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DuPont Completes Sale Of Performance Coatings Business

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2/1/2013 4:33 PM ET

E. I. du Pont de Nemours and Co. (DD: Quote) said Friday that it has completed the sale of DuPont Performance Coatings for $4.9 billion in cash, or about $4.0 billion after-tax, and the assumption of certain liabilities to global alternative asset manager The Carlyle Group.

DuPont Performance Coatings is a global supplier of vehicle and industrial coating systems.

"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 Du Pont 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."

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by RTT Staff Writer

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