Global alternative asset manager The Carlyle Group completed its acquisition of DuPont Performance Coatings (DPC) for $4.9 billion and announced today that the company is being renamed Axalta Coating Systems.
Axalta Coating Systems is a global supplier of coatings to the transportation and industrial sectors. The investment was funded primarily with equity from Carlyle Partners V and Carlyle Europe Partners III.
Like this article? Sign up to receive our weekly news blasts here.“We are excited to invest in Axalta Coating Systems and believe its strong market position and global footprint will enable the company to capitalize on opportunities in rapidly emerging markets such as China and Brazil. As experienced investors in the industrial and transportation sectors, the One Carlyle global network can help Axalta Coating Systems grow and create value,” said Martin Sumner, Principal of The Carlyle Group.Charlie Shaver, the company’s Chairman and CEO added, “We look forward to this exciting next chapter for Axalta Coating Systems. Our global scale with 35 plants and seven technology centers around the world, combined with Carlyle’s industrial focus and global network, position us well for the future.”
As an independent company, Axalta Coating Systems will build on a foundation of more than 90 years in the coatings industry. The company serves more than 120,000 customers in 130 countries and provides customers with a full range of coating systems. “In addition to driving performance and excellence, one of our greatest strengths is the systems-based approachwe take with our customers,” said John G. McCool, President of AxaltaCoating Systems. “Along with coatings, we provide customers a full spectrum of tools and services to help them use our products effectively. We offer customers hands-on opportunities to learn how to use these products and applications tools in our 42 training centers throughout the world. This capability helps our customers improve their performance and productivity while allowing us to enhance our offerings by gaining a better understanding of customer preferences.” Axalta Coating Systems develops, manufactures and sells coatings and application tools to automobile repair body shops and original equipment manufacturers in the automotive and heavy-duty truck markets. Its market positions are supported by global brands including Standox, Spies Hecker, Cromax and Imron. Axalta Coating Systems also serves the decorative,architectural, general industrial and job-coater segments of the powder coatings market under the brands AlestaPowder Coatings, NAP-GARDFBE Powder Coatings and ABCITEPowder Coatings.Axalta Coating Systems will continue to do business as DuPont Performance Coatings for the next several months until the new name is formally launched in the second quarter of 2013. The company’s beta website AxaltaCoatingSystems.com is under development and will enable visitors to navigate to sites that contain information about its products and services.DuPont said it 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.
"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 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."
For more information visit www.dupont.com.
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