Trian Partners Activist Presentation Deck
Investing in the Paint Stores Network Seems to Be a Significant
Long-Term Opportunity
▪ PPG's direct competitor, Sherwin-Williams, has been aggressively investing in
its paint store network for years
▪ Sherwin-Williams has been adding 100-125 net stores annually, driving ~2-3%
unit growth, while PPG has barely added any stores over the last 2 years
PPG has not articulated a paint store strategy to the investment community
■
3,908
2013
Sherwin Williams Store Growth
CAGR: 2.2%
4,003
2014
Source: SEC filings, Investor presentation.
4,086
2015
4,180
2016
4,267
2017
925
North American Stores
SHW is targeting ~40%
growth in store footprint
longer term
2,152 2,162
PPG LOWE'S
DEPOT
THE
HOME
4,265 4,267
ACE
Hardware
SHERWIN
WILLIAMS.
~6,000
VALE
SHERWIN
WILLIAMS.
Target
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