WILMINGTON (dpa-AFX) - DuPont (DD) announced that it has completed the sale of DuPont Performance Coatings or DPC 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. DPC 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 Executive Vice President and Chief Financial Officer Nicholas Fanandakis.
DuPont remains committed to serving the automotive industry following this transaction and expects to generate more than $3 billion in sales of advanced materials to the auto industry annually.
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