Nelson Peltz at Delivering Alpha 2015 in New York on July 15, 2015.

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.