DuPont Completes Sale of its Performance Coatings Business

DuPont 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.

4 Feb 2013 --- "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.