Washington-based private equity firm Carlyle Group has announced the $4.9bn (€3.9bn) acquisition of DuPont Performance Coatings. The transaction is expected to close in the first quarter of 2013.
DuPont’s Performance Coatings business unit is expected to generate 2012 sales of $4bn (€3.2bn), according to the company.
“The business continues to grow and deliver solid results. After a careful review, however, we have determined that DPC’s full growth potential would be best realised outside DuPont and through the sale to Carlyle,” said DuPont chair and CEO Ellen Kullman, in a statement.
“This transaction is consistent with our vision to be the world’s most dynamic science company and long-term strategy of driving competitive advantages in agriculture and nutrition, advanced materials and biotechnology, which represent high-growth, high-margin opportunities.”
Wilmington-based DuPont will remain in the automotive sector after the sale, with its DuPont Automotive unit, which has its North American automotive business at its application development office in Troy, Michigan. The remaining automotive arm for DuPont generates $3bn (€2.4bn) in sales.
Carlyle will also take over $250m (€199m) of DuPont’s unfunded pension liabilities.
Earlier this week, DuPont said agreed to sell its insecticide business for $125m (€100m) to Switzerland-based Syngenta.
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