WASHINGTON, DC - SEPTEMBER 06: A sign for the Carlyle Group, a private equity firm, is seen after the company filed papers with the Securities and Exchange Commission for a $100 million IPO on September 6, 2011 in Washington, DC. The firm manages approximately $150 billion in assets and is expected to hold their IPO late this year, or early next year. (Image credit: Getty Images via @daylife)
The Carlyle Group has emerged as the frontrunner in the buyout of DuPont’s (NYSE:DD) Automotive and Industrial Coatings division. It recently upped its bid to over $4.5 billion, with rival bidder Apollo Global Management LLC declining to match the offer. [1]
We estimate that the Automotive and Industrial Coatings division makes up around 5% of DuPont’s total value, based on the cash flows it can potentially generate. The division is one of the world’s leading automotive coatings suppliers. It manufactures high performance liquid and powder coatings for motor vehicle component manufacturers, the motor vehicle aftermarket, and general industrial applications such as pipes and insulation.
The Automotive and Industrial Coatings division has several large customers in the motor vehicle equipment manufacturer supply chain, many of whom have long-standing relationships with the company. DuPont also has a major research facility and a number of manufacturing facilities dedicated to coatings. Further value is added through synergies from backward integration, as DuPont is a manufacturer of Titanium Oxide, a raw material in the production of coatings. MORE>>>>>
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