From Crain's Detroit Business
Wilmington, Delaware -- Washington-based private equity firm Carlyle Group LP announced today the $4.9-billion acquisition of DuPont Performance Coatings.
The transaction is expected to close in the first quarter of 2013.
DuPont Co.'s Performance Coatings business unit is expected to generate 2012 sales of $4 billion, according to a news release.
"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 realized outside DuPont and through the sale to Carlyle," said DuPont chair and ceo Ellen Kullman, in a release.
"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 $3 billion in sales.
Carlyle will also take over $250 million of DuPont's unfunded pension liabilities.
Earlier this week, DuPont said agreed to sell its insecticide business for $125 million to Switzerland-based Syngenta AG.