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Global alternative asset manager The Carlyle Group and DuPont Performance Coatings (DPC) announced on August 30 that they have signed a definitive agreement whereby Carlyle will purchase DuPont Performance Coatings for US$4.9bn in cash. The transaction is expected to close in Q1, 2013, subject to customary closing conditions and regulatory approvals.
DPC is a global supplier of vehicle and industrial coating systems with 2012 expected sales of more than US$4bn and more than 11,000 employees. The investment will be funded with equity from Carlyle Partners V and Carlyle Europe Partners III.
"DuPont Performance Coatings is a leader in the automotive and industrial coatings sectors with world-class products and customer service. 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.
Carlyle’s industrial and automotive investments include Allison Transmission, Hertz and PQ Corporation.