Activist Investor Trian Takes 2.9% Stake in Paint Company PPG Industries

By Anonymous

PPG stock rises after hours after falling earlier in the day following the paint maker’s warning of higher costs and weaker demand

Trian Fund Management LP thinks PPG Industries Inc. could use a fresh coat of paint.

The activist hedge fund disclosed a stake in the paint maker in a filing Tuesday, without detailing its intentions or the current size of the investment. Trian owns about 2.9% of the Pittsburgh company, a stake it has built over the past several months that is now valued at roughly $700 million, according to a person briefed on the matter.