US investment group Trian Fund Management has revealed in a recent regulatory filing that it has a 2.9% stake in paintmaker PPG Industries. In the filing, Trian said it owns approximately 7 million shares, which were valued around $690 million on Oct. 9.

Trian is lead by activist investor Nelson Peltz. The company, which describes itself as a “highly engaged shareowner” has a history of targeting large conglomerates to shake up their management and improve performance.

Although PPG said it does not comment on the investments of specific shareholders, it did state that it was looking forward to “maintaining a constructive dialogue with Trian”.

The Pittsburgh-based paints and coatings giant approved a business restructuring plan in April 2018 that will result in a net loss of around 1,100 jobs by mid-2019. The move was in response to rising raw material costs and what it described as a “customer assortment change” in its US architectural coatings business.

PPG also tried and failed three times last year to take over Dutch rival AkzoNobel.

Last year, Peltz got involved in a proxy fight at Procter & Gamble, eventually winning a seat on the board of the consumer goods giant so that he could push his suggestions for streamlining and revitalizing the business.