USA chemicals company DuPont is planning to sell its auto and vehicle paint division, which may fetch up to US$4bn. The company has hired Credit Suisse to advise on the sale, Bloomberg reported, citing people with knowledge of the matter.
The estimated value of the ‘performance coatings’ division includes a smaller powder-coatings unit, which makes coatings for tractors and playground equipment, which DuPont is selling separately and the company has hired Greenhill & Co to handle the sale of this business, said the news agency.
The performance coatings division, including the powder coatings unit had a revenue of US$3.8bn last year and net income of US$255M.
Potential buyers for the performance coatings division or the powder coatings unit or both could include paint manufacturers Pittsburgh, Pennsylvania, USA-based PPG Industries, AkzoNobel of The Netherlands or German chemical company BASF.