The Carlyle Group said Monday that it has completed its acquisition of DuPont Co.'s performance coatings business for $4.9 billion.
DuPont had said in August, when the deal was announced, that it wanted to focus on more profitable and faster-growing businesses, such as agriculture and advanced materials. The coatings business sold supplies coatings to makers of autos and trucks and auto repair shops.
The sale to Carlyle comes after years of work by Wilmington, Del.-based DuPont to improve the performance coatings unit, including job cuts and facility closures. It has 35 plants and seven technology centers worldwide, Carlyle said Monday.
Carlyle, a private equity firm based in Washington, also said it was renaming the business Axalta Coating Systems.