DuPont Completes Sale of its Performance Coatings Business

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Feb 01, 2013, 04:15 ET

WILMINGTON, Del., Feb. 1, 2013 /PRNewswire/ -- DuPont (NYSE: DD) announced today that it has completed the sale of DuPont Performance Coatings (DPC) for $4.9 billion in cash (about $4.0 billion after-tax) and the assumption of certain liabilities to global alternative asset manager The Carlyle Group. DPC is a global supplier of vehicle and industrial coating systems.

"We intend to use a portion of the proceeds from the sale of the DPC business to buy back $1 billion of the company's common stock during the first half of this year," said Executive Vice President and Chief Financial Officer Nicholas C. Fanandakis. "Additionally, we anticipate using the remaining portion of the DPC sale proceeds to further strengthen our balance sheet, which should give us flexibility to invest in future selective growth opportunities."

DuPont remains committed to serving the automotive industry following this transaction and expects to generate more than $3 billion in sales of advanced materials to the auto industry annually.

DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.

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SOURCE DuPont