Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG) has completed its acquisition of DuPont Performance Coatings for $4.9 billion. The company will be renamed Axalta Coating Systems, and the investment was primarily funded with equity from Carlyle Partners V and Carlyle Europe Partners III.
“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," said Martin Sumner, principal of The Carlyle Group. "As experienced investors in the industrial and transportation sectors, the One Carlyle global network can help Axalta Coating Systems grow and create value.”
Added Charlie Shaver, company chairman and CEO, “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 approach we take with our customers,” said John G. McCool, president of Axalta Coating 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.”