“Shortly after Trian Partners disclosed its investment in PPG, two of PPG’s independent directors traveled to meet with Trian to listen to their perspectives on PPG. During the meeting, PPG established a framework for a constructive and private dialogue, with which Trian agreed, and that framework was discussed in detail with the PPG Board of Directors. We have a long history of listening to our shareholders and we hope that Trian is willing to accept our offer for a continuing, constructive private dialogue.
“At the meeting and in subsequent conversations, PPG’s directors made clear that the Board of Directors unanimously supports Michael McGarry as Chairman and CEO, but that PPG and the Board are open to listening to Trian on other topics. PPG’s Board and management team remain dedicated to creating value for all PPG shareholders.
“The PPG Board of Directors also believes that the company’s strategic plan has positioned PPG to drive growth and increase shareholder value. The management team remains actively focused on delivering strong results, including top-quartile operating margins, in a challenging macro environment for the industry and continuing to grow its business through innovative technology and disciplined acquisitions. We have emphasized returning cash to shareholders, dedicating about 65% of our cash deployment in 2016 and 2017 to dividends and share repurchases – $2.7 billion in total – with an additional $1.6 billion through the first three quarters of 2018.”