Friday, April 18, 2014
Inquirer Daily News

Refinery buyer in $5B deal for DuPont plants

Carlyle adds Performance Coatings

Refinery buyer in $5B deal for DuPont plants

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.

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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.

Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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