Portfolio

PPG Industries, Inc. (2018 – 2019)

PPG is a global manufacturer of paints and coatings with a diversified portfolio of products across consumer and industrial end markets. Coatings is one of the most attractive sub-segments within chemicals on account of its significant addressable market, rapidly consolidating industry landscape, resilient margins and highly value-add product lines.

In early October 2018, Trian announced its investment in PPG and issued its White Paper. Trian invested in PPG because we believed PPG had not fulfilled its potential to be a best-in-class coatings company under current management.

On May 21, 2019, PPG announced the results of its strategic review of the business portfolio. Despite our view that separating the architectural coatings business could create shareholder value, PPG decided to keep its portfolio together. PPG also announced an incremental 3-year, $125 million cost reduction program.

Trian exited its investment in PPG in 2019.

Sector:  Industrial

Company Website:  http://corporate.ppg.com/