Trian takes aim at paint maker PPG

Trian Fund Management, the hedge fund led by activist investor Nelson Peltz, is attempting a shake-up at paint maker PPG Industries. Trian owns about 2.9%, nearly $700 million worth, of PPG’s outstanding shares. Trian says PPG’s growth has stalled and that its returns lag those of other paint makers. Moreover, it notes that PPG’s attempt to take over Dutch rival AkzoNobel was ill advised. Trian wants to bring back Charles E. Bunch, who led PPG for a decade until Michael H. McGarry took over in 2015. Trian says PPG should split into two companies, one focused on architectural paints and the other on industrial coatings. Trian made similar criticisms of DuPont before it merged with Dow Chemical.