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  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
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  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 41,
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  "nDataPoints": 20,
  "notes": "The slide uses a series of bar charts to demonstrate margin improvement post-separation.",
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  "slideHref": "/slides/019de06f-be08-7198-94a5-5ede1399a50f/41",
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      "kind": "callout",
      "text": "On average, Trian’s portfolio companies have generated ~550bps of aggregate EBIT margin expansion after separation",
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      "text": "Kraft / Mondēlez margin progression",
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      "text": "Ingersoll Rand / Allegion margin progression",
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      "text": "Cadbury / Dr Pepper Snapple margin progression",
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      "kind": "chart",
      "text": "DuPont / Chemours margin progression",
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      "text": "Wendy's / Tim Hortons margin progression",
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      "kind": "source-note",
      "text": "Source: SEC filings. Note: Excluded Pentair / nVent from the analysis due to the lack of full-year post-spin financials (spin was completed April 30, 2018). (1) DuPont 2009 margin excludes the contribution of the Performance Coatings segment which was sold in 2013. (2) Wendy's 2005 margin excludes the contribution from the Developing Brands segment which was moved to discontinued operations after the spin of Tim Hortons.",
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      "kind": "title",
      "text": "Trian Believes That Improved Focus and Accountability Can Lead to Higher Margins",
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