30 August 2012 13:42 [Source: ICIS news]
DuPont’s performance coatings business is a global supplier of vehicle and industrial coating systems with more than 11,000 employees. Its 2012 sales are forecast at more than $4bn.
DuPont CEO Ellen Kullman said that the company had determined that the performance coatings business's “full growth potential would be best realised outside DuPont and through the sale to Carlyle”.
“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,” Kullman said.
Kullman added that DuPont remains committed to the automotive industry. After divesting the performance coatings business, DuPont will still have more than $3bn/year in sales of advanced materials to the auto industry, she said.
“We will continue to work closely with automotive customers to apply our science-powered innovations related to light weighting of vehicles, revolutionary and environmentally friendly refrigerants, bio-based seat fabrics and headliners, and next-generation biofuels,” Kullman said.
DuPont expects to complete the divestment of the performance coatings business in the first quarter of 2013.
($1 = €0.80)
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