Refinery buyer in $5B deal for DuPont plants
Carlyle adds Performance Coatings
Refinery buyer in $5B deal for DuPont plants
Joseph N. DiStefano
Carlyle Group, the big Washington corporate-buyout firm, says it agreed to pay $4.9 billion for DuPont Co.'s Wilmington-based vehicle and industrial "performance coatings" business and its worldwide network of plants and customers, which employs 11,000. Statement here.
DuPont has been selling older, commodity-oriented and slower-growing chemical businesses to concentrate on newly developed pesticides and seeds, and other growing markets.
DuPont says the plants it will sell Carlyle, which supply new-auto paint to Ford Motor Co. among othe products and customers, sell around $4 billion a year and earn around $500 million in profits before tax and financing costs.
The deal does Not include DuPont's growing titanium-oxide (Ti02) pigment business or its Edge Moor plant on the Delaware. Ti02 is a base for appliances and auto repair paint, among other uses.
Carlyle recently bought the Sunoco (Arco/Gulf) oil refinery in South Philadelphia, and also owns Malvern-based chemical maker PQ Corp., among its Philadelphia-area industrial properties.
A Philadelphia based Investment Group should buy the Carlyle Group.— BobSG- Wait!! Wait!! Congressman Brady wants to give some of our money for this deal so he can claim he created some jobs for the Dumdocrats.— jerryk2b
- Corbett gave millions to Carlyle's buyout of the Philadelphia refinery and millions for Delta's purchase of the Marcus Hook refinery. What's your point? Or are you just another Republibot who can't get past their own hatred of Democrats to see reality? — Whatjugot
- My point is government should not be involved is private business because they always get taken. Case in point Kaverner Ship Building http://paindependent.com/2011/01/corporate-welfare-a-philadelphia-story-part-i/
Politicians love to claim credit but when it goes south they have excuses. A current example is Obama's foray into solar energy with Solyndra. Got an extra half billion to throw away???? http://abcnews.go.com/blogs/politics/2012/03/obama-on-solyndra-this-was-not-our-program-per-se/
— jerryk2b - Wait!! Wait!! Private investment in Obama's economy? Carlyle execs are supposed to be hiding under their desks with their radios waiting for Limbaugh to give the all clear sign.— montani semper liberi
The Bin Laden family uses its Carlye contacts to pick new targets for global terrorism. This enhances the revenue stream of the Carlyle groups military and security holdings. Tri-fecta!!!- So when will the layoffs start? Private Equity doesn't buy a business to make it better, they buy it ot make money for themselves, leave behind destructions (jobs, local economy, and enivronment), then leaves the tax payers to pick up the tab (unemployment and clean-up). To make this worse than it is, they will only pay 15% tax rate and they get the money to buy the company from scum bag bankers like Chase or Goldman at 2-3%. Easy money for them, hell for the workers. I feel sorry for all the men and woman whose lifes are about to be destroyed by GH Bush's politically tied company.— Atlas
- jerryk2b: Corbett supported Aker too (it hasn't been Kaverner for a few years), but I'm sure you don't have a problem with that b/c he's a Republican. http://www.philly.com/philly/blogs/inq-phillydeals/PA_will_buy_failing_Aker_Shipyard_works_for_42M.html. It really is remarkable how easily Conservatives can rationalize hypocrisy.— Whatjugot
