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PPG Industries rallied more than 5 percent in after-hours trading Tuesday after Trian Partners disclosed a stake in the company.
Trian, managed by activist fund manager Nelson Peltz, has accumulated a $690 million, 2.9 percent stake in the 135-year-old manufacturer.
In a securities filing on Tuesday, amending its holdings, Trian said it had 2.6 million shares valued at $269 million as of the end of June.
Trian offered the following statement on the filing:
"Trian has filed an amendment to its Form 13F for the quarter ended June 30, 2018 reporting an ownership stake in PPG Industries, Inc. Funds managed by Trian now beneficially owns approximately 7.0 million shares (valued at approximately $690 million as of October 9, 2018). This represents approximately 2.9% of PPG's outstanding shares."
PPG is one of the world's largest manufacturers and distributors of coatings and specialty materials, with a market capitalization of about $26 billion. Due to PPG's size and the breadth of other sectors it supports, the company is seen as a corporate barometer for the health and direction of the global economy.
Before the filing on Tuesday, PPG shares plummeted more than 10 percent for their biggest drop in nine years.
PPG offered the following statement to CNBC:
"PPG does not comment on the investments of specific shareholders. As we continually work to deliver increased shareholder value, we have always welcomed the productive input of our shareholders. PPG is looking forward to maintaining a constructive dialogue with Trian."
— CNBC's Michael Sheetz contributed reporting.