DuPont sells car paints for $5bn

DuPont has struck a deal to sell its performance coatings business for $4.9 billion (£3.1 billion) in cash to private investment group Carlyle. The business, which makes coatings for cars and industrial equipment, employs 11,000 people and is expected to make $4 billion in sales for 2012. Carlyle says that it is looking to build on the strong presence that the business has in emerging markets, particularly China and Brazil. The group will take on $250 million in pension liabilities from DuPont as part of the deal. Carlyle already owns US companies related to the automotive industry such as car rental firm Hertz and component manufacturer Allison Transmission.