DuPont sells Performance Coatings business Carlyle $4.9 billion

DuPont sells Performance Coatings business to Carlyle for $4.9 billion

5:35 AM, 2nd February 2013
DuPont sells Performance Coatings business to Carlyle for $4.9 billion
Nicholas C Fanandakis, Executive Vice President and Chief Financial Officer, DuPont.

WILMINGTON, US: DuPont has completed the sale of DuPont Performance Coatings (DPC) for $4.9 billion in cash and the assumption of certain liabilities to global alternative asset manager The Carlyle Group. DuPont remains committed to serving the automotive industry following this transaction and expects to generate more than $3 billion in sales of advanced materials to the auto industry annually.

“We intend to use a portion of the proceeds from the sale of the DPC business to buy back $1 billion of the company’s common stock during the first half of this year. 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,” said Nicholas C Fanandakis, Executive Vice President and Chief Financial Officer, DuPont.

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