Trian Partners Activist Presentation Deck
PPG's Organic Revenue Growth Has Underperformed Peers and Missed
Interim Targets
(1) (2)(3)(4) (5)
The Company has also missed its volume growth target for the last 3 years, which is
intended to track closely to GDP (1)
Organic Sales(2) Growth CAGR: 2015a-2017a
5.1%
4.5%
11
ALL
SHERWIN
WILLIAMS.
Source: Company filings, Bloomberg.
2.7%
(3)
MASCO RPM
(4)
Average Real GDP Growth (Global): 3.3%
Peer Average: 2.6%
1.1%
Defined as sales growth excluding the impact of acquisitions, divestitures, and foreign exchange movements.
Decorative Architectural Products division only.
Adjusted to match PPG's December fiscal year end.
Excludes results for Specialty Chemicals division.
PPG
0.6%
A
AXALTA
0.3%
20
AkzoNobel
(5)
According to Goldman Sachs research (2/14/18), PPG targets volumes growth between GDP and Industrial Production. On PPG's Q4 2016 earnings call (1/19/17), management indicated that volumes
should grow at GDP and when PPG is performing well volumes should grow at GDP plus.
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