DuPont Performance Coatings, a global supplier of vehicle and industrial coating systems, has been sold to The Carlyle Group, a global supplier of vehicle and industrial coating systems.
DuPont has announced that it has completed the sale of DuPont Performance Coatings (DPC) for USD 4.9 billion in cash (about USD 4.0 billion after-tax) and the assumption of certain liabilities to global alternative asset manager The Carlyle Group. DPC is a global supplier of vehicle and industrial coating systems.
“We intend to use a portion of the proceeds from the sale of the DPC business to buy back USD 1 billion of the company’s common stock during the first half of this year,” said Executive Vice President and Chief Financial Officer Nicholas C. Fanandakis. “Additionally, we anticipate using the remaining portion of the DPC sale proceeds to further strengthen our balance sheet, which should give us flexibility to invest in future selective growth opportunities.”
DuPont remains committed to serving the automotive industry following this transaction and expects to generate more than USD 3 billion in sales of advanced materials to the auto industry annually.