5a398daf4bca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.66,
        "x": 0.17,
        "y": 0.375
      },
      "kind": "table",
      "text": "Cost Synergies in a Typical Coatings Deal\nLine Item\nSynergy Amount\nRaw Materials Purchasing\n0.5%-2.5% of sales\nPlant Rationalization\n$1-$5 million / plant\nHeadquarters Cost\n0.5% of sales\nSales Force Consolidation\n1%-5% of sales\nDistribution\n0.5%-1.5% of sales\nTotal Cost Synergies\n3%-10%+ of sales",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "280bd16c-1c0c-4403-a3a8-a94ba0bd2f01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.05
      },
      "kind": "title",
      "text": "How Separating into Two Smaller Companies Could Lead to Further Shareholder Value Enhancement",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2cf2510a-5b8e-43ae-bbe8-eb03027a08f6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 42,
      "from": 29,
      "beatId": "61475773-000d-4a50-bf38-09e4bf4214f1",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Slides 29-42 present Trian's recommendations, including separation, improved capital efficiency, and enhanced corporate governance.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 36,
      "from": 19,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "fde251e5-56f7-4dee-98cf-d760bb58ff31",
      "evidence": "The document presents before-and-after comparisons, highlighting the potential benefits of Trian's recommendations, including improved performance and increased shareholder value.",
      "position": 1,
      "objective": "Show the potential for improvement through Trian's recommendations.",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}