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.