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Carlyle to Pay $4.9 Billion for DuPont Auto Paint Unit
Washington, D.C.-based private equity firm Carlyle Group LP, has agreed to acquire DuPont Co.'s automotive paint and coatings unit for $4.9 billion and the assumption of $250 million of debt.
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Washington, D.C.-based private equity firm Carlyle Group LP, has agreed to acquire DuPont Co.'s automotive paint and coatings unit for $4.9 billion and the assumption of $250 million of debt.
The companies expect to close the deal in the first quarter of next year, pending regulatory approvals.
DuPont, which is based in Wilmington, Del., is divesting the business to focus on such core businesses as food and biofuels. The auto paint operation has more than 11,000 employees and supplies Ford, General Motors and aftermarket refinishers such as Maaco.
DuPont says the unit generates annual sales of more than $4 billion. Its second-quarter operating earnings rose 26% year over year to $92 million.
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