DuPont launches sale of car paint unit, sources say
NEW YORK (Reuters) -- Chemical maker DuPont has launched the sale process of its lucrative car paint business, which could bring in more than $4 billion and should attract robust private equity interest, according to sources familiar with the matter.
The company's adviser, Credit Suisse Group, has sent out financial materials related to the unit to potentially interested parties, the sources said.
Reuters and other news organizations originally reported in October that DuPont was considering the sale of the unit.
Several buyout firms have been preparing for the auction since late last year. Reuters reported in December that KKR & Co., Bain Capital, TPG Capital and Onex Corp. had already made inquiries about the sale.
The unit could also attract interest from other chemical companies.
The performance coatings business primarily sells to Maaco and other auto paint refinishers. Ford Motor Co. and General Motors are also key customers, though selling to so-called original equipment manufacturers is not as lucrative.
DuPont and Credit Suisse declined to comment on the matter.