Trian Partners Activist Presentation Deck
Bunch Transformed PPG's Portfolio
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Bunch transformed PPG into a pure-play coatings company
CY 2017: Sold North American fiber glass business to Nippon Electric Glass
CY 2016: Sold North American flat glass to Vitro SAB de CV; sold its 40% stake in Pittsburgh
Glass Works JV (automotive glass); sold European fiber glass to Nippon Electric Glass
CY 2014: Sold its 51% stake in Transitions Optical JV to Essilor
CY 2012: Divested Commodity Chemicals business via Reverse Morris Trust with Georgia
Gulf
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Sales:
$16
$14
$12
$10
$8
$6
$4
$2
$0
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In addition to significant divestitures, PPG accelerated its growth in coatings through
acquisitions, averaging 7% growth per year in coatings sales over the last decade
Net Sales Mix: 2005 vs. Today
Source: Investor presentations.
$10.5bn
2005
■Coatings ■Optical
Commodity Chemical
$14.8bn
■ Glass
Current
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