Northern, WI 02/05/2013 (wallstreetpr) – The performance coatings business of DuPont Co.(NYSE:DD) was acquired by The Carlyle Group(NASDAQ:CG) for $4.9 billion.
Faster growing businesses like agriculture and advanced materials would now be its priority, DuPont had said in August, at the time of announcing the deal. The coatings business dealt with the sale of supplies coatings to auto and truck manufacturers and auto workshops.
The selling of the coatings business has taken place after DuPont spent years in improving the performance of this unit. Job cuts and facility closures have been some of the measures that had been taken in this regard. Currently, there are as many as 35 plants and 7 technology centers.
Carlyle will be renaming the coatings business as Axalta Coating Systems.
DuPont Co.(NYSE:DD) was down by 1.13% to close at $47.44
The Carlyle Group(NASDAQ:CG) was down by 2.76% to close at $31.02